Author | bms
The content of this article does not represent Wu's views.
Introduction:
When Circle rings the bell at Nasdaq in June 2025, the large-scale adoption of stablecoins will finally shed the 'proof of concept' label, gaining real coordinates in the capital market. As Circle CEO Jeremy Allaire stated at TOKEN 2049: 'We are moving towards a world where asset flow feels as seamless as sending an email, with no chain or borders.' Yet, today’s multi-chain environment still resembles the gateway of the dial-up internet era: developers patching everywhere to accommodate various chains while users repeatedly jump between wallets, networks, and gas fees. Web3 assets urgently need an infrastructure upgrade akin to cloud-native for Web2—encapsulating underlying complexities into a unified abstract layer, liberating application innovation from chain boundaries, and erasing the frictions caused by multi-chain asset issuance and application.
1. Why Web3 assets need a 'superconductor' that connects multiple chains
In the past two years, the explosive growth of Layer 2 and application chains has made on-chain assets seem to 'blossom everywhere', but for end-users, in the topology of cross-chain finance, Web3 assets do not face merely transfer delays, but a set of overlapping systemic issues:
1. Capital-level 'multiple ties'
· If institutional funds want to synchronize deployment across Ethereum, Berachain, Sonic, and other networks, they need to repeatedly undergo the cycle of 'locking → minting → unlocking → reminting'; each state migration is exposed to the gray rhino risks of reentrancy in bridge contracts, beacon delays, and finality.
· From a compliance perspective, the issue is more acute: when a stablecoin or securitized asset traverses multiple chains and jurisdictions, it often needs to simultaneously meet KYC/AML reporting requirements for both 'funds source' and 'funds destination'; if a business or individual fails to report in real-time, assets can be frozen at best, or they could face money laundering charges at worst. Additionally, some countries require that when foreign on-chain assets return home, they must be re-entered into the local capital account.
2. User experience and developers' 'protocol vision obstruction'
For C-side users, the four-step 'transaction signature → network switch → gas calculation → waiting for confirmation' essentially exposes the internal complexity of the protocol to the user; once it's cross-chain, there's additional cognitive noise from 'token mapping discount, liquidity depth on bridges, oracle timing', etc. The result is: capital composability is fragmented, and inter-chain friction rates sharply increase.
Developers face 'three-way coupling damping', and when calling multi-chain liquidity, they need to manually handle asynchronous compensation for gas fees, lightning loan rollback boundaries, and Merkle Proof depth differences; even with a generic bridge, they must always pay attention to Router reordering and Sequencer congestion.
Due to varying security models, contract call paths encounter the paradox of 'shortest logical stack ≠ lowest trust stack': A seemingly simple exchange between 2 chains is actually lengthened to N + 1 potential attack surfaces.
Two, The friction reduction path for Web3 assets in the multi-chain era
Currently, the industry has formed three lines of thought around 'allowing assets to be issued and used anywhere': each targeting different aspects of inter-chain friction with unique approaches:
· Everclear focuses on 'net intent'—it uses Netting Solver to cancel excess paths locally, helping institutions reduce rebalancing and hedging costs when deploying across multiple networks.
· Particle Network starts from account abstraction, unifying different chains' identities, signatures, and authorizations into the same interface, eliminating the mental burden of users switching wallets and networks back and forth.
· One Balance focuses on real-time Portfolio + lightweight cross-chain exchange, consolidating tokens from various chains, LP positions, and NFTs into a total asset view, and built-in native routing supports small-scale chain swapping. Each has its strengths, but all still depend to varying degrees on underlying bridging or decentralized liquidity.
Recently entering the public eye, Cycle Network, incubated by Yzi Labs and led by Vertex Ventures under Temasek, has chosen to delve deeper: through Verifiable State Aggregation, aggregating multi-chain states into a unified secure consensus, allowing 'settlement finality' and 'liquidity depth' to converge simultaneously, providing a cloud-native-like abstract base for upper-layer applications, enabling free calls for the aforementioned three categories and more innovations.
Three, What is Cycle Network
3.1 Innovative Multi-Chain Settlement Layer
Cycle Network is a 'multi-chain settlement layer' aimed at eliminating multi-chain friction, aggregating the states of over 20 networks including Ethereum, BNB Chain, Arbitrum, Berachain, and Monad to a unified settlement surface through self-developed Verifiable State Aggregation technology + Symbiotic security consensus, allowing users and developers to access cross-chain assets without relying on traditional cross-chain bridges.
3.2 Core advantages of Cycle Network
Cycle Network's core advantage lies in 'hiding' the complex cross-chain processes within the underlying protocol: leveraging Verifiable State Aggregation and Rollin/Rollout API, users only need to sign once to complete asset transfers within any dApp, completely avoiding the need to understand bridges, network switching, or gas tokens, thus eliminating cognitive and operational barriers of traditional cross-chain.
