Release Notes: Introduction to Interchain Token Service

Release Notes: Introduction to Interchain Token Service

We're excited to unveil the Interchain Token Service (ITS), the latest advancement in blockchain interoperability. This service is designed to broaden the horizons for developers working across multiple blockchain ecosystems, enabling a seamless and secure method for creating and managing tokens that can live and move across different blockchains.

What is the Interchain Token Service (ITS)?

At its core, ITS offers a streamlined process for creating, managing, and transferring Interchain Tokens. These are ERC-20 tokens that can exist on multiple blockchains at the same time, enabling a new level of interoperability and functionality.

ITS leverages sophisticated mechanisms to ensure tokens maintain their integrity and security across chains, offering a robust solution for developers looking to extend their tokens' reach beyond a single blockchain. It scales tokens to many chains: supporting existing and newly minted tokens, preserving native-like fungibility and functionality on connected EVM chains, and automating deployment and maintenance so teams can easily manage supply.

Key Features and Benefits

  • Cross-Chain Token Functionality: Create truly cross-chain tokens, allowing them to be transferred, managed, and utilized across multiple blockchain platforms without sacrificing security or functionality.

  • Simplified Token Creation: Use the ITS Portal or custom deployment methods to easily create new Interchain Tokens or upgrade existing tokens to move across blockchains.

  • Trustlessness: ITS runs on open-source code via smart contracts on a public blockchain secured by a dynamic validator set, which has inherent security protocols for participating blockchains, ensuring that the security of your tokens is as robust as the chains they inhabit.

  • Fungibility: You can quickly scale up to 15+ blockchains with canonical versions of your token that share a single EVM address across all chains.

  • Developer-Friendly Tools: With comprehensive documentation and examples, you can quickly get up to speed and utilize ITS for your projects.

Getting Started with ITS

To begin exploring the possibilities of Interchain Tokens, visit the Interchain Portal, where you can easily connect your wallet, create new tokens, or upgrade existing ones. For developers seeking practical examples and code snippets, the axelar-examples repository on GitHub is an invaluable resource.

If you want to create, deploy, and manage your token through code, start with our tutorials on how to create a new Interchain Token, create a Canonical Interchain Token, and link custom tokens on multiple chains as an interchain token. Also, take a look at our comprehensive guides and examples that illustrate how to incorporate Interchain Token Standards (ITS) into your applications for a seamless and efficient development experience.

What's Next?

As the blockchain ecosystem continues to evolve, the Interchain Token Service will play a pivotal role in shaping the future of cross-chain interactions.

We encourage developers to explore ITS and experiment with its features, such as managing token supply across chains, programmatically creating new interchain tokens, and linking existing tokens on multiple chains as Interchain Tokens.