Squid sinks its tentacles into cross-chain abstraction
Cross-chain swaps are getting a boost with the latest version of Squid, launched today. Squid 2.0 introduces a new architecture that abstracts away chains to simplify even complex transaction flows with multiple hops.
The update includes performance and cost improvements, and expands Squid 2.0’s functionality into new areas such as 1:1 stablecoin transfers, real-world asset (RWA) transactions and advanced routing.
This new approach goes far beyond finding the most efficient bridge routes, according to Fig, Squid’s co-founder. “We are a bridging tool in a certain way, but we think that we can change the way that swaps are also done,” Fig told Blockworks. Read more: Squid enables one-click cross-chain swaps on Cosmos A key innovation in Squid 2.0 is its graph-based architecture, which enables intelligent routing through over 110 liquidity sources across 77 chains.
This ensures that swaps are executed using the most efficient paths, reducing costs and increasing execution speed. “In Squid v1, it was a very simple routing algorithm — we would just always swap via wETH into USDC, and then we bridge and swap out on the other side.
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