At the same time, Cycle abstracts ETH, BTC, stablecoins, and even RWA assets across EVM and non-EVM chains into the same liquidity pool through a unified settlement layer and liquidity routing, achieving free calls of any asset on any chain, allowing developers to combine multi-chain assets like calling an API.
In simple terms, Cycle has built a gate at the confluence of multiple rivers—water flow no longer entangles at the source, just lift the gate, and the assets flow smoothly.
3.3 Product Analysis: Simultaneous Efforts from B-side and C-side
B-side developer's gospel: Chain abstraction SDK quickly implemented
For developers, Cycle Network has launched Cycle SDK, essentially a set of development tools that encapsulate Verifiable State Aggregation capabilities for easy access. Developers only need to introduce the Rollin/Rollout module in contracts or servers to upgrade a single-chain application to a truly chain-abstract DApp in less than one day, without needing to manually write bridge logic or maintain multiple front-end network switches. The SDK comes with automatic liquidity routing, unified gas estimation, and Symbiotic shared security verification, while also opening Webhook and Subgraph for real-time monitoring and risk control of multi-chain transactions in the background.
Actual application scenario cases:
- Decentralized exchanges DEX: Utilizing the SDK's aggregated liquidity to conduct cross-ecosystem trades like ETH-BNB, BTC-wBERA in the same matching pool; user transaction paths are no different from single-chain experiences, but can automatically split into multi-chain liquidity sources in the background.
- Cross-chain lending platform: Developers can use Rollout to collateralize assets on one chain and borrow stablecoins on another, with all collateral values and liquidation logic unified and verified by the Cycle settlement layer → greatly reducing liquidation delays and price difference risks.
- On-chain games: Game studios only need to integrate the SDK once, allowing players to purchase Bera chain NFT props with SOL or settle gas with USDC, which players perceive as 'direct payment', while the complex multi-chain processes are completed in the background.
The popular 'goose-raising' mini-game application on TikTok: Golden Goose
Golden Goose is the most representative C-side DeFAI application in the Cycle ecosystem: it has turned 'chain abstraction + gamification' into a concrete revenue entrance, allowing Web 2 users to earn on-chain returns with a single click without switching networks or preparing gas. The platform is divided into Game Mode and Pro Mode: the former packages earning strategies into a goose-raising game, integrating an NFT growth system and a cyclic reinvestment mechanism; the latter integrates structured strategies such as stable interest spreads, LP mining, and lending arbitrage to provide returns.
Someone on TikTok described: Golden Goose is like an automatic dividend 'on-chain vending machine': you just need to press the 'start' button, and the complex cross-chain gears quietly turn, packaging liquidity and strategies from multiple chains into return eggs, rolling from the output to your hands—without needing to understand wallets or switch networks, just collect money. (Note: be aware of risks)
Four, Driving on-chain assets: Cycle Network's value positioning in stablecoins and RWA
4.1 Why stablecoins and RWA have become global focuses
· Hedging and liquidity demands: Global macro fluctuations are intensifying, fiat currency inflation and capital controls are creating a strong demand for USD-denominated assets with on-chain real-time settlement; according to the latest data from Coingecko, the circulating market value of stablecoins has surpassed USD 250 B.
· Acceleration of asset digitization: Regulatory sandboxes and on-chain settlement pilots continue to land, with real-world assets such as real estate, accounts receivable, and national bonds being viewed as the most certain track for blockchain implementation.
· Cost and transparency advantages: On-chain transfers and settlements average transaction fees lower than traditional cross-border systems by an order of magnitude, while programmability provides real-time verifiable underlying data for auditing and compliance.
4.2 How Cycle's multi-chain settlement mechanism becomes the infrastructure for stablecoins and RWA?
4.3 From past 'fringe experiments' to concrete application scenarios
Multi-chain stablecoin clearing gateway: issuers can mint USDC on Chain A and map the same amount of assets to Chain B without a bridge through the Cycle settlement layer, completing merchant payments with zero slippage. For users, the payment path is no different from traditional card payments.
RWA secondary market matching: Suppose tokenized national bonds are issued on OP Stack chain, institutional market makers can manage positions on Berachain and quote on Arbitrum, with the underlying net settlement completed by Cycle, avoiding price difference risks caused by bridging delays.
Cross-border wages / supply chain settlement: Companies issue salaries in stablecoins in LATAM, and suppliers in SEA can instantly redeem local fiat through Cycle's automatic path optimization and batch netting, saving more than 50% in fees and 1-2 working days in transfer time compared to traditional SWIFT.
4.4 Long-term impact of Cycle on the field
Cost curve shifts downward: The marginal costs of multi-chain issuance and settlement approach zero, significantly lowering the entrance threshold for RWA.
Improved liquidity depth: Unified liquidity routing reduces fragmentation, allowing stablecoins and RWA to serve as collateral or payment mediums on more chains.
Compliance bridge enhancement: Standardized API and verifiable state proof provide real-time data interfaces for auditing institutions and regulators, accelerating the formation of compliance frameworks.
