Waves Founder Introduces Units Protocol to Solve Layer-2 Interoperability Challenges

Sasha Ivanov unveils a new protocol aimed at eliminating centralized bridges and creating a unified Web3 ecosystem.

Waves founder Sasha Ivanov is tackling one of the most pressing challenges in blockchain—interoperability between layer-2 networks—with the launch of a new protocol called Units. At the Future Blockchain Summit in Dubai, Ivanov detailed his vision for solving the issue of blockchain interoperability, which he believes is crucial for the industry to progress.

Ivanov explained that current cross-chain transfers between different layer-2 networks rely on centralized bridges, a solution he described as flawed and vulnerable. "If you want to transfer tokens from one layer to the other layer-2, you need centralized bridges. And this is very wrong. [...] This problem should be resolved,” Ivanov said during an interview with Cointelegraph.

Over the years, the risks associated with cross-chain bridges have been highlighted by major hacks. In 2022, the Wormhole and Ronin bridges were exploited, leading to almost $1 billion in combined losses. These incidents exposed the vulnerabilities in existing systems and underscored the need for a more secure, decentralized solution.

Ivanov believes that without a comprehensive solution to interoperability, the blockchain ecosystem will remain fragmented and incomplete. "Interoperability is very important because otherwise, you don’t have a holistic, tightly connected ecosystem. It’s very disjointed,” he argued.

To address this, Units was developed with interoperability as a core feature. According to Ivanov, all blockchains built through the Units protocol will be interoperable by default. He explained that these blockchains would share the same economic guarantees as the base layer, allowing them to function seamlessly together. "Interaction between these layers would happen on the same terms as interactions with the base layer itself, which makes them work on the same terms," Ivanov said, emphasizing that this approach eliminates the need for centralized intermediaries.

The importance of interoperability is especially evident in the decentralized finance (DeFi) space, where liquidity is often fragmented across multiple chains. Ivanov noted that while cross-chain bridges have emerged to address this fragmentation, they come with inherent risks. He envisions a future where cross-chain decentralized applications (DApps) operate securely on top of the Units protocol, providing a more cohesive and efficient DeFi ecosystem.

As the launch of Units approaches at the end of October, Ivanov and his team are preparing to offer grants for developers who build within the ecosystem, further incentivizing innovation and adoption. "Once we have launched the ecosystem itself, we’re going to provide grants for launching in the ecosystem,” Ivanov said, signaling his confidence in the protocol's potential to reshape how layer-2 networks interact.

With Units, Ivanov aims to create a more secure, interconnected, and decentralized blockchain ecosystem, one that moves beyond the limitations of centralized bridges and towards a future of seamless interoperability.

photo source / Blockonome