Watr, a multi-purpose blockchain network has completed its migration to renowned layer 1 chain, Avalanche. The network aims to tap into the infrastructure of Avalanche to bring critical sectors that span across precious metals, minerals, food, fuel and many more to the blockchain sphere.
In a blog post released on Thursday, Avalanche narrated how it will support Watr to enjoy composability and capital efficiency on a large scale. Watr is committed to enhancing liquidity, broadening access, and supporting innovation across the aforementioned sector, a dream Avalanche will further support.
According to the layer 1 network, Watr aims to redefine the trading, financing, and governing of daily commodities. To achieve this goal, the newly integrated network is designing a cutting-edge onchain foundation that combines decentralized identity and improves asset traceability.
Meanwhile, the announcement narrated how the layer 1 network infrastructure supports the aim of Watr in developing multi-purpose layer 2 blockchain networks.
Executive insights into the migration of Watr to the Avalanche network
More so, prominent individuals from both organizations reflected their opinions on the integration. The Chief Business Officer of Ava Labs, John Nahas narrated how real-world assets like commodities are yet to have a presence in the blockchain space despite being a $20 trillion sector.
The executive stated that the layer 1 network fully aligns with sovereign chains, low latency, and institutional-grade performance. He added that Ava Labs is proud to assist the mission of Watr to advance the commodity markets.
Similarly, the Founder and President of Watr Foundation, Maryam Ayati emphasized that web3 concepts like DeFi, smart contracts, and many others can curtail the issues in commodity financing, compliance, and trade.
Ayati added that building on Avalanche will enable Watr to enjoy more market exposure due to the vastness of the layer 1 network. Watr as part of its roadmap intends to build an ecosystem that will bring the commodity market onchain.
However, the core components of the platform include WatrMrks, WatrIDs, NeoReserves, and VentureStream. Consequently, each of these components is structured to enhance security, project development, liquidity, transparency, and many others.
At the moment, AVAX, the native token of Avalanche and the announcement didn’t instigate any comeback. The token in the last 30 days is enduring a downturn that claimed 8% of the token’s value. According to CoinmarketCap, AVAX is currently trading at $17.96.