MAP Protocol is transforming into a full-chain infrastructure prioritizing Bitcoin, stablecoins, and tokenized asset transactions, meeting the demand for multi-chain exchanges among major blockchains.
This innovation helps MAP Protocol effectively leverage light client and MPC technologies, supporting rapid asset exchanges between Bitcoin and public chains like Ethereum and BNB Chain, especially given the context of institutions holding large amounts of Bitcoin alongside a stablecoin market exceeding 200 billion USD.
MAIN CONTENT
MAP Protocol has reoriented itself as a full-chain infrastructure focused on Bitcoin and stablecoins.
Light client and MPC technology enable decentralized asset swaps with instant execution speed.
The Butterswap platform processes 170 million USD in stablecoin transactions/month and expands into stablecoins from various countries.
How does MAP Protocol redirect its strategy?
According to the official announcement on July 11, MAP Protocol is transitioning from its initial platform to a comprehensive full-chain infrastructure, emphasizing Bitcoin, stablecoins, and tokenized asset transactions. This shift aims to meet the growing demand for multi-chain exchanges due to the surge of institutional Bitcoin and the stablecoin market over 200 billion USD, reflecting a long-term strategic vision.
Mr. John Lee, CEO of MAP Protocol, shares:
“Focusing on full-chain and core assets like Bitcoin and stablecoins allows us to enhance feasibility and scale multi-chain transactions for global users.”
John Lee, CEO MAP Protocol, July 2024
What technology does MAP Protocol use to support fast multi-chain exchanges?
MAP Protocol applies light client and MPC (Multi-Party Computation) in the form of threshold signatures, ensuring decentralized and real-time asset swap transactions between the Bitcoin mainnet and major public chains like Ethereum and BNB Chain. This technology combination creates a high-security solution and optimizes the processing speed of complex transactions.
Blockchain technology expert Nguyễn Văn Bình comments:
“Implementing light client and MPC is an important step in bridging the gap between blockchains, ensuring security in cross-chain transactions while maintaining fast speeds.”
Nguyễn Văn Bình, Blockchain Technology Expert, June 2024
How is the Butterswap platform currently operating and what are its expansion plans?
Butterswap is the front-end interface of MAP Protocol, currently handling an average of approximately 170 million USD in stablecoin transactions each month. This exchange focuses on stable stablecoins and plans to expand further with fiat pairs such as the South Korean won and Hong Kong USD, catering to diverse market needs across borders.
Financial statistics for May 2024 show that the trading volume of stablecoins on Butterswap increased by an average of 25% each quarter, affirming the reliability and increasing demand from users.
What are the benefits of expanding support for fiat-backed stablecoins?
The support for additional fiat-linked stablecoins like the South Korean won and Hong Kong USD helps MAP Protocol create a bridge for cross-border transactions, enhancing liquidity and diversifying options for users. This is a suitable step in line with the trend of tokenizing assets and developing global DeFi.
Dr. Lê Minh Đức, DeFi expert, comments:
“Supporting fiat-linked stablecoins helps reduce volatility risk while expanding integration between economies, facilitating cross-border trade transactions.”
Dr. Lê Minh Đức, DeFi Expert, July 2024
A comparison table of some features of MAP Protocol with popular cross-chain protocols
Criteria MAP Protocol Protocol A Protocol B Core Technology Light client + MPC Relayers + Smart Contracts HTLC (Hashed Timelock Contract) Asset Transfer Speed Real-time Slow (a few minutes) Slow (a few minutes) Supported Chains Bitcoin, Ethereum, BNB Chain Multiple EVM Chains Bitcoin and Layer-1 chains Stablecoin Trading Volume 170 million USD/month Not disclosed Not disclosed
Frequently Asked Questions
What area does MAP Protocol focus on developing?
MAP Protocol prioritizes building full-chain infrastructure for Bitcoin, stablecoins, and tokenized assets, aligning with the growth trend of the DeFi market.
How does MPC benefit MAP Protocol?
MPC allows for multi-party threshold signing, securing and distributing control of assets when executing fast and safe multi-chain transactions.
What is Butterswap and what is its role?
Butterswap is the front-end trading platform of MAP Protocol, supporting stablecoin swaps with a volume of 170 million USD/month and planning to expand into fiat coin swaps.
Why is supporting fiat-backed stablecoins important?
Helps enhance liquidity, reduce volatility risk, and expand cross-border trading capabilities for users and businesses.
How is the reliability of MAP Protocol ensured?
MAP Protocol is based on advanced technologies like light client, MPC, while also having confirmation from experts and reliable market reports.
Source: https://tintucbitcoin.com/map-protocol-chuyen-chien-luoc-phat-trien-ha-tang/
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