Five, Growth Leverage and Ecological Flywheel: A Business Perspective on Cycle
5.1 Quantitative Opportunities: From 'niche DeFi' to 'trillion-dollar real assets'
· DeFi user base: According to DeFiLlama's 2025 data, the total number of active wallets on-chain is less than 20 million; if the multi-chain threshold is completely erased, referencing the penetration curve of mobile payments from early experimentation to widespread adoption, an exponential expansion to 100 million - 150 million in five years is not exaggerated;
· Stablecoin market: The latest total market value has exceeded USD 250 B; if global cross-border payment annual scale is USD 150 T (McKinsey, 2024), even a 1% migration on-chain would represent USD 1.5 T of liquid flow for the settlement network;
· RWA Potential: A BCG report estimates that by 2030, the size of on-chain real assets could reach USD 16 T; these assets require a secure, low-friction cross-chain liquidity layer.
5.2 Revenue structure: Multi-source cash flow instead of single-point games
C-side: For example, Golden Goose has created over $200,000 in internal purchases and strategy sharing in the first two quarters of 2025; as daily active and reinvestment rates continue to rise, this growth curve is the most rapid;
B-side: Cycle SDK adopts a hybrid model of subscriptions + transaction commissions; once more DApps entrust settlements to Cycle, SDK fees and customized enterprise services will bring predictable annual revenue.
Infrastructure: Although the inter-chain settlement fee for Rollin/Rollout starts low, as more than 20 chains access simultaneously and daily cross-chain volumes rise to tens of millions or even billions, its 'infrastructure taxation' will become the most stable cash flow.
Key points: Revenue source is a three-tier progression of C-side consumption (quick money) + B-side subscriptions (steady money) + infrastructure taxation (long tail), avoiding reliance on a single blockbuster or airdrop speculation.
5.3 User funnel: Letting Web2 naturally flow into on-chain
Cycle is not 'just another cross-chain bridge', but rather makes the logic of cross-chain bridges an unseen public base, naturally becoming a lever for accumulating traffic entry.
When the promotion side first achieves exposure through TikTok and X videos, then guides viewers into the site with a 'wallet installation' landing page. Subsequently, one-click binding and fiat currency direct charging completes account activation; each level of the funnel establishes quantifiable KPIs, enabling precise iteration of marketing budgets and product optimization, rather than relying on airdrops for attention.
When new liquidity flows into Cycle through Rollin/Rollout, it not only directly contributes to transaction fees but also increases the strategy capacity and yield of C-side products; higher yields attract more C-side users and funds, further expanding liquidity. At the same time, yield demonstrations will attract developers to adopt Cycle SDK, reusing the same settlement layer in scenarios like DEX, lending, blockchain games, and payment gateways—more developers lead to higher capital turnover, lower transaction fees, and a faster flywheel effect.
Six, Liquidity Hub—Injecting liquidity into the underlying settlement layer
Cycle Network announced that it will launch the public beta of Cycle Liquidity Hub this week, opening the underlying liquidity pool to any user holding USDC or USDT. As of mid-June, Cycle has aggregated 370 million TVL in secure deposits at the settlement layer. Unlike traditional liquidity mining, which locks funds into a single protocol, Liquidity Hub's funds directly enter Cycle's multi-chain settlement buffer zone as clearing reserves for Rollin/Rollout.
Key points:
· The first month launched a 30-day liquidity incentive, including liquidity mining + token airdrop dual-track rewards;
· Early liquidity exclusive estimated annual return;
· The exit experience is no different from ordinary staking—withdraw anytime;
· Participants will receive on-chain proof NFTs, which can later be mapped as governance weights in the Cycle ecosystem.
This means that Cycle's users are not just participants but co-builders of the settlement network: your stablecoin not only seeks returns but also provides deep liquidity for the multi-chain clearing system, directly enhancing the capital efficiency and security redundancy of all DApps.
Conclusion: A 'key link' towards the popular era of Web 3
Moving from the dial-up era to mobile connectivity, from check clearing to instant payments, each infrastructure reconstruction represents an upgrade in the paradigm of value transfer. In the world of Web3, the true 'popular storm' never arises from a single protocol or hot narrative, but from the co-evolution of underlying trust and experience.
Cycle Network proposed a brand new answer at such a historical juncture: to reshape the interaction paradigm with chain abstraction, breaking liquidity barriers with unified settlement, building a multi-chain clearing network without bridges on the vision of 'any asset, any chain, one click'—making on-chain value flow no longer a technical gamble, but a part of daily life.
As stablecoins and RWA become the main forces of on-chain assets, and a new generation of users seamlessly access Web3 through games, content, and payments, Cycle not only provides the path but also becomes a high-speed channel for trust to freely traverse between multiple chains.
Future Web3 applications will no longer ask 'on which chain', but will, like we use electricity and the internet today, be accustomed to 'it's just there'. And that invisible yet powerful value channel may very well be called Cycle. The cloud-native era on-chain has already begun.
