The rebranding to Carbon Protocol highlights blockchain improvements from the Cosmos StarGate upgrade, and emphasise the commitment to trade and movement of digital assets.
Singapore-based Switcheo Labs has announced the rebranding of its Switcheo TradeHub DeFi protocol to Carbon Protocol. Gaining inspiration from carbon being the building block for life, Switcheo Labs aim to emulate the element’s connectivity, versatility, and stability into the protocol.
What is Switcheo Tradehub? It is a Layer-2 blockchain solution built on top of the open-source software Tendermint Core, and was created to facilitate high-performance trading of financial assets. Switcheo’s Demex Decentralised Exchange is one such example powered by Switcheo Tradehub.
Other than the branding motivation for Carbon Protocol’s name change, Switcheo Labs was also motivated by the latest Stargate Upgrade to the Cosmos network. With the upgrade bringing the much-anticipated Inter-Blockchain Communication (IBC) protocol, Carbon Protocol can now communicate with other blockchains built on the Cosmos network and tap on non-Tendermint related chains like Bitcoin and Ethereum.
“Rebranding the protocol to Carbon uncouples it from the Switcheo Labs brand, making it brand-neutral, while representing our dedication in cultivating a truly decentralised protocol where any developer or collaborator can propose, build, or implement their innovations at scale in a trustless and permissionless manner,” said Ivan Poon, CEO of Switcheo Labs.
Carbon Protocol is also created to be EVM-compatible, referring to the engine that moves the Ethereum network. Plus with Switcheo Labs recently launching ZilBridge, a Carbon Protocol-powered blockchain bridge that allows assets to be moved between the Zilliqa and Ethereum network, this first-of-its-kind initiative makes the rebranding a significant one for Switcheo Labs.
With more cross-chain capabilities and trade-specific implementations on the roadmap, Carbon Protocol shares the same goal as Switcheo Tradehub in being the backbone of fully-featured financial ecosystems, and is set for further upgrades in 2022.
Looking for more news? Check out these articles below:
- CoinShift raises $2.5M for Crypto Treasury Management
- 3 Best Cryptocurrency Exchanges To Consider In Singapore
- Independent Reserves Obtains Full Licensure from MAS