Stargate Foundation Leader Highlights Benefits Of Burn-And-Mint Model For Cross-Chain Asset Transfers

According to Odaily, Angus Lamps, the head of the Stargate Foundation, discussed the advantages of the burn-and-mint model for cross-chain asset transfers at the Abstract Summit hosted by Connext. Lamps emphasized that this model offers unlimited scalability and eliminates the need for Solvers or Automated Market Makers (AMMs) on different chains, significantly reducing costs. For instance, transferring $330 million worth of Bitcoin would cost approximately $0.04. Lamps also highlighted that multi-chain tokens are an effective solution to the problem of liquidity fragmentation. By utilizing the burn-and-mint model, the process becomes more efficient and cost-effective, making it a viable option for large-scale asset transfers across various blockchain networks.