The native characteristics of chains are causing the liquidity in the on-chain world to become overly dispersed, fragmented, and severely imbalanced. Statistics show that approximately 80% to 90% of liquidity is locked in EVM applications, which presents challenges for the establishment and development of emerging ecosystems and stifles innovation in Web3. Many emerging ecosystems have to engage in continuous liquidity battles due to a lack of good multi-chain interoperability solutions.
An obvious example is that the anticipated airdrops and wealth effect of emerging Layer 2 and its related ecological applications can attract the attention of users in the industry, but the cost and threshold for entering new public chains discourage most users. These users mostly come from mature ecosystems like Ethereum and BNB Chain, but the high costs and barriers of traditional cross-chain bridges hinder most users from participating. In the post-DeFi era, the industry has been exploring how to achieve efficient, secure, and low-cost asset flow across multiple chains while providing users with a seamless experience.
The PicWe project is one of many explorers. It is based on a series of technological solutions such as the Omni-Chain Permissionless Bidding Orchestration Protocol (OPBOP), Dynamic Liquidity Matrix (DLM), and Programmable Token Transfer, and has pioneered the industry's first cross-chain trading model characterized by bridge-less and trustless trading mode (CATM), aiming to create the next generation of full-chain liquidity infrastructure.
As an innovator in the cross-chain field, PicWe's solution has received wide recognition in the market. Reportedly, the project stood out from 2,100 competing projects at the 'Battle of Olympus' hackathon held by Movement Labs and won the first prize in the DeFi track. At the same time, PicWe has demonstrated remarkable growth momentum over the past three months. Since its launch, the project has attracted 727,000 users and processed 221,000 interactions from 163,000 independent addresses, with a total transaction volume of up to $326 million.
As an outstanding representative of cross-chain solutions in the Movement ecosystem, PicWe not only solidifies its leading position in the Movement ecosystem but is also rapidly emerging as one of the optimal full-chain liquidity infrastructures.
How does PicWe achieve bridge-less cross-chain interaction?
In traditional cross-chain transactions, cross-chain bridges often play a crucial intermediary role, typically locking and wrapping assets to assist traders in achieving cross-chain transfers. Although traditional cross-chain bridges have made significant contributions to the liquidity interactions of the early on-chain world, their disadvantages are equally evident.
In fact, a cross-chain transaction based on a cross-chain bridge typically involves a series of operations such as locking, minting, and redeeming, with each step usually requiring users to pay a gas fee. Therefore, a single cross-chain transaction not only incurs relatively high friction costs for users but also adds many cumbersome trading steps and high trading delays. Of course, traditional cross-chain bridges have even exacerbated liquidity fragmentation; some cross-chain solutions choose to represent assets in independent wrapped token forms on different chains, such as WBTC, which reduces the overall liquidity and availability of assets.
A more concerning issue is security. Many cross-chain bridges rely on centralized or semi-centralized custodians to ensure the security of assets locked on the source chain, leading to extremely high single-point risks. Even with the introduction of some PoS validator groups, the reduction in liquidity on a single chain significantly lowers the cost of attacks, increasing the risk of malicious actors. In fact, a series of security incidents that arose from early explorations of interoperability are numerous, sparking controversy and causing many to lose confidence.
Previously, Arjun Bhuptani, the founder of Connext, proposed the concept of the 'interoperability trilemma', pointing out that when achieving interoperability between blockchains, it is difficult to simultaneously satisfy the following three characteristics: universality (the ability to transfer any data between two chains), scalability (the ability to deploy quickly across heterogeneous chains), and trustlessness (minimizing trust assumptions).
It is evident that cross-chain bridges indeed play a very important role in the development of the industry, but they are merely a temporary measure and certainly not the final state of cross-chain solutions.
For PicWe, it chose not to continue innovating based on the original cross-chain bridge ideas, but instead constructed a decentralized cross-chain interaction system without intermediaries through the introduction of state channels, liquidity incentives, and other series of solutions. Users only need to perform verification on the source chain to achieve multi-chain asset cross-chain trading.
