Compound (COMP) welcomes multi-chain future with testnet
- The Gateway Ethereum Starpoint will run as a testnet for two months before launching live mainnet.
- The Parity Substrate allows ETH to link with other blockchains to enable users to move value between them.
- Gateway is designed to correct some of the scalability and user-experience issues with Ethereum.
According to the announcement, the blockchain development platform Parity Substrate will host Gateway, which is developed to enable the movement of crypto assets across different blockchains.
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Robert Leshner, Compound Finance Founder, commented on the benefits of the project. He said one of the major benefits of the project is the full embrace of interoperability, allowing app developers to build on every base layer apart from Ethereum (ETH).
“Gateway is really designed for a multi-chain future where assets live on multiple blockchains,” he added.
Compound Finance first initiated the project through a white paper in December last year, with the name Compound Chain. It is currently available on Ethereum’s Ropsten testnet.
While Ethereum remains the starting point for most applications and assets, other chains are now being considered to host popular DeFi applications. The design of Gateway allows it to link Ethereum with other blockchains to allow users to easily move value between them.
Testnet now available live
Leshner also pointed out that Gateway will use specific bridges known as “starports” to move assets between blockchains.
He added that an Ethereum starport is active on the testnet, which is expected to run for two months before rolling out the mainnet.
Gateway will also follow the same governance COMP token released in June last year. Owners on Gateway will also benefit from the same rights and responsibilities associated with the token.
But the highly modular design of Gateway gives it an increased functionality even as a substrate-based blockchain.
Leshner also pointed out Gateway’s flexibility, saying that there won’t necessarily be a hard fork when the blockchain gets a new version. “You can update the chain in real-time … whenever that code is ready,” he added.
Ethereum’s scalability weakness has been pointed out on several occasions. Compound revealed that Gateway was designed to help drive the possibility of an envisioned “multi-chain future.” It is designed to offer a better user-experience like other new chins like Solana, Polkadot, and NEAR.