Squid Launches Cross-Chain Order Routing and Auction Layer (CORAL) to Enable Faster, Cheaper, More Reliable Access to Anything in Crypto
Having exceeded $2.6B in volumes already, Squid’s intent-centric approach to cross-chain liquidity adds access to offchain sources
ZUG, Switzerland, Dec. 4, 2024 /PRNewswire/ — Squid, the seamless and efficient way to access anything in crypto, today announces the launch of its new Cross-Chain Order Routing and Auction Layer (CORAL). On the heels of the major Squid 2.0 upgrade, CORAL introduces request-for-quote (RFQ) auctions that add offchain liquidity sources, bolstering Squid’s already robust set of integrations with 110+ onchain liquidity sources. Combining on- and offchain liquidity sources enables better execution and a faster, more reliable user experience.
Live now in the Squid app, CORAL enables faster, cheaper, and safer cross-chain financial activities with virtually instant finality. Squid is launching CORAL with an RFQ implementation, where market makers respond to user RFQs, and orders are filled on the destination chain immediately. These order fillers then receive reimbursement through the slower, but extremely efficient settlement of assets from source to destination chain over secure general message passing protocols and remove bridge risks from end users.
“With CORAL, we’ve removed the borders between chains and allow liquidity to flow between users and market makers with the minimum friction possible,” says Fig, Co-Founder of Squid. “By tapping into the full gamut of liquidity sources, both onchain and offchain, Squid removes the burden of choice from users, so they can simply get optimal execution.”
Squid users will benefit from cheap and fast bridging for popular assets like USDC and ETH, with a reduction in gas costs of up to 90%, MEV protection, and zero slippage for optimal trade execution.
To further improve efficiency, CORAL’s architecture also allows for batching intents, such as when multiple users on different chains are all looking to get a particular asset on another chain. This saves a significant amount of gas and delivers users the best execution possible for their swaps. Even better, as new chains are added to the Squid network, costs decrease further.
Fig adds, “We designed CORAL to minimize the use of underlying blockchains and messaging protocols while ensuring that no parties involved need to trust each other, only the chains and smart contracts. The result is the best UX we’ve seen for swaps and purchases across any token in crypto, with the added benefit of enhanced safety for end users.”
Enabled by Squid’s major 2.0 upgrade, CORAL marks another leap forward for abstracting the multichain landscape. Through the 2.0 architecture, every CORAL transaction may use pre- and post-hooks to call any smart contract on any chain. This includes scenarios such as swapping into a target asset and depositing it into a DeFi opportunity in a single click.
CORAL’s flexibility enables additional possibilities. For instance, it can enable decentralized OTC transactions. It can also enable seamless, instant swaps of ERC20 tokens on one chain into NFTs on another, among other complex cross-chain operations that must be abstracted to deliver optimal dApp user experiences.
Ultimately this provides the frictionless ease of access for users that allows application developers to build on whichever stack is most suitable for their use cases. With Squid, onboarding users is as simple as a single click, and the underlying chains and message passing are abstracted.
CORAL will support Ethereum, Binance, Base, Arbitrum, Avalanche, Polygon, and Linea at launch. Support for additional chains, liquidity providers, and assets will soon follow, including the 75+ chains currently supported by Squid plus additional integrations made possible through Squid 2.0’s extensibility, which allows for using multiple secure message passing protocols in the backend of CORAL.
Enjoy the new-and-improved Squid today by visiting https://app.squidrouter.com, and visit https://docs.squidrouter.com to learn more about simple API, SDK, and widget integrations for decentralized applications.
About Squid
Squid creates unlimited access for anything in crypto. Squid can be used to seamlessly swap across 78+ EVM and Cosmos chains all from one place, and Squid NFT Checkout can be used to buy any NFT using any token. Squid’s API, SDK, and Widgets offer ease of integration for projects building on any chain to enable cross-chain functionality in just 1 click.
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