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Cryptocurrency News Articles

SXT Chain Testnet Opens New Possibilities for Blockchain Data and DeFi

Oct 30, 2024 at 01:04 pm

Space and Time Labs has announced the testnet launch of SXT Chain, a zero-knowledge (ZK) blockchain designed to enable scalable, data-driven applications

SXT Chain Testnet Opens New Possibilities for Blockchain Data and DeFi

Key highlights:

* SXT Chain testnet opens new possibilities for blockchain data and DeFi

Space and Time Labs has announced the testnet launch of SXT Chain, a zero-knowledge (ZK) blockchain designed to enable scalable, data-driven applications and deliver verified data directly to smart contracts. Backed by Space and Time’s $20 million Series A funding, SXT Chain is supported by industry leaders including Microsoft, Chainlink, and ZKsync.

With a focus on powering decentralized finance (DeFi) applications, SXT Chain indexes data across multiple major blockchains—such as Ethereum and ZKsync—as well as other EVM and Move-based chains. Through a decentralized network of database nodes, developers on SXT Chain can utilize its Proof of SQL feature, a sub-second ZK coprocessor for secure and efficient SQL-based data queries.

Space and Time, which we explored in detail in our Space and Time review, aims to address limitations that current blockchains face with data scalability, a gap that constrains more complex financial applications. For example, lending protocols can currently issue the same rates to all users due to limited access to comprehensive, verifiable onchain data. Through SXT Chain, however, protocols can calculate and ZK-verify a user’s onchain “credit score” using SQL queries and share this score with the smart contract, allowing for personalized financial services. Emerging projects such as Lendvest, an onchain credit scoring platform, are among the first to build on SXT Chain, which is part of the Chainlink BUILD initiative.

Nate Holiday, Co-Founder and CEO of Space and Time, stated:

“Our focus from day one at Space and Time has been making smart contracts smarter by connecting them to a verifiable database. We’re thrilled to launch SXT Chain in testnet to empower developers to build more sophisticated applications onchain. Both ZKsync and Chainlink have been pioneers in expanding the capabilities of blockchain technology, and we look forward to continuing to build the next generation of DeFi together with decentralized, ZK-proven database technology.”

Collaborations with ZKsync and Chainlink bolster SXT Chain’s capabilities

SXT Chain is also launching a zero-knowledge rollup within ZKsync’s Elastic Chain framework, which serves as the chain’s contract execution layer. This rollup enables developers to deploy Solidity-based contracts seamlessly on SXT while handling tasks like payments, staking, and node coordination for the network. A range of DeFi applications, from liquid staking to data-intensive services, are in development on the chain as well.

“It’s exciting to see that Space and Time is helping to grow the Elastic Chain ecosystem and its capabilities through the SXT Chain as well as the custom ZKsync powered rollup, empowering developers to build more advanced onchain applications secured by ZKsync. We believe ZK is key to scaling Web3, and the launch of SXT Chain advances our shared vision of offering developers sophisticated, data-driven, cross-chain smart contracts” — Alex Gluchowski, co-inventor of ZKsync.

Chainlink’s role within SXT Chain further supports data verification, enabling developers to connect ZK-proven query results directly to smart contracts while minimizing gas costs. Chainlink’s secure oracle services will allow SXT Chain to serve as a reliable, ZK-proven data source for a wide range of applications. Sergey Nazarov, Co-Founder of Chainlink, said:

“We’re excited that Space and Time is integrating Chainlink’s industry-standard services on its SXT Chain, in addition to receiving support through the Chainlink BUILD program. The integration of SXT with the Chainlink Network significantly enhances the toolkit available to developers, providing a novel and secure solution for building scalable, data-driven smart contracts that can interact with onchain and offchain data in a decentralized way.”

“At Microsoft, we are empowering growth across emerging markets—including blockchain and distributed data. Together, Microsoft Azure and Space and Time will provide developers with the tools they need to build the next generation of blockchain use cases.” — Kathleen Mitford, CVP of Global Industry Marketing at Microsoft.

SXT Chain testnet is now live for developers looking to supercharge their apps and smart contracts with a ZK-proven database. Community members can participate in the testnet by completing SXT quests on Galxe.

The bottom line

With the launch of SXT Chain testnet, Space and Time aims to offer developers a ZK-powered blockchain platform for creating data-driven DeFi applications. Supported by partnerships with ZKsync, Chainlink, and Microsoft, SXT Chain provides a robust infrastructure for developers to connect smart contracts with real-time, verifiable data.

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