Cumberland Labs, the incubator arm of the Chicago-based crypto trading company Cumberland, has recently unveiled its beta version of a new API tool designed to simplify the process of connecting to blockchain and decentralized finance (DeFi) protocols. Known as expand.network, this universal API service was developed in-house due to a lack of existing tools in the market that could cater to their specific needs.
Previously, Cumberland Labs invested a considerable amount of time connecting to various protocols manually and on an individual basis. By creating their own API service, the company is now able to streamline these tasks, making it more efficient and user-friendly.
The expand.network API service aims to offer both read and write connectivity to major public blockchains and DeFi protocols. It enables developers to interact across multiple protocol APIs and software development kits (SDKs), which is essential for effective communication between different programming types.
On the one hand, expand.network addresses the long-standing issue of inefficiency in cross-chain communication in the world of cryptocurrencies. However, it does not tackle the same problems as other cross-chain solutions, according to Cumberland Labs’ CEO, Demetrios Skalkotos. While cross-chain solutions typically focus on facilitating the transfer of messages and tokens between different chains, expand.network serves the purpose of providing more comprehensive connectivity and versatility for navigating the DeFi landscape.
The low-code expand.network tool currently supports Ethereum Virtual Machine (EVM)-compatible chains, including Ethereum, Binance Smart Chain, Avalanche, Polygon, Cronos, Arbitrum, and Optimism as well as non EVM-compatible chains like Solana, Tron, NEAR, and Algorand. Additionally, upcoming support will be available for Aptos, Sui, Lido, LayerZero, and StarkNet.
The platform was developed and funded by Cumberland Labs, which provided the resources and consulting necessary for its creation. The start-up company may seek further funding later this year if market conditions are favorable, targeting crypto seed and Series A technology infrastructure investors, as well as potential strategic investors.
As the cryptocurrency industry continues to evolve, there has been an increasing influx of capital into developer-oriented and interoperability solutions. The introduction of a universal API service like expand.network serves as an important stepping stone in the growth and development of the blockchain and DeFi sectors.