🔺 Hot Cross and $HOTCROSS Have Officially Arrived on Avalanche. Multi-Chain Bridge Live.
Our Multi-chain bridging just got a little better. Find $HOTCROSS on Trader Joe.
Update May 11th, 2022: Closing the TJ pool for now - it’s been unused since launch, however, the bridge is still working as usual for Avalanche IHOs and HOTCROSS on Avalanche!
Cross Connect fully supports Avalanche C-Chain now;
The ERC20 to C-Chain HOTCROSS bridge goes public later today;
There’s been a steady buildup at Hot Cross during the last several months in which we have quietly and carefully prepared for the rumblings of disruption on Avalanche (AVAX), a blazingly fast, low cost, and eco-friendly blockchain.
From the sheer numbers side, the data is irrefutable. TVL on the entire blockchain sixty days ago was only around 175M USD. Today that stands at 3.5B USD, a 20x increase, which we do not expect to slow down.
The two platforms responsible for such heavy growth have been Benqi (QI)—a non-custodial liquidity market protocol—and Trader Joe (JOE). Some figures point to 4.5B USD of TVL on the chain, so even at 4B, the numbers remain strong.
Benqi represents 1.5B of liquidity on Avalanche, and Trader Joe represents 1.2B. If these outliers are removed from the Avalanche ecosystem, TVL will stand at 800M USD, which is still 4.5x of what it was two months ago.
That’s impressive and warrants that, along with Ethereum, Binance Smart Chain, and Polygon, we add our efforts into Avalanche not only with tooling but liquidity for products like Cross Pool and Cross Send to operate at their full potential. This includes our data stack and other products under development and optimization.
Our ethos from when we began building cross-chain and multi-chain infrastructure tools for Ethereum and EVM networks like BSC and Polygon has always been straightforward: find the gaps that matter, try to fill them, and see what sticks. To date, we’ve added support into Cross Connect and various Hot Cross products for Ethereum, Binance Smart Chain, Polygon, HECO, Harmony, KuCoin Community Chain, and now Avalanche C-Chain.
This doesn’t mean we’re pivoting focus away from Binance Smart Chain, Polygon, or Ethereum. Quite the opposite. By adding C-Chain into our tool suite, we can leverage trends, ideas, and needs on Avalanche and see if they would make a good fit on other chains. The concept of composability in open finance is that we can do anything anywhere as long as it’s useful for a user. The L1s on which we’ve developed have similar code, but the communities are wildly different, and the needs of each chain are different as well. We like that and will remain aggressive.
The Ethereum to C-Chain Bridge for $HOTCROSS
Hot Cross began as a multi-chain bridging team late last year. At the time, the vast majority of our B2B customers wanted to hop over to Binance Smart Chain rapidly, so we spent most of our efforts understanding the wiggles and quirks on BSC. Now that Binance Smart Chain is over a year old with 25B USD in TVL—this will grow; there is no debate—it’s familiar and easy for teams to hop over to the chain.
The same cannot be said for Avalanche C-Chain, though, which offers a bridge solution that contains a set of requirements teams may or may not meet. Others are working on mass adoption ETH to C-Chain bridging right now; however, at Hot Cross, we prefer to bake up solutions that we feel are best for our needs.
Note that the previous notes are common with new chains; quality > quantity. It’s expected that an officially maintained bridge of a blockchain is selective. For new renegades, though, time is of the essence, and so we build.
The previous version of our bridge only contained two-way support for Ethereum to Binance Smart Chain and back. Now it supports Ethereum to C-Chain and back, as well as Ethereum to BSC and back. It does not support BSC to C-Chain or C-Chain to BSC. HOTCROSS is a canonical ERC20 token, so “home base” will always be on Ethereum. Develop will always be on ETH and other chains.
Read more about how we do this.
Read the audits.
Don’t get scammed. Make sure you use the right HOTCROSS-AVAX pool.
Today will be busy - we anticipate going live to the public by end of the day.
We’ve been doing this for Binance Smart Chain for what will be close to a year soon. The process should feel similar when our community uses our bridge, which has a unified interface and only requires that you switch networks from your favorite extension or wallet. The official bridge will be made public today. It’s live; we’re being careful as usual and want to ensure a safe launch before turning on the new UI.
Launching HOTCROSS-AVAX on Trader Joe
Right now, our primary focus is on Ethereum, BSC, Polygon, and Avalanche. Liquidity exists on every chain except C-Chain and Polygon. The former problem ends today, as we formally kick off a liquidity pool on Trader Joe with the pair HOTCROSS-AVAX.
We are long-term bullish on Avalanche as technology and see no reason to create a HOTCROSS/stablecoin pool on C-Chain just yet. For that, there’s already Uniswap V3, which rewards LP’s a fantastic 1% swap fee and, over time, adds up. If we find other AMM’s on Avalanche that do good work, we will absolutely find a way to build with them or on top of their existing infrastructure. Legos. We build and pivot on them.
Bridge your HOTCROSS ERC20 over to C-Chain when we switch it live today;
Provide liquidity when the bridge goes live or stick around Avalanche and see what they offer.
Will we launch more products on C-Chain?
Will you launch a farming program on C-Chain?
😩 😡 🥲 🐷 🔺🔺🔺🤫🤐🤫🤐
Stop. Slowly it’ll all come together. And it will be glorious.
We’re building with a multi-chain and cross-chain data-based approach that relies entirely upon the actions of our protocol participants. Data needs time.
Data is beautiful.
You’ll currently find the Hot Cross Token on the following markets:
A deep dive into the Hot Cross Token can be found here.
We’d also like to kindly remind our beloved community that we absolutely, positively never comment or speculate on potential or future listings. The above options make for a super-exciting opportunity right now. Seize it.
Ongoing Work at Hot Cross
Ongoing feedback loop for the products we’re building, including the minter
📣 Tell a friend about @hotcrosscom, @hotcross, @hotcrossann. It would mean the world to us. We have been building since last year, but we work like it’s still the beginning. Bookmark Linktree and subscribe to our updates for more.
About Hot Cross
Hot Cross is an extensive multi-chain and cross-chain tool suite that enables blockchain teams and their communities to thrive. At its core, Hot Cross aims to be the best toolbox for ETH and EVM networks. Their development philosophy is agile, and they are a cohort of builders who aggressively seek out opportunities to meet the demands of the now for both B2B and B2C. The core thesis that Hot Cross presents is that users and teams will migrate in part to new networks that feel familiar when presented with good tooling and freedom. Hot Cross is a company and an ecosystem in and of itself, and our goals are towards allowing communities to flourish using our technologies, whether or not they know we are the ones building them.