- Chainswap will launch a cross-chain aggregator solution, with one interface it will be possible to find the bridge offering the best price with least slippage
Imagine that you want to transfer Token A from ETH to BSC with a decentralized cross-chain bridge. Currently there are a few challenges:
- You need to research which bridge supports the token on both chains
- Which bridge provides the best deal with the lowest slippage and transaction fee, on top of other information such as estimated bridge duration
In order to do that, you have to spend time to search all the currently offered bridge solutions to find the one suits your needs the best. It takes time and it’s currently a lot of work. Some might choose the first they find which isn’t always the best.
Currently there are various cross-chain solutions, protocols and implementations on the market and each has their own strength. However, as they do not have a unified standard or interface, users always have difficulties in finding the best deal.
According to Dune Analytics, the current combined TVL of Ethereum bridges is $24.51 billion as of Nov. 23, 2021, jumping up by 100% from only 2 months ago with the expansion of DeFi ecosystem. This data tracks the 17 leading Ethereum bridges and is demonstrating an ever-growing trend.
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 Source Mapping contract and 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.
The ultimate goal takes many steps and the initial one is to integrate three cross-chain solutions: AnySwap, PolyNetwork and Wormhole. AnySwap and PolyNetwork are based on EVM with many similarities in their foundations. Wormhole is built upon Solana and will be integrated as the last one in the initial stage.
The entire solution will be 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.
ChainSwap is a cross-chain asset bridge & application hub for smart chains. ChainSwap allows projects to seamlessly bridge between ETH, BSC and other ecosystems. In the future, ChainSwap aims to integrate all leading chains and provide the ultimate cross-chain solution.