Entangle

Answered at Sep 20, 2024

Entangle: A Comprehensive Overview of the Omnichain Liquidity Layer

Introduction

Entangle is an innovative cryptocurrency project that aims to revolutionize the decentralized finance (DeFi) landscape by addressing key challenges in the industry. Launched in 2022 by Faisal Mehrban, Entangle presents itself as a one-stop shop for networks, protocols, and assets seeking to connect with the broader blockchain ecosystem.

Core Features and Technology

Entangle's architecture is built on three primary solutions:

  1. Photon Messaging Protocol: Facilitates cross-chain communication across both EVM and non-EVM blockchain networks.
  2. Universal Data Feeds (UDF): Provides real-time data from traditional financial sectors and within blockchain systems.
  3. Liquid Vaults: Enhances liquidity management through automated yield farming and staking strategies.

The project utilizes a unique Proof-of-Collateral system, where participants stake NGL tokens to validate data on the Entangle Blockchain. This system incentivizes honest behavior and ensures data integrity.

Entangle Blockchain

The Entangle Blockchain serves as the central communication nexus for data storage, verification, and processing. Built on the Ethermint framework, it combines Cosmos's interoperability and scalability with Ethereum's compatibility. Key features include:

  • Tendermint Core's Proof-of-Stake consensus mechanism
  • Web3 JSON-RPC layer for seamless interaction with Ethereum clients and tools
  • Permissioned smart contract deployment for enhanced security

NGL Token

The native token of the Entangle ecosystem, NGL, plays a crucial role in powering the infrastructure. Its utilities include:

  • Staking for Delegators and Infrastructure Providers
  • Payment for gas transaction fees
  • Bonding for developers integrating Entangle products

Partnerships and Ecosystem

Entangle has established partnerships with industry leaders such as Arbitrum, Mantle, Linea, Polygon, Avalanche, Velodrome, and SushiSwap. The project's ecosystem spans 14 blockchains and over 50 decentralized applications, demonstrating its widespread adoption.

Market Performance and Future Outlook

As of September 20, 2024, Entangle (NGL) is trading at $0.068474 USD, with a 24-hour trading volume of $389,886 USD. The token has shown a 6.42% increase in the last 24 hours, ranking #1109 on CoinMarketCap with a live market cap of $7,521,819 USD. The circulating supply stands at 109,849,537 NGL coins, with a maximum supply of 1,000,000,000 NGL coins.

The project's mainnet launch is expected towards the end of Q1 2024, initially supporting 10+ networks with cross-chain communication, composable derivative tokens across 50+ dApps, and universal data feeds.

Investment and Funding

Entangle has attracted prominent investors in the crypto space, including Consensys, Big Brain Holdings, LaunchCode Capital, and Seier Capital. The project raised $4 million in funding in 2023, demonstrating strong investor confidence in its potential.

Unique Selling Points

  1. Interoperability: Entangle's architecture enables seamless data integration across diverse blockchain ecosystems, enhancing interoperability and scalability.

  2. Customizability: The platform offers fully customizable data and interoperability solutions, allowing developers to tailor their applications to specific needs.

  3. Real-World Applications: Entangle's versatility allows it to fit into several narratives within the blockchain industry, including Real World Assets (RWA), GameFi, Restaking, AI, DePin, and LSDFi.

  4. Developer-Friendly: The Entangle Blockchain provides a familiar environment for Ethereum developers while offering improved scalability and cost-effectiveness.

Challenges and Considerations

While Entangle presents a promising solution to DeFi's interoperability challenges, it faces competition from other projects in the space. The success of the platform will largely depend on its ability to attract and retain developers and users, as well as its performance following the mainnet launch.

Conclusion

Entangle represents a significant step forward in addressing the challenges of siloed liquidity and interoperability in the DeFi space. With its innovative technology stack, strong partnerships, and focus on developer customizability, Entangle is well-positioned to make a substantial impact on the cryptocurrency ecosystem. However, as with any emerging technology in this space, potential investors and users should conduct thorough research and consider the inherent risks associated with cryptocurrency projects.