Sofa Swap and Poly Network enter into strategic cooperation
Realize the barrier-free value circulation of blockchain
With the rapid development of Web3.0, the application of blockchain technology has also entered a new stage. The performance growth of the old blockchain cannot keep up with the expansion of the scale, and it takes a long time for the new chain to re-establish a complete ecosystem. The cross-chain bridge can perfectly solve these problems.
After several days of close and orderly preparations, SOFA announced a strategic cooperation upgrade with the cross-chain interoperability agreement Poly Network. The two parties will carry out in-depth cooperation in the field of asset cross-chain. Through the underlying cross-chain technical support provided by Poly Network, SOFA will realize cross-chain intercommunication in ETH, BSC, and HECO networks, enabling cross-chain transactions.
SOFA TOKEN is the equity token of the Sofa Swap protocol. The token codes on the three chains of ETH, HECO, and BSC are all SOFA. The total amount of SOFA token issuance is 3 billion (1 billion each on ETH, HECO, and BSC), and the total circulation 1 billion, through the cross-chain agreement with PolyNetwork to achieve a constant total circulation of 1 billion, and never additional issuance; of which ETH is locked in 600 million, and circulating is 400 million; HECO is locked in 700 million, and circulating is 300 million; BSC is locked in 7 Billion, 300 million in circulation.
The importance of establishing a cross-chain bridge:
The SOFA cross-chain bridge is the underlying technical infrastructure that supports the transfer of data assets and crypto assets, and provides free and low-friction asset flows between chains. Through this cooperation, the cross-chain interaction between the two parties will be expanded, the multi-dimensional layout of the business ecology of both parties will be fully enriched, so that SOFA can flow between ETH, BSC, and HECO, and provide interoperability of multi-chain assets.
About Poly Network:
Poly Network is an interoperability protocol for heterogeneous blockchains. It has implemented interoperability with 10 heterogeneous chains including Bitcoin, Ethereum, Neo, Ontology, BSC, HECO, OKExChain, Elrond, Zilliqa and Cosmos-SDK. Since the launch, the protocol has enabled cross-chain asset transfer of more than 5.3 billion U.S. dollars involving almost 130K addresses on different blockchains.
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