Chain Abstract Trading Model (CATM)
The PicWe cross-chain trading system is primarily driven by the chain abstract trading model (CATM), which deploys contracts across multiple chains responsible for updating and coordinating transaction statuses, and by building a unique permissionless bidding orchestration protocol that can serve different pairs of chains at any time.
In fact, the cross-chain liquidity of traditional cross-chain bridges mainly relies on locking sufficient assets on both the source and target chains to ensure redemption at both ends. When the target chain's asset reserves are insufficient, cross-chain transactions become inefficient or even impossible. However, PicWe's CATM model does not rely on locking or minting assets to ensure liquidity but instead builds a set of incentivized LP system to 'seek outward'.
Specifically, the contracts deployed by PicWe, whether on the source chain or the target chain, can be understood as a full-chain liquidity pool provided by LP roles to supply liquidity and incentivize.
When users with cross-chain trading needs deposit assets into the source chain contract, it is similar to injecting assets into the liquidity pool of the source chain. They select the corresponding target chain, fill in the address, and complete the multi-chain payment request through a single-chain signature to generate an order using a fully permissionless bidding orchestration protocol. After the contract records the user's assets, distributed relayers will securely transmit the user's transaction status on the source chain to the target chain, including transaction date, ledger, order details, etc., achieving the transfer of status and data.
For the target chain contract, after verifying whether the signature of the source chain contract is valid and checking if the transaction from the source chain meets the required number of block confirmations (delayed confirmations to prevent double spending, oracle manipulation, flash loan risks, etc.), the target chain contract pool ultimately releases the assets to the user-specified address.
Most importantly, the CATM system continuously possesses the ability for liquidity rebalancing.
In the past, LP users could obtain farming incentives by providing liquidity to contract pools on different chains to ensure that the contract pools or liquidity pools on different chains remained sufficiently liquid and dynamic.
When liquidity on the target chain is insufficient, PicWe seeks more assets from LP or other liquidity providers through a Dutch auction method. It features initially setting a price for a certain asset and continuously lowering the token price as liquidity becomes more ample (incentive effect decreases). For LPs, the liquidity difference represents an arbitrage opportunity; the greater the difference, the greater the arbitrage opportunity. Therefore, when a Dutch auction transaction starts, it instantly attracts many LP arbitrageurs to participate, ensuring the target chain contract pool recovers liquidity at the fastest speed while also optimizing the cost of liquidity replenishment.
Based on this system, if a certain chain lacks liquidity, PicWe will also transfer assets from other chains to the chain that lacks liquidity through the aforementioned Rebalance mechanism, ensuring sufficient and balanced liquidity between different chains.
Thanks to PicWe's cross-chain liquidity capability and the liquidity differences between different chains, liquidity providers can earn returns on multiple chains simultaneously, breaking through the limitations of single-chain liquidity pools. Similarly, investors can optimize returns by aggregating liquidity returns from all supported chains.
So we see that in the above process, PicWe's solution does not involve the native minting and redemption of tokens, nor does it need to custody users' assets. PicWe itself transmits the native asset information from the source chain to the target chain directly based on programmable token transfer technology, maintaining the integrity of asset liquidity in both the source and target chains and optimizing cross-chain efficiency to the maximum extent while keeping the entire process completely decentralized.
'Multi, fast, good, economical' bridge-less solution
Based on the aforementioned technical characteristics, PicWe's bridge-less solution is demonstrating advantages of 'multi, fast, good, and economical'.
Multi
Traditional cross-chain solutions are limited by the types of tokens provided by liquidity pools, making it impossible to support cross-chain purchases of mid-tail and long-tail assets. For instance, we find it difficult to directly use USDT on the Base chain to purchase PNUT assets on the Solana chain.
It's like shopping at a supermarket or warehouse, where users can only purchase specified products (tokens) provided by suppliers (LPs). Due to stock costs, the variety of products that supermarkets or warehouses can offer is limited. To buy any product, one can only go through an online P2P method.
PicWe's Omni-Chain Permissionless Bidding Orchestration Protocol (OPBOP) is creating a decentralized 'online mall' where users can buy any token on any chain, meaning through PicWe, users can use USDT from any chain to purchase any asset on any chain.
