Coinbase-backed Router Protocol launches its own Layer 1 blockchain

Bitget App

Trade smarter

The Block2024/07/29 16:00

By:The Block

Quick Take Router Protocol has launched Router Chain — a Layer 1 network focused on multi-chain dapps. The network uses a proof-of-stake consensus mechanism based on the Tendermint framework.

Interoperability project Router Protocol has launched a Layer 1 network designed for the development of decentralized applications that function across multiple blockchains.

Known as the Router Chain, the network aims to aggregate liquidity and facilitate cross-chain interactions through what’s known as the Cross-Chain Intent Framework.

The Layer 1 is based on proof-of-stake consensus using the Tendermint framework. Furthermore, it utilizes the native Router token for security, transaction fees and governance.

“The introduction of Router Chain highlights Router Protocol’s dedication to transforming the fragmented blockchain landscape into a chain-abstracted ecosystem,” said Ramani Ramachandran, Founder and CEO of Router Protocol.

Besides the new Layer 1 chain, Router is known for operating a bridge protocol within a competitive niche that includes players like Wormhole, LayerZero, Axelar, Across and Synapse.

In 2021, Router raised $4.1 million in a funding round backed by Coinbase Ventures, Polygon, DeFi Capital, Wintermute, and others.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!