Benefits of the collaboration between ShuttleOne and Tezos Network
Today we’ll be talking about the collaboration between Shuttleone and Tezos Network and also look at the benefits of this strategic partnership.
But before then, lets know what ShuttleOne is all about.
What is ShuttleOne?
ShuttleOne is a decentralized financial solutions protocol that combines artificial intelligence and blockchain technologies to address the fragmentation issues plaguing the DeFi industry. It provides a unified, multichain compatible platform for DeFi and Web 3.0 application development.
Tezos, a highly scalable, self-amending proof of stake blockchain protocol, was recently adopted by ShuttleOne. The upcoming launch of its native $SZO token on Tezos via the Instaraise IDO platform signified this adoption.
In a digitally connected world, Tezos is redefining what it means to hold and exchange value. Tezos, a self-upgradable and energy-efficient blockchain with a proven track record, adopts tomorrow’s innovations without causing network disruptions today. Tezos is well-known for its scalability, low transaction fees, top security standards, and self-amending nature, which allows for easy upgrades without forks or network disruptions.
ShuttleOne has developed the Metachain as part of its ambitious project to develop a unified interface for dApps and Web3.0 applications that allows them to operate on multiple blockchain protocols. The ShuttleOne Metachain is a multichain aggregator that allows users to create blockchain-based applications on a single interface and run them on any supported blockchain without modifying the product. Instead, they can use a single API to connect their application to multiple blockchains, resulting in truly interoperable dApps. Metachain bridge, a decentralized multi-blockchain two-way bridge, and ShuttleOne’s native $SZO utility and insurance token will facilitate the interoperability between different blockchains.
What are the benefits of the collaboration between ShuttleOne and Tezos Network ?
ShuttleOne has chosen to operate on three different networks at the moment: Ethereum, Binance Smart Chain, and the Tezos blockchain. Tezos’ early inclusion as a Metachain supported blockchain, combined with the introduction of $SZO on Tezos, makes the protocol easily accessible to hundreds of DeFi and NFT projects that are currently constrained by the Ethereum Network’s limitations. It will also assist Tezos-based solutions in adopting the Metachain in order to reach a larger audience. ShuttleOne is gearing up to release the world’s first two-way blockchain bridge, connecting the Ethereum, Tezos, and Binance Smart Chain networks.
When a Metachain dApp uses the Tezos Network, it is required to pay transaction fees, which are paid in $SZO and settled by ShuttleOne as a native Tezos token. With the Tezos protocol’s adoption expected to rise, cross-chain liquidity is expected to rise in the coming days. Aside from transaction fees, the Metachain bridge supports asset transfers from one blockchain to another, allowing Tezos-based DeFi projects to bridge stablecoins such as USDT, USDC, DAI, and others to increase liquidity on the Tezos chain.
Even better news…
ShuttleOne launched its $SZO token offering in collaboration with Instaraise, Tezos’ first decentralized fundraising and incubation protocol. On the Tezos ecosystem, Instaraise is a completely decentralized fundraising and incubation platform. The platform aims to empower projects by providing a solid foundation and fundraising capability, as well as impactful marketing advice, community growth, and ecosystem development assistance.
The $SZO IDO was scheduled to go live on December 12, 2021, at 12 p.m. UTC. The process was a 24-hour token offering with two rounds lasting 12 hours each, with the participants receiving a total of 200,000 $SZO.