Fast
Traditional cross-chain solutions require users to first convert the assets on the source chain (e.g., USDT) into assets accepted by the cross-chain bridge (e.g., ETH) before proceeding with cross-chain transactions. After the cross-chain is completed, users also need to exchange the assets into the assets they wish to purchase (e.g., converting ETH to PEPE). The entire transaction process has too many steps and a lengthy chain, resulting in a poor user experience.
In the process of purchasing full-chain assets through PicWe, users only need one step to complete it on-chain, without needing cross-chain or Swap. Whether it's an EVM chain or a heterogeneous chain, transactions can be completed within 1 minute.
Good
PicWe's bridge-less solution breaks the constraints of the cross-chain impossibility triangle. It achieves on-chain interaction of full-chain assets in a completely decentralized manner, avoiding the risks of past cross-chain protocols having access to and transferring user assets. This bridge-less solution never 'touches' user assets, preventing both project malfeasance and hacker attacks.
Province
The bridge-less solution can save cross-chain bridge fees, Swap fees, and Gas fees. The currently popular intent trading and chain abstraction solutions merely replace users in completing complex cross-chain operations, with multiple Swap, cross-chain, Gas, and other fees still borne by the users. Through PicWe, users essentially pay USDT to directly purchase tokens on the target chain, saving all intermediate fees, with each transaction cost controlled within 1 USDT.
Currently, PicWe has taken the lead in implementing this solution on the Movement stack. Based on the Movement network, PicWe supports users in seamlessly trading assets on any blockchain, such as traders being able to use USDT on the Movement network to purchase any token on other chains, including BTC on the Bitcoin blockchain.
Capital efficiency of PicWe
Through unique Dynamic Liquidity Matrix (DLM) technology, PicWe has a significant advantage over traditional cross-chain solutions in capital efficiency across chains. The LP pool provided by PicWe is no longer a traditional single trading pair pool; its USDT pool continuously provides liquidity for different trading pairs. Moreover, it is provided on demand; only when users submit a requirement to trade a specific token, will the USDT in the pool provide the corresponding token's liquidity, greatly enhancing the yield of the LP pool.
In the above image, we see the left side represents traditional liquidity solutions, while the right side represents PicWe's solution.
In traditional liquidity solution examples, the total liquidity is , but this liquidity is dispersed across different chains and bridges, with total liquidity at 18B, but this liquidity is dispersed across different chains and bridges:
Each chain (such as Chain A, Chain B, Chain C, Chain D) has its own liquidity, and the bridge (like and) holds 1B liquidity respectively.
There are multiple assets on each chain (Token1, Token2, Token3, Token4), with each asset's liquidity at $1B.
We can clearly see that the liquidity of traditional cross-chain bridge solutions is extremely fragmented, with the liquidity between different chains and bridges being non-interoperable, resulting in low capital utilization. When the liquidity on a single chain or bridge is insufficient to meet large transaction demands, it can easily cause price slippage, and the assets on each chain are independent, making it difficult to integrate and utilize them.
In PicWe's solution, the dynamic liquidity matrix abstracts the chains and consolidates the dispersed $18B liquidity into a single pool that can be called cross-chain, allowing assets (Token1, Token2, Token3, Token4) on each chain to achieve interconnectivity through the PicWe system. Once liquidity is unified, users on each chain can share the overall liquidity, avoiding transaction failures or high slippage due to insufficient on-chain assets.
Based on the CATM trading system and dynamic liquidity matrix, PicWe does not need to inject ineffective liquidity for each chain separately, significantly optimizing capital allocation, while also providing liquidity providers with an APY of up to 30% through PicWe's protocol. Currently, the LP returns provided by mainstream DEXs typically do not exceed 10%, and due to consistently sufficient liquidity, there are not many considerable LP arbitrage opportunities.
PicWe's revenue comes from liquidity differences, and the liquidity differences between different assets and different chains are certain to exist for a long time, meaning PicWe will continually provide considerable arbitrage returns for LP users, ensuring the efficiency of the cross-chain system while meeting the needs of multiple roles.
B2B2C
From the perspective of C-end users, PicWe can be a good asset cross-chain, cross-chain trading, and yield tool. However, PicWe is not just To C; it aims to pursue a B2B2C route.
