Liquidity Mining and Cross-chain Bridge explained
The Work Quest team seeks to offer our users an innovative platform based on the Decentralized Finance concept and provide users with unprecedented efficiency, low cost, and convenience.
On Thursday, September 30th, we announced the launch of new blockchain functionalities of the platform. Let’s have a closer look at those today!
Cross-chain bridge solution
Cross-Chain Bridge is a blockchain solution that enables intercommunication between different networks: a bigger blockchain and its side chain, which either operates under different consensus rules or inherits its security from a bigger blockchain.
Cross-chain bridges allow for the transfer of assets, tokens, and other types of data from one chain to another between completely independent platforms, enabling users to:
- Deploy digital assets on one blockchain to dApps on another.
- Conduct fast, low-cost transactions of tokens hosted on non-scalable blockchains.
- Implement and execute dApps across more than one platform.
With Decentralised Finance skyrocketing since the beginning of 2020, the demand for cross-chain systems in the DeFi space is currently at an all-time high. So, WorkQuest has just launched its own bridge solution, that will allow the platform’s users to swap $WQT tokens from Ethereum network to Binance network. The ability to swap to the WorkNet Blockchain will be added soon.
Liquidity mining program
Liquidity mining is a DeFi mechanism in which participants supply cryptocurrencies into liquidity pools, and are rewarded with fees and tokens based on their share of the total pool liquidity.
Basically, liquidity mining means that the users of a certain DeFi protocol get compensation in the form of that protocol’s native tokens for cooperating with the protocol.
Even though liquidity mining is a relatively new notion, it has already established itself as a serious game-changing tool, able to perform various functions in the developing sphere of DeFi.
WorkQuest has launched our own solutions for liquidity mining inside our WorkQuest platform. Users who provide liquidity to the BNB/$WQT pairs will be rewarded from a prize pool of 980,000 $WQT, which will proportionately be distributed among all the participants of the program.
The new $WQT Liquidity Pool Rewards Program was launched on the 30th of September. Don’t miss out on an opportunity to participate!
Moreover, we are planning to launch a Liquidity mining program for a ETH/$WQT pair soon! So, stay tuned!
These developments are a great step forward for WorkQuest, as it provides multiple opportunities for the platform to develop further in the future and add new efficient functionalities. There are lots of exciting things coming in the future, so don’t miss any news!
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