Key Points
- DapDap, a DeFi app developer, has launched StableFlow, a low-fee stablecoin bridge powered by NEAR Intents.
- StableFlow can execute large-scale swaps across nine blockchain networks, offering efficiency and low slippage.
StableFlow: A Low-Fee Stablecoin Bridge
DapDap, a firm specializing in developing DeFi consumer apps, has recently introduced StableFlow. This low-fee stablecoin bridge is powered by NEAR Intents and is designed to provide efficient and low-slippage swaps across nine blockchain networks. It has the capacity to execute large-scale swaps up to $1 million while maintaining low fees and slippage.
A video shared by the NEAR protocol on October 9 demonstrated how StableFlow facilitates low-fee, low-slippage USDT swaps. The video also highlighted the nine supported networks which include Ethereum, Arbitrum, Polygon, BNB Chain, Optimism, Avalanche, Solana, Near, and Tron.
StableFlow’s Features and Future Plans
According to StableFlow’s official account, the platform provides the best quotes for transfer amounts up to $1 million. It also boasts unprecedented efficiency in a single step and unmatched fees, costing just 1 basis point (0.01%).
The post further explained that a network of solvers competes to execute the bridge transaction, ensuring the cross-chain transfer intent is executed as cost-efficiently as possible. Initially, StableFlow only supports Tether’s USDT, but there are plans to add Circle’s USDC, Trump-backed USD1, and Hyperliquid’s USDH.
NEAR Intents is quickly gaining recognition as a relevant protocol for cross-chain transactions. It has been acknowledged by prominent figures from various projects. As of now, the intent-based protocol has executed $1.84 billion in nearly 3.70 million swaps across 20 blockchains and 121 supported assets. Out of that, $825 million was executed in the last 30 days alone. USDT is the most swapped asset by 24-hour volume, followed by the competing stablecoin, USDC.
On October 3, the total stablecoin market cap surpassed the $300 billion mark, with Tether holding 58% of its market share. While stablecoins continue to prove their worth in both the decentralized and traditional finance environments, bridging between chains has been a major challenge. NEAR is now addressing this issue with its chain-abstraction stack that includes the Chain Signatures SDK and an MPC Network of solvers.
