Wanchain announced last Tuesday, June 8, through its Twitter account, its collaboration with Kylin Network, to “shape and safeguard the interoperable future of DeFi”.
“Wanchain and Kylin Network are proud to announce a long-term strategic partnership aimed at shaping and safeguarding the interoperable future of DeFi. This partnership unites Wanchain’s industry-leading blockchain interoperability solution with Kylin Network’s innovative cross-chain data services”, he said through an article published on the Medium platform.
The company explained that the first phase of the partnership is threefold:
1. Wanchain and Kylin Network will complete a token exchange.
2. Kylin Network will launch and operate a Wanchain Storeman node.
3. Wanchain will integrate $KYL into its decentralized cross-chain infrastructure, providing Kylians with access to a suite of DeFi applications while they await the launch of the Kylin Network mainnet.
In his opinion, Wanchain and Kylin Network share a vision about the future of blockchain. They both believe that blockchain interoperability is of utmost importance and that without interoperability, adoption of the blockchain will stunt. But blockchain interoperability is not just limited to the movement of tokens, it also encompasses the flow of data.
Similarly, he noted that as the variety and quantity of data sources increases, so does the need for a wide range of validated data resources. High-quality data on and off-chain enables Dapp developers to build more advanced decentralized cross-chain applications to power the future of DeFi.
“We are committed to connecting all the siled blockchains in the world. The partnership with Kylin marks an important step towards this goal and allows us to provide several key partners with competitive Polkadot data services to drive the development of interoperable DeFi”, said Li Ni, vice president of business development and operations at Wanchain.
Dylan Dewdney, CEO of Kylin Network, added, “Kylin Network is extremely pleased to offer the opportunity of our low-cost, high-performance Oracle services at Kylin, as well as working through a partnership that will see innovation. and joint development on Oracle scripting parameters that will support certain chain, certain contract, certain variable synchronous updates according to Wanchain’s needs”.