ChainSwap to Launch Industry’s First Cross-Chain Aggregator
06 Dezembro 2021 - 07:30AM
NEWSBTC
ChainSwap, a cross-chain asset bridge & application hub for
smart chains, launched its cross-chain bridge aggregator today. The
initial version of ChainSwap Cross-chain Bridge Aggregator
integrates three leading bridge solutions, namely Poly Bridge,
Multichain, and AnySwap. More bridges are expected to be supported
by the aggregator. ChainSwap’s final goal is to integrate all
cross-chain bridges available on the market and become the go-to
platform for cross-chain solution seekers. Why a Bridge Aggregator:
Current Challenges Imagine that you want to transfer a token from
ETH to BSC with a decentralized cross-chain bridge. Currently,
there are a few challenges. First, you need to research which
bridge supports the token on both chains. Second, you need to
choose which bridge provides the best deal with the lowest slippage
and transaction fee, on top of other information such as estimated
bridge duration time. In order to do that, you have to spend time
comparing all the currently offered bridge solutions. This is
difficult and time-consuming as the currently offered bridge
solutions do not have a common interface, this is where the
Chainswap bridge aggregator comes in. Market Analysis According to
Dune Analytics, the current combined TVL of Ethereum bridges is
$26.65 billion as of Dec. 1, 2021, up by +100% from only 2 months
ago. This data tracks the 17 leading Ethereum bridges and is
demonstrating an ever-growing trend. Ethereum Bridges TVL There are
a number of main cross-chain solutions currently available on the
market, including Cambridge, Hop, Binance Bridge, Terra Bridge,
Anyswap, Allbridge, Renbridge, Xpollinate, Polynetwork, etc. More
cross-chain projects are expected to emerge in the future.
Different projects adopt different approaches We have centralized
ones V.S. decentralized ones; cryptographic algorithms V.S. trusted
devices; multiple steps V.S. simple one-click. Each cross-chain
solution has its pros and cons. But in terms of the overall
structure, all of them are based on these five elements: source
chain, source token, destination chain, destination token, and
sender. When it comes to EVM-based cross-chain solutions, we also
have a Source Mapping contract and a Destination Mapping contract.
ChainSwap’s Cross-Chain Aggregator Solution ChainSwap’s ultimate
goal is to create an aggregator platform that integrates all
cross-chain solutions and allows users to enjoy the margin of these
projects combined through the unified interface that we provide,
thus making the cross-chain experience more convenient and
effective. This ultimate goal will be rolled out in steps and the
first step has just been completed through the integration of Poly
Bridge and Multichain. Support for other bridges such as AnySwap
and Wormhole, is already under development and is expected to go
live shortly. The entire aggregator solution is presented in the
form of one interface. Users first select the Source token they
wish to transfer cross-chain, then the source chain, destination
chain and enter the amount they wish to transfer. The platform then
presents the user with a list of all cross-chain projects that can
provide this service. Once selected, the cross-chain transfer can
be done with one click.
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