Squid, a company that lets you swap tokens between blockchains, proudly revealed its cross-chain integration within Decentraland. This innovative feature, powered by the cutting-edge technology of Axelar, is set to revolutionize the way NFTs are purchased on the platform, paving the way for a more seamless and efficient experience for users.
The main feature of this update is Squid’s ability to facilitate transactions using different types of cryptocurrencies. Now, when a user chooses to purchase an NFT in Decentraland, they can use a compatible asset from Ethereum or Polygon. Squid manages the transaction by converting the chosen asset into Decentraland’s native token, $MANA, and completing the NFT purchase in just 20 seconds.
Broadening Horizons for Users and Creators
The initiative is aimed at improving interoperability and accessibility within the Decentraland ecosystem. This strategic move is expected to benefit a diverse group of stakeholders, including content creators, gamers, and contributors. By streamlining digital interactions, Squid’s integration simplifies the user experience while maintaining the significance of $MANA. The goal is not to replace $MANA but to enhance its utility, allowing users to make the most of their existing digital assets.
Squid’s system routes NFT orders across chains in the background. Transaction time is fast at 20 seconds and users can connect their wallets to Decentraland and buy with crypto, switching networks as they prefer.
After the transaction, the purchased NFT is automatically added to the user’s ‘wardrobe’. This update follows Squid’s recent rollout of the Squid NFT Checkout feature, aimed at simplifying the NFT purchase process by leveraging cross-chain functionality.