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One unfortunate side effect of the modern DeFi landscape is that many applications struggle to communicate. Every blockchain is different, so people who use products on separate chains can run into unpleasant compatibility issues. Entangle plans to solve this problem by creating an interoperability infrastructure that allows different chains to connect. If you're considering investing in Entangle, it's useful to learn how the system works and what features it offers.
Key Takeaways:
Entangle is a blockchain-based, customizable messaging infrastructure that makes it possible to communicate across separate blockchain networks.
Looking to trade Entangle tokens? Bybit now offers the NGL/USDT Spot trading pair. To celebrate this listing, Bybit is holding an exclusive event in which you can earn a share of the 200,000 USDT prize pool.
Entangle is a blockchain-based, customizable messaging infrastructure that makes it possible to communicate across separate blockchain networks. It uses a set of unifying tools and protocols to easily send data and assets across multiple types of blockchains.
Entangle was founded in 2021 by Faisal Mehrban, a British banker who has worked at many prestigious institutions including JP Morgan Chase & Co. and Deutsche Bank. During his time as a digital assets consultant, Mehrban discovered that the lack of interoperability was hindering web3 adoption. Many consumers were hesitant to explore the DeFi space because they felt like they had to learn a brand-new system for every task.
Mehrban began working with other financial and cryptocurrency experts to find a solution. Entangle now has a team of 17 full-time developers, engineers and other employees, and has successfully held two rounds of funding, raisingover $4 million worth of investments.
Entangle aims to empower developers with more interoperable data. Typically, DApp developers need to choose a blockchain and focus on it throughout the entire process of designing their system. However, Entangle allows developers more flexibility in managing things like sticky liquidity and off-chain entities. Moreover, developers can easily shift between blockchains and use the one that’s best for each specific part of their program. Unlike traditional oracle solutions, Entangle's comprehensive suite of custom oracles automatically handles all the details of information transfer.
Over the long run, Entangle hopes that its system of cross-chain operations will create a more accessible DeFi landscape. By providing true interoperability, people will be able to focus less on the blockchain behind the system and instead pay more attention to the product. The supportive infrastructure of the Entangle framework could potentially make it much easier for people to explore the web3 universe and improve their capital efficiency.
The Entangle protocol is an oracle solution that works by taking off-chain entities and placing them on-chain. To send data and assets between deployed chains, Entangle relies on its proprietary Photon Messaging Protocol layer and Entangle consensus mechanism. Here's how this architecture helps to enable cross-chain operations:
When a user initiates a transaction on one DApp, the DApp relays a request to a set of transmitters on the Photon Messaging Protocol layer.
The transmitters relay this request to Entangle’s controller smart contracts.
Entangle's consensus mechanisms verify the cross-chain transaction.
After it receives verification from the consensus mechanism, Entagle's blockchain sends the request to a conductor agent.
The conductor agent sends the information to circuit smart contracts on the desired DApp or blockchain.
The destination DApp or blockchain executes the required operations and finalizes the transaction.
The Entangle ecosystem involves a lot more than just a custom oracle solution, providing cross-chain operations that allow it to offer customers many features.
Liquid Vaults is a DeFi service that makes it easier for liquidity providers to stake yield-bearing assets. The Entangle framework lets people place all their liquidity provision assets into a single location for better capital efficiency. Borrowers can then access these liquidity pools of siloed liquidity to borrow assets. In addition to improving capital efficiency, the program for liquidity providers also promotes sticky liquidity that enhances liquidity retention.
In addition to liquidity provision assets and liquidity fragmentation, Entangle also focuses on improved cross-chain communication. Entangle data feeds are ideal for users who want to check prices without paying high gas fees. The platform’s custom oracles let applications get multiple prices from a variety of chains, and the data feeds also let you pick how often you want to receive data so you can find the perfect solution for your needs.
The Photon Messaging Protocol turns the basic Photon layer of Entangle into a way of communicating with the DeFi space. This cross-chain messaging system does a lot more than just aggregating data: it allows people to create an interconnected DeFi ecosystem, one in which DApps can pull from a variety of data sources, payment processors and other services.
