An OG cryptocurrency dating to 2014 is making an aggressive push towards interchain operability, following up the launch of a new privacy protocol and wrapped token bridge to Binance Smart Chain with the launch of yield farming last month.
Aimed at allowing frictionless and extremely cheap cross-border transactions, the fully decentralized Navcoin protocol launched a wrapped version of its NAV coins— Wrapped NAV, or wNAV — in April, building a bridge to the Binance Smart Chain, and through it to the world of decentralized finance (DeFi).
The Binance BEP-20 token wrap opens decentralized exchanges (DEX) to NAV and xNAV. Ultimately, the goal is to ensure that more wNAV liquidity is concentrated in DEXs. To that end, bridges to Solana and Ethereum are planned in the next 12 months.
The wrapped tokens followed March’s release of Navcoin’s new privacy protocol and the creation of a sister token, xNAV, priced one-to-one with NAV. Both NAV and xNAV can be swapped for wNAV.
The Wrapped NAV is then traded for PancakeSwap LP tokens and securely cold-staked in the users offline bridge wallet for farming on the Navcoin liquidity pool of PancakeSwap’s wNAV/BNB trading pair.
A history of robust privacy
Navcoin emerged in 2016 as a privacy-focused outgrowth of the two-year-old SummerCoin. It focused on helping users make anonymous transactions by hiding key transaction details, beginning with pioneering work on a technological solution that removed the link between coins sent and those received.