Polygon founder Sandeep Nailwal explains two key factors for Web3’s long-term success in comparison to the current internet.
Meanwhile, DCinvestor explained to his 236,900 followers on X that Layer-2 introduction is going to be critical in the coming years for blockchains to succeed. He noted that while bridging and interoperability solutions “still need work,” not working on them could create risks in the long term.
“Not everything needs to be composable with the entire state of everything else, and periods of congestion create risk.”
According to recent data from Spherical Insights, the global blockchain interoperability market is set to exceed $1.98 billion by 2030.
Blockchain Interoperability, A Major Talking Point for Banks
Blockchain interoperability has been a major talking point in the industry in recent times.
Meanwhile, in September 2023, Ramani Ramachandran, CEO of Router Protocol, told BeInCrypto that the shift towards fostering interoperability with Bitcoin, especially with advancing Layer 2 solutions, illustrates the widespread desire for a more connected blockchain ecosystem.
“Bitcoin’s role could evolve significantly with interoperability. It would enable Bitcoin to directly engage in , offering liquidity and collateral options.”
However, major banks across the world are interested in cross-chain interoperability for conducting tokenized asset purchases.
The Australia and New Zealand Banking Group (ANZ) announced its adoption of Chainlink’s cross-chain interoperability protocol (CCIP).
Meanwhile, ANZ Portfolio Lead Nigel Dobson explained that it is a hot topic for major banks around the world:
“Banks are increasingly exploring use cases involving tokenized assets, with 93 percent of institutional investors believing in their long-term value, according to a recent EY report.”
