Hundred Finance: Building Cross-chain Mirroring with anyCall
SINGAPORE, April 25, 2022 /PRNewswire/ — Multichain and Hundred Finance co-announced cross-chain mirroring empowered by anyCall. anyCall protocol is a recently-released framework by Multichain for sending messages and calling contracts across chains. With anyCall, veHND holders are now able to more effectively participate in protocol governance by simply and cost-effectively transmitting data on their balances between chains.
This allows them to receive their veHND-powered boosts and better dictate HND reward assignment across all gauges, that means through which the deep liquidity is incentivized to allow Hundred Finance to offer market-leading lending and borrowing rates on the stablecoins essential to a multichain DeFi world. This functionality, as well as the large suite of chains supported, is invaluable to Hundred Finance.
Cross-chain Mirroring with anyCall
Due to anyCall catering to Ethereum, Arbitrum, Fantom, Harmony, Moonriver, Gnosis, Optimism and Polygon (with BSC and Avalanche also supported), the mirroring of veHND balances is rolled out throughout the Hundred Finance network.
AnyCall uses the anyCall function on a specific chain to interact with Multi-Party Computation (MPC) nodes that detect the invocation of this function and perform security checks of the messages it transmits. Once this has been done, the anyExec function, residing on the destination chain, receives the validated instructions and executes them as intended. This generalized approach to message sending, as well as the ease with which anyCall can be implemented and the backing provided by the Multichain application and its developers, make the protocol ideal for Hundred Finance’s mirroring purposes.
How to Mirror
A Hundred Finance user with locked HND on, say, Moonriver but stablecoins sitting in a high-APR gauge on Polygon can jump over to Moonriver’s vote UI and initiate a “Mirror lock to a target chain”. In the above example image “Polygon” would be selected and the transaction sent with the click of just one button. In a short while their mveHND balance would be accounted for over on Polygon and their increased boost applied to the APR received for their staked assets.
This cheap and simple process works wonders as it allows anyone to bridge their assets, consolidate their governance power wherever they go and maximize their yield whatever their available capital. Once a veHND balance is mirrored, the gauges that suit their assets can be voted for and HND can be accumulated more rapidly in order to then further compound their ability to exert influence over the protocol.
Conclusion
With the addition of anyCall to Hundred Finance’s toolbox of cross-chain technology, the integration of the many chains on which the protocol has launched within one united platform is greatly improved. Now, with universal cross-chain communication granted by anyCall in place, Hundred Finance will be in a position to more effectively move onto implementing the cross-chain collateral functionality that will differentiate Hundred Finance from other lending platforms in the space, fully realizing its multichain ambitions.
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SOURCE Multichain
