Altitude's Testnet Takes Off, Offering Unique Opportunities for DeFi Users

06/07/2023

4,4

★

Altitude, a decentralized application (dApp) built on LayerZero, has announced the launch of its public testnet. This marks a significant milestone in the development of the platform, which is designed to serve as a composable Blue-Chip asset bridge, facilitating seamless cross-chain communication and easing the constraints of omnichain activity.

In collaboration with Gateway Protocol, Altitude is offering protocol-powered credentials as rewards to its most dedicated community members and active testnet participants. This initiative is designed to encourage users to test the platform and provide valuable feedback.A detailed guide on how to take part in the tesnet and earn rewards can be found here.

Public Testnet is LIVE! 🥳

Prepare for a thrilling test with @Altitudedefi, the blue-chip asset bridge perched on the cutting-edge summit of LayerZero.

Ready your gear, the expedition into the future of DeFi starts now 👇 pic.twitter.com/nxW17pFyHh
— Altitude (🏔 ,⛏) (@AltitudeDeFi) June 1, 2023

Altitude is built on LayerZero, a cross-chain communication infrastructure protocol. LayerZero acts as a trustless protocol, enabling users to send digital assets or messages in a single transaction across applications that operate on a multitude of blockchains. This approach aims to address the current limitations of omnichain activity, making Altitude one of the first dApps to leverage this technology.

One of the standout characteristics of Altitude is its "Secured Guaranteed Finality" feature. This security measure ensures that funds on the source chain are committed when a transaction is successfully processed on the destination chain.

Altitude's platform is not just a bridge, it also offers farming, liquidity provider (LP) staking, and ALTD staking for its users. The platform's vision is to enable Web3 users to access a seamless transaction process and promote cross-chain liquidity from one blockchain to another. In addition, Altitude's design allows for the transfer of assets between chains along independent chain paths, making the platform more resilient to chain outages.

Altitude also offers cost-effective bridging fees, with a fixed protocol fee of 0.05% (5 basis points) upon the transfer of assets. This, along with the ability to deposit and receive funds using single-sided liquidity pools, makes Altitude an attractive option for users seeking fast, secure, and affordable cross-chain transfers.

As of now, the team behind the project remains anonymous and hasn’t secured any investments yet.

Subscribe to Cryptonica.News
on social networks

The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.