An Ethereum (ETH)-based altcoin is making waves in the cryptocurrency market after receiving support from one of South Korea’s leading crypto exchanges. Bithumb recently announced its backing of the interoperable cross-chain bridge, Across Protocol (ACX), leading to a surge in the digital asset’s value.
Following the news, ACX experienced a significant spike in price, jumping from a low of $0.275 on March 21st to a peak of $0.462 just hours later, marking a remarkable 68% increase. Although the price has since retraced, ACX is currently trading at $0.319, reflecting a 10% gain over the past 24 hours.
According to Across Protocol’s whitepaper, the platform stands out as the sole cross-chain solution powered by intents. Intents introduce a third party known as a relayer, tasked with swiftly delivering assets and executing user transactions. This innovative approach allows users to specify desired outcomes rather than execution paths, streamlining the process and ensuring interoperability across different blockchains.
From the user’s perspective, interoperability is seamlessly achieved through the use of intents, making cross-chain transactions more efficient and user-friendly. With relayers competing on cost and speed to fill orders, users can rest assured that their desired outcomes will be promptly executed.
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Overall, the support from Bithumb has propelled ACX to new heights, showcasing the potential of Ethereum-based altcoins and the growing demand for innovative cross-chain solutions in the market. As the crypto industry continues to evolve, projects like Across Protocol are paving the way for enhanced interoperability and streamlined transactions across multiple blockchain networks.