In fact, PicWe is not just defined as a tool but more as a lower-level cross-chain liquidity facility. It allows all on-chain applications to integrate with it through an open SDK and gain the ability to expand across all chains through its technical solutions.
For example, for a DEX, it can be integrated with PicWe based on the PicWe SDK, allowing the DEX to further provide users with cross-chain trading capabilities, and even offer some innovative trading products and derivatives based on this, enhancing platform functionality and capturing users with higher potential returns. For PicWe, by becoming a lower-level infrastructure and servicing B-end applications, it can indirectly incorporate users from these collaborators into the ecosystem and accelerate the large-scale adoption of its solutions.
Summary
PicWe is reshaping the cross-chain interoperability system by creating a new solution driven by the CATM architecture. It adopts a bridge-less architecture that not only minimizes liquidity fragmentation but also enhances security and significantly reduces the costs of cross-chain interoperability. Additionally, leveraging the OLBC model, PicWe provides a robust mechanism to maintain network stability and incentivize liquidity contributors.
As a brand new cross-chain interoperability system, PicWe not only breaks through the 'interoperability trilemma' but also provides an extensible alternative solution for traditional cross-chain bridges. At the same time, through new expansion and combination methods, it redefines the paradigm of cross-chain interoperability and provides a new foundation for the on-chain world to move from fragmentation to unification.
Original link: https://www.chaincatcher.com/article/2159986
About PicWe
What is PicWe? PicWe is the world's first full-chain IRO launch platform created by Copariot Labs, empowering the unified full-chain liquidity infrastructure for Real-World Assets (RWA), dedicated to: Redefining Liquidity Across All Chains!! Achieving: A vision of a borderless financial system settlement layer!
PicWe is already compatible with six major public chains: Movement, BNB Chain, Base, Arbitrum, HashKey, and Plume. PicWe integrates the following core modules: full-chain liquidity protocol, full-chain native stablecoin WEUSD, RWA investment platform (supporting US bonds/funds: Invesco U.S. Senior Loan Strategy Fund: annualized 8% corporate bonds - online, annualized 4% USB UBS U.S. bonds - coming soon), multi-chain native compatibility, decentralized governance; it is not a collection of tools, but a complete on-chain operating system.
PicWe, relying on a series of technological solutions, including the Omni-Chain Permissionless Bidding Orchestration Protocol (OPBOP), Dynamic Liquidity Matrix (DLM), and Programmable Token Transfer, has launched the industry's first cross-chain trading model characterized by bridge-less and trustless trading mode (CATM) on the Movement platform. This initiative aims to build the next generation of full-chain liquidity infrastructure.
PicWe integrates three core functionalities into a trust-minimized tech stack:
☠️ IRO launch platform (initial RWA asset issuance) achieves tokenization of real assets, once on-chain, multi-chain circulation—no fragmented liquidity pools, no cross-chain bridge risks.
☠️ Bridge-less full-chain liquidity protocol, achieving convenient, secure, low-cost free flow of assets between EVM, Move, and Solana in a completely decentralized manner.
☠️ Settlement layer for AI intelligent agents providing execution infrastructure for autonomous agents. PicWe opens the level MCP, agents submit requests, and PicWe atomically settles and completes on-chain execution.
By building this full-chain liquidity infrastructure, PicWe hopes to promote innovation in decentralized finance and bring infinite possibilities to the B2B2C market.
Core value proposition
☠️ Any asset on any chain trading — no need for bridging, atomic-level settlement
☠️ Deposit once, earn on multiple chains — POL mechanism activates idle funds to earn cross-chain rewards
☠️ Institutional-level RWA issuance framework — IRO supports tokenization of invoices, government bonds, real estate, and other assets, enabling synchronous distribution across all chains
☠️ AI-friendly design — provides intent-driven APIs, allowing wallets, dApps, and AI agents to complete token swaps, staking, or strategy deployment with a single call.
PicWe is the intersection of real assets and permissionless full-chain liquidity—occurring simultaneously across all chains.
Related links:
☠️ https://copariot.com/
☠️ https://linktr.ee/PicWeOfficial
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