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Layer 2 DeFi Protocol Carbon Goes Live on Mainnet

Layer 2 DeFi Protocol Carbon Goes Live on Mainnet

Carbon, the cross-chain DeFi protocol launched by blockchain developers, Switcheo Labs, has been deployed on mainnet today. The Layer-2 sidechain, which utilizes Cosmos-SDK as its primary building block, is purpose-built to handle and scale sophisticated financial constructs such as futures, options and bonds at scale while sitting at the core of the multi-chain world. 

CEO of Switcheo Labs, Ivan Poon, said about Carbon’s mainnet launch: “Carbon’s core vision has always been about empowering financial freedom by removing the shackles of centralization and providing the tools needed for anyone to build new decentralized paradigms. We are thrilled to be seeing months of work come into fruition with Carbon’s Mainnet launch and are excited for the world to witness Carbon’s technical prowess in the financial constructs and cross-chain capabilities it will support.” 

The Stargate Upgrade is a key component of Carbon’s Mainnet launch, bringing significant performance improvements to the protocol. These include chain optimizations that increase transaction throughput to a peak load of 10,000 transactions per second (TPS) — approximately 600x higher than Ethereum — and much lower gas fees. Stargate also lays the technical groundwork for greater multi-chain support through the Inter-blockchain communication (IBC) protocol, allowing Carbon to connect with other IBC-enabled chains the likes of Terra, Cosmos Hub, and Crypto.com. The extension of Carbon’s cross-chain capabilities to the Cosmos ecosystem introduces boundless potential synergies with existing chains supported on the protocol: Ethereum, Zilliqa, Binance Smart Chain and Neo, thereby thrusting Carbon to the forefront of true cross-chain interoperability in a decentralized world. 

Ethereum Virtual Machine (EVM) compatibility is also an upcoming feature as part of Carbon’s pursuit to be the core of all DeFi ecosystems. The ability to support greater Ethereum frameworks and connectivity is essential in driving adoption and scalability of the protocol by

allowing anyone to deploy Ethereum smart contracts and port dApps onto Carbon without the bottlenecks of congested networks and exorbitant gas fees. Coupled with Stargate’s improved composability and language support via Protobuf, barriers to entry for developers are lowered, driving growth even further. Additionally, EVM support will help to bolster protocol security by giving users the option to sign transactions directly from EVM wallets, such as Metamask, without having to use separate addresses, mnemonics and keys. 

See Also

With doors opened to the Cosmos ecosystem, Carbon’s native governance token, SWTH, will also play a greater role in bridging participating networks to the Carbon protocol. This will be done via a new ICS-20 SWTH token standard that will be tradeable on protocols like Osmosis, Emeris and Sifchain. With over 250 applications running on Cosmos, new use-cases for SWTH — such as being a lendable or collateralizable asset — can also be explored to broaden the scope of the token’s utility. 

Carbon’s Mainnet launch marks the beginning of an eventful year with even more upgrades scheduled to: enhance the protocol’s core architecture, improve support for more complex financial constructs, drive ecosystem growth with greater blockchain connectivity and decentralize even more aspects of the protocol.

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