XP.NETWORK Joins The Tezos Ecosystem As A Corporate Baker

by | Apr 8, 2022 | Adoption, Governance, Latest

In January this year, Multi-Chain NFT solutions company XP.Network announced Tezos integration.

Today, XP.Network announced plans to expand its involvement in the Tezos ecosystem as a corporate baker.

They will be the 17th corporate baker to join the Tezos ecosystem.

XP.Network

In January this year, Multi-Chain NFT solutions company XP.Network announced Tezos integration.

This way XP.Network enables a multi-chain bridge for Tezos and its constantly growing arsenal of features, expanding its reach for the NFT market across the global cross-chain ecosystem.

This means wider exposure for NFT creators, better liquidity for asset holders, and increased transaction flow for the bridged blockchains.

For example, an NFT minted on Tezos can be sent to Ethereum and listed on OpenSea. A move that was not possible – until now.

XP.Network becomes corporate baker

Today, XP.NETWORK announced plans to expand its involvement in the Tezos ecosystem as a corporate baker. XP.NETWORK will now validate transactions and add them to the Tezos blockchain.

What is a corporate baker?

A company that sets up a Tezos node, is playfully called a corporate baker. These companies often include the decision to start up a node into their strategy to build applications on Tezos.

A Corporate baker is not a special type of baker with any special position within the Tezos ecosystem. The fact that this baker will be run by a corporation simply emphasizes the amount of trust and involvement corporations show in the Tezos blockchain.

Additionally, setting up a node/ baker, enables them to play an active role in the democratic Tezos protocol and have a voice in the direction of core protocol development via amendment upgrades.

It essentially gives them a stake in the blockchain that they are running programs and applications on.

Advantages of a multi chain NFT bridge

Emerging NFT communities on alternative blockchains sometimes shoulder liquidity issues. By being limited to a single chain, promising NFT projects — and NFT holders — may miss out on countless opportunities.

XPNETWORK bridges the gap by making it possible to transfer an NFT between blockchains in seconds at a minimal cost. This means wider exposure for NFT creators, better liquidity for asset holders, and increased transaction flow for the bridged blockchains.

For example, an NFT minted on Tezos can be sent to Ethereum and listed on OpenSea. A move that was not possible — until now.

Since February, XP.NETWORK have successfully bridged Tezos NFTs to blockchains like Ethereum, Polygon, Avalanche, Elrond, Fantom, Binance Smart Chain and many more.

“When we just started our way, XP.NETWORK knew that Tezos is a blockchain we want by our side. We believe this ecosystem is the benchmark many blockchains should aspire toward. We are excited to see what the future holds for this partnership!” Nir Blumberger, XP.NETWORK CEO.

Why Tezos

XP.NETWORK chose to become a Tezos corporate baker to further become involved in the ecosystem. Tezos is industry-leading, energy efficient and constantly innovating.

As one of the first blockchains to adopt the proof-of-stake consensus method, Tezos has evolved into an increasingly popular alternative to several major POW-based options.

Tezos has cultivated an ecosystem of thriving NFT marketplaces, dApps, tools, and games that offer a wide variety of digital assets with very attractive and affordable fees.

It is for these reasons that XP.NETWORK is proud to become a corporate baker. – As stated by the XP.NETWORK team.

“XP.NETWORK is an exciting cross-chain NFT platform and we are thrilled to welcome them into the Tezos baking community. They will be a strong pillar and tool for the Tezos ecosystem and we know their dedication, enthusiasm, and skills will lead to the further growth of both the Tezos and XP.NETWORK ecosystem,” – Elie Terdjman, Founder of Tezos Israel.

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