Universal data feeds are a helpful application that takes the Entangle oracle solution and customizes it for individual developers. This custom oracle solution includes any mix of Web 2.0 and web3 data a developer needs. People can choose from both push and pull formats, so using Entangle data feeds helps them save on gas fees.
Since Entangle is currently in the process of launching its new token, it has created an airdrop to help promote its interconnected DeFi ecosystem. The NGL Airdrop will distribute 1.25 million tokens to Entangle testnet members, 5 million tokens to Webverse stakers and 1.5 million tokens to Entangle validators. Users can apply for the airdrop simply by going to the Entangle website and linking their wallets. Actions such as using Entangle to borrow assets or access liquidity pools will result in higher airdrop rewards.
In the past few years, Entangle has been focusing on designing its protocol and creating a fully operational system. For most of early 2024, the Entangle oracle solution will be running a testnet to check for any bugs and ensure it’s aggregating data and improving capital efficiency correctly.
Entangle plans on launching its public blockchain and mainnet between April 4 and Apr 14, 2024. Once the deployed chains are live, the Entangle road map will be focusing on adding more features. There are plans to launch a staking program for fragmented liquidity, refine their bridge front end and improve messaging capabilities. Entangle's 2024 road map also includes the official launch of several DApps built on its protocol, including Liquid Vaults for yield-bearing assets and siloed liquidity.
NGL is Entangle’s native token, used for managing transactions on its blockchain and acquiring funding for its project. With an initial circulating supply of18.55 million tokens and a maximum supply of 1 billion, the tokens will be allocated in the following manner:
Community & Liquidity: 41%
Strategic Investors: 27.95%
Foundation: 15%
Ecosystem: 12.8%
Public Sale: 3.25%
NGL launched on Mar 13, 2024 at a price of $1.57. Despite an initial dip to $1.48, it quickly rose to its all-time high of $1.93, followed by a new peak of $2.40. Since then, NGL’s price has ranged between $1.50 and $2.10.
Experts from DigitalCoinPrice believe that NGL’s price will double by the end of 2024 to $3.40, increasing to $7.08 in 2027 and $11.63 in 2030. This positive sentiment is supported by analysis from CoinArbitrageBot, which suggests NGL will be worth $1.60 by the end of 2024, $3.32 by 2027 and $8.87 by 2030.
Looking to trade Entangle tokens? Bybit now offers the NGL/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, fund it with cryptocurrency and navigate to the NGL/USDT Spot trading page. To celebrate this listing, Bybit is holding an exclusive event where you can earn a share of the 200,000 USDT prize pool.
The first 5,000 new users who complete the following two steps between Mar 13, 2024, 8AM UTC and Mar 27, 2024, 8:59AM UTC will receive 30 USDT each:
Sign up for a Bybit account and complete Identity Verification.
Accumulate a deposit volume of at least 100 USDT worth of NGL, or deposit 100 USDT and use your Bybit account to buy any amount of NGL via your first trade.
If you’re already a Bybit user (prior to Mar 13, 2024, 8AM UTC), no worries — because you can still earn 10 USDT! Simply accumulate a deposit volume of at least 100 USDT worth of NGL during the event period, or deposit 100 USDT and buy at least 100 USDT worth of NGL using your Bybit account. Please note that rewards will be distributed on a first-come, first-served basis to the first 5,000 existing users.
Ultimately, the Entangle project manages to provide connectivity while improving on some of the challenges of traditional oracle solutions. Although it's not likely to be a revolutionary system used by millions, it certainly provides a helpful framework for DeFi developers. Since it's a fairly stable project, Entangle’s NGL token may work well for investors looking to diversify with moderate-risk investments.
However, the NGL token doesn't have an extensive amount of utility, and it has heavy competition from other compatibility solutions. Despite being a very recent launch, Entangle has struggled to attract attention and build a large community. Therefore, people considering investing in NGL need to do their own research and make sure it's a good fit for their portfolio.
Entangle's ability to help various blockchains communicate with each other has a lot of exciting potential. By providing interoperable data, this oracle solution will allow users to experience all the advantages of different chains without the inconvenience of working with multiple networks. Whether you're looking for a new way to develop a DApp or trying to find another addition to your crypto portfolio, Entangle is worth considering.
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