ChainSwap Development Progress Report | Token Listing Decentralised and Off-Bridge Token Swap
In this article, ChainSwap brings a report to its community summarising the latest development progress.
Progress 1: Token Listing Decentralised
ChainSwap is excited to report that it has automatised of token listing for its cross-chain bridge, meaning that ChainSwap now allows users to add liquidity to and trade any token with its bridge. With this new development, users/projects no longer need to apply to get a new token to be listed ChainSwap. By a simple click, they can get the cross-chain token pair activated and start liquidity provision, removal, and cross-chain transferal.
The latest progress also eliminates the manual verification and listing process managed by ChainSwap, and the saved labour force will be utilised to innovate and better its services. This does not only maximise efficiency and save time for ChainSwaps and its users, but also symbolises a great step towards the decentralisation of the platform, the core and ultimate goal since as early as ChainSwap was nothing but an idea.
Progress 2: Off-Bridge Token Swap
Another key progress is off-bridge token swap. To put it in context, there are two scenarios of a Token 1 (Let’s assume that this Token is widely-used on Chain A) to be transferred from Chain A to Chain B. The first scenario is that the Token has not been issued on Chain B by the project, and the other scenario is that the token has already been issued on Chain B by the official team (Token 2). In the second scenario, when users transfer the Token from Chain A to Chain B with the bridge, the transferred token (wToken) is not necessary Token 2. To solve this problem, ChainSwap designed and built the off-bridge 1:1 token swap to make sure that wToken can be swapped into Token 2.
Thanks for ready. We will post Development Progress Report regularly going forward to keep our community updated.