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Partnerships and collaborations in the blockchain space have not ceased to take place in spite of the coldness of the winter this year. As recently as August 10th, RocketX, a multichain centralized and decentralized exchange (DEX) aggregator, achieved a significant milestone by seamlessly integrating with the Layer 1 Hedera (HBAR) blockchain.
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What is RocketX?
RocketX, as mentioned, is a centralized and decentralized exchange aggregator that allows users to swap cryptocurrencies across multiple blockchains with the best prices and liquidity. It serves as a one-stop-shop for crypto traders, having access to over 60 blockchains and over 270 DEXs.
Apart from its primary functioning, RocketX is user-friendly and easy to operate and it does not hold a user’s funds, giving a user full access to their cryptocurrencies.
What is Hedera?
Hedera is one of the popular blockchains in town. Over 96 million transactions take place every single day on its platform with an average cost of 0.001 USD, making it one of the most economical and efficient blockchains.
Hedera follows the Byzantine Fault Tolerance (aBFT) hashgraph consensus algorithm. It is known for the Hedera Governing Council which is an independent governing body consisting of enterprises, web3 projects, and prestigious universities. It has a high throughput, fast finality and fair transaction ordering with consensus timestamps which make it scalable, reliable and secure.
How does RocketX work with blockchains?
It uses a technique called cross-chain swaps. Cross-chain swaps allow users to swap cryptocurrencies between different blockchains with just a few clicks. This is a great way to avoid high gas fees and to get the best prices for your swaps. This makes RocketX seamless and easily adaptable.
What does the Hedera and RocketX partnership mean for developers?
The integration of Hedera to RocketX is expected to be important and meaningful for both developers and traders. With a platform as big as that of RocketX, it also becomes easier for Hedera to further increase its user-base by easy on-boarding, improve its interoperability and become more accessible.
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For developers who use multiple currencies to ship dApps, this recent development is going to be really helpful as the integration also aims to interconnect blockchains like Bitcoin, Ethereum, Solana, Fantom and Cosmos.
As a result, users will now easily and seamlessly move their assets from Hedera and vice versa, promoting self-custody and removing the need for a DEX or centralized exchange intermediary.
Lastly, the big news for DEXs and centralized cryptocurrency exchanges is that they no longer have to get anxious about adding liquidity to support Hedera because the RocketX swaps will outsource it by utilizing its supported services and bridges.