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Switcheo Labs to Rebrand Its Layer 2 DeFi Protocol
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October 6, 2021 News

 

Switcheo Labs, decentralised protocol developers headquartered in Singapore, has announced the rebranding of its flagship Layer 2 DeFi protocol, “Switcheo TradeHub”, to “Carbon”. This strategic change uncouples the protocol from the larger Switcheo Labs brand, reflecting the company’s commitment to decentralising the protocol. Carbon aims to become the foundational layer of decentralised financial ecosystems, while being highly connective in a multi-chain world.

“True decentralisation has always been the end-game. At Switcheo Labs, we act as shepherds, rather than owners or custodians”, said Ivan Poon, CEO at Switcheo Labs. “Our goal has always been to nurture ecosystems that allow for open collaboration, rather than walled gardens that are operated by centralised gatekeepers. 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”.

This shift is also motivated by the Stargate Upgrade that will “relaunch” the protocol from a new genesis block and move the protocol’s identifier from switcheo-tradehub-1 to carbon-1. This upgrade will bring numerous cross-chain capabilities and performance improvements, such as the ability to support the Inter-Blockchain Communication Protocol (IBC), enabling protocols utilising the technology to interoperate and communicate with each other rapidly and securely. DeFi users will be able to seamlessly transfer information and assets between supporting protocols within the Cosmos ecosystem, such as Osmosis, Persistence, and Akash, thereby ushering in a new era of inter-blockchain composability.

With the addition of ZilBridge, a decentralised bridge powered by Carbon, Zilliqa-based assets will be bridged with Ethereum-based assets, making it an industry-first adoption that has been spearheaded by the company.

 

 

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