SINGAPORE: MochiLab’s Mochi.Market will partner with Plasm Network to build a Polkadot version of its multi-chain NFT DEX ecosystem, a news release said.
Mochi.Market aims to solve three important challenges in the NFT marketplace including lack of liquidity, lack of monetization strategy for NFT holders, and lack of cross-chain usage between NFTs and fungible tokens (FT).
MochiLab’s Mochi.Market is a multi-chain decentralized exchange ecosystem for non-fungible tokens (NFT) that recently launched a NFT marketplace on testnet ‘Dusty’.
Sophia Ho, MochiLab’s Co-Founder and CEO says, “Plasm is one of the most promising projects in the Polkadot ecosystem. As Mochi.Market envisions to be a multi-chain decentralized exchange ecosystem for NFTs with Polkadot being one of the three main chains we are building on (apart from Binance Smart Chain and popular Ethereum layers 2 protocols), partnering with Plasm will give us the best resources and support in the Polkadot ecosystem to realize our vision.”
Plasm is a Polkadot Parachain candidate that acts as a dApps hub that supports multi virtual machines and layer 2 scaling solutions like ZKRollups.
Maarten Henskens, Lead Ecosystem Growth Plasm Network, says, “Plasm’s vision is a perfect match with that of Mochi, building a multi-chain decentralized platform. Plasm Network supports various applications like NFTs and FTs. The Plasm team will offer Mochi the best infrastructure and support in the Polkadot ecosystem.”
Mochi already launched the marketplace on Dusty (testnet of Plasm Network). The Plasm team aims to become the first parachain on Kusama with Shiden Network, and this will be our next step in launching Mochi.Market in the Polkadot ecosystem. After the launch on Kusama, Polkadot will be next once Plasm becomes a Parachain on Polkadot.
Mochi.Market will create swap methods between Ethereum Virtual Machine (EVM) compatible platforms based on two modules:
- Cross-Chain Bridge: includes management contracts and validator nodes that monitor transactions occurring on source chains, process them, and synchronize them on the target chain in accordance with the user’s request.
- Cross-Chain Swap: swap NFT with FT, NFT with NFT, FT with FT based on the Uniswap model and Cross-Chain Bridge.
“Users who own NFT or FT in any chain can swap to get FT or NFT in any chain,” says Sophia Ho.
Digital collectors driving a massive NFT boom spent more than $212 million on NFT-based artwork in the past 30 days, compared with $250 million throughout all of 2020.