UPAP has promised to offer an interoperability solution with universal readable wallet addresses to send and receive NFTs, perform cryptocurrency swaps, and add liquidity pairs across any blockchain. (Reporting via _prashantjha)
Layer-1 blockchain platform Wire Network announced the launch of its blockchain interoperability protocol called the Universal Polymorphic Address Protocol .
In the Web3 ecosystem, which is nascent compared to the larger crypto market, the primary interaction occurs over digital goods and nonfungible tokens . However, a growing number of Web3 platforms lack interoperability, which could be a huge roadblock to a seamless Web3 experience. Wire Network aims to change that with its universal wallet address protocol.is the ability to share information across different blockchain networks without restrictions.
The new UPAP protocol aims to address the interoperability problem in the Web3 ecosystem. While there have been several interoperability solutions in the past, most of them were limited to a particular ecosystem or a particular issue such as liquidation and fund transfers. Interoperability can be achieved via different methods such as cross-chains, sidechains, proxy tokens, swaps, etc. Many blockchain platforms have focused on interoperability in the past, for example, Polkadot
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