GRVT Launches Gas-Free Bridging for DeFi, Revolutionizes Cross-Chain Transactions for Non-Crypto Natives in Partnership with XY Finance

Singapore, October 24, 2024 – Hybrid cryptocurrency exchange GRVT (pronounced “gravity”), which aims to become the “Goldman Sachs on blockchain”, is thrilled to announce its latest partnership with XY Finance, a cross-chain DEX and bridge aggregator, addressing one of the biggest challenges facing crypto traders today: the complexity and cost of moving assets across different chains and exchanges. 

The partnership introduces an innovative cross-chain bridging UX by leveraging XY Finance’s Proxy Bridge, to enable CEX-like, gas-free bridging for DeFi. It allows users to seamlessly deposit funds from a CEX directly into GRVT’s smart contract, with no gas fees and no need for multiple wallet transactions — an industry first for DEXs. 

More importantly, this solution significantly simplifies access for non-crypto native users, who often struggle with the complexities of gas fees, bridging, and related concepts, setting new standards for DeFi and the broader industry.

Watch the video to learn more about how this makes DeFi deposit easy. 

Solving the Biggest Hurdle On-Chain: Cross-Chain Money Moving

As the cryptocurrency landscape continues to expand, traders often face significant friction when attempting to move assets between different exchanges and blockchain ecosystems. According to GRVT’s survey with close to 3,000 community members, three key issues are identified with the DeFi user experience: 

1. Difficulty in moving money on-chain (45%);
2. Challenging wallet creation and management (20%);
3. Gas fees are a barrier (15%).

For retail and institutional users alike, these barriers have slowed the adoption of DeFi and made seamless trading a challenge. GRVT and XY Finance are stepping up to eliminate these pain points, bringing a new level of efficiency and ease to the crypto trading experience.

Hong Yea, co-founder and CEO of GRVT, commented,

DeFi adoption remains low, largely because the current landscape requires a steep learning curve, especially for first-time users, with the bridging process being a major pain point. Previously, users had to hold tokens to cover gas fees and complete multiple transactions just to deposit funds into a DEX smart contract. GRVT removes this friction by making these complex DeFi components invisible to the user. Our goal is to bring the benefits of DeFi to a wider audience by simplifying the experience.

Wei Hsuan Huang, Founder and CEO of xSync Network and XY Finance, highlighted,

With the support of xSync Network’s omnichain infrastructure, XY Finance is enabling seamless, bridging from CEXs and any blockchain directly to GRVT. Together with GRVT, we are committed to eliminating the traditional complexities that have kept new users from fully embracing DeFi, offering a streamlined experience that simplifies cross-chain transactions and accelerates broader adoption.

This partnership marks another significant milestone for GRVT, as it prepares for the Q4 Mainnet launch. GRVT’s Open Beta Testnet is currently live, with more than 2.5 million users registered on waitlist.  

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