Swap tools run to user cross-chain needs

The cross-chaining needs under the DeFi boom are being addressed.

Following the rise of exchange public chains such as Binance smart chain BSC and Huobi eco-chain HECO, Soloan, Avalanche Protocol, Fantom and Layer2 side chains, which focus on speed and cost reduction, have blossomed, forming a pattern of multiple chains co-existing in the public chain space, which has led to an explosion in the number of DeFi applications.

As the revenue of DeFi protocols varies from chain to chain, it has become the norm for users to move assets between chains in order to expand their profitability, and the interoperability of assets between chains has become an immediate need. For DeFi application developers, multi-chain layout is the trend, and asset cross-chain is a must for user needs. On the one hand, cross-chain can realize the linkage between Tokens in an application and assets on other chains, attracting users from other chains; on the other hand, it will actually increase the volume and depth of the pool. Currently, the main ways to support assets across chains are cross-chain bridges and multi-chain aggregators.

A cross-chain bridge is to provide a compatible channel between two different public chains, so that one chain can access the transactions happening on the other chain through the prophecy function. The essence of a cross-chain bridge is to circulate the same asset on both chains, operating primarily as an asset mapping. When an asset needs to cross from chain A to chain B, the contract can automatically map this asset on chain B, while destroying or locking the same token on chain A, thus guaranteeing that the actual supply of this asset will not increase or decrease due to the cross-chain. For example, wBTC is the ERC20 version of BTC, which comes in a 1-to-1 mapping of real BTC on the chain.

wBTC itself is also a hosted solution, where the custodian locks real BTC on the chain and issues corresponding wBTC tokens into Ether-compatible and Ether-compatible web applications. Another cross-chain approach, the multi-chain aggregator, pools the liquidity of assets on different chains to build a cross-chain transaction pool where users can complete the process of exchanging X assets on chain A for X assets on chain B. There are already several Swaps (transaction/exchange protocols) exploring cross-chain solutions, and this issue of DeFi Honeycomb will take stock of the popular Swaps that support asset cross-chain.
Native Asset Cross-Chain Platform THORChain

Introduction

THORChain (RUNE) is a decentralized cross-chain automated market maker (AMM) application that allows any asset to be exchanged with assets in other decentralized liquidity pools. Users can complete a spot exchange of native assets from different chains on this application, for example, users can exchange BTC spot for ETH without going through a centralized exchange.

THORChain official website
THORChain is a cross-chain implementation using a multi-chain aggregator, which chooses to directly enable chain native assets to exchange with each other without the need for third-party escrow in the cross-chain asset exchange process. In other words, if users hold BTC assets, they can directly exchange them for public chain assets such as ETH and EOS through THORChain’s liquidity pool. RUNE is THORChain’s native token, which is injected along with other assets in the liquidity pool, and every transaction is executed through RUNE. The assets in a THORChain liquidity pool consist of RUNE and other chain assets, and each pool is matched by RUNE, which links all pool assets in a single liquidity network to form a continuous liquidity pool. When a user converts an asset on THORChain, the RUNE will act in two pools – in the first pool, a public chain asset will be converted to RUNE first; in the second pool, the converted RUNE will be converted to the user’s target asset.

For example, if a user converts BCH to ETH, he needs to do BCH/RUNE conversion first, and the converted RUNE will then enter the RUNE/ETH pool to complete the ETH conversion. The basic path is BCH->RUNE->ETH. At present, THORChain chain has been online THORSwap, users can exchange the native assets of different chains or applications on THORSwap, which already supports the exchange of BTC, ETH, BNB, BCH, SUSHI , LTC and other assets exchange. In addition, users can also get RUNE revenue by providing liquidity for these pools of BTC-RUNE, ETH-RUNE, BCH-RUNE, etc.

Data

According to the official data of THORSwap, as of May 27, the total locked-in fund volume of the agreement is USD 1.49 billion, and the total locked-in volume in each liquidity pool is USD 69 million; the trading volume of the agreement is USD 1.35 billion, the total number of trading strokes is up to 210,000, there are 200,000 trading accounts, and the daily active trading accounts are around 7,000. The total number of RUNE issued is 1 billion, and the total number of circulating is 230 million at present. As of May 27, RUNE is quoted at around $12, and the market capitalization in circulation is around $2.8 billion.
Cross-chain exchange protocol AnySwap

Introduction

AnySwap (ANY) is a decentralized cross-chain exchange protocol based on FusionDCRM (Cross-chain Platform FSN Distributed Control Rights Management) technology. The protocol has been deployed on multiple chains, including Fusion, BSC, Ether and Fantom. Users can complete the exchange of ecological assets on different chains through it.

AnySwap enables crypto assets within the mainstream chain ecosystem to exchange with various assets on other chains through the cross-chain bridge, for example, exchanging “BEP20 version of BNB” on BSC to “FRC20 version of BNB” on Fantom chain across chains. The basic workflow of AnySwap cross-chain bridge is like this: the custodian receives the request for hosting assets across chains, the node network maps the corresponding assets according to the custodian’s asset requirements and deposits them into the pool of mapped assets to perform subsequent asset exchanges. For example, when an Ethernet “ERC20 version A asset” wants to become a “BEP20 version A asset” on the BSC chain through AnySwap, the “ERC20 version A asset” will be locked, and then the bridge will be notified to generate a “BEP20 version A asset” on the BSC chain and send it to the requesting party. The above cross-chain bridge transaction process is done spontaneously in the background according to the user’s demand, and the user does not need to participate in this process.

Data

As of May 27th, AnySwap supports 11 blockchain networks, 293 cross-chain asset types supported, $300 million in cross-chain locked assets, $23.27 million in 24-hour transactions, 1,256 24-hour transactions, and 615 users. ANY is the governance token of AnySwap, with a maximum mintage of 100 million, currently 17.63 million in circulation, with a circulating market cap of $51.35 million, and ANY quoted at around $2.90 on May 27.
Multichain.xyz with wallet cross-chain

Brief Introduction

Multichain.xyz provides cross-chain solutions for public chains compatible with the Ethernet Virtual Machine EVM. The cross-chain solution supports cross-chain exchange of assets across chains in a way that is more understandable to users.

Swap tools run to user cross-chain needs

Multichain.xyz official website
As an example, with Multichain.xyz, users can swap assets from the ERC20 version to the BEP20 version at any time by simply switching the main network to which the wallet is connected. Currently, this cross-chain application supports Bitcoin Network, BSC Chain, Fantom Chain, Polygon Chain, Fusion Chain, Heco Chain, Avalanche Chain, etc. The commonality of these chains is that they are compatible with Ether EVM.
In terms of cross-chain principle, Multichain.xyz, like AnySwap, enables asset exchange between different chains by means of cross-chain bridging. The biggest advantage of Multichain.xyz over other platforms is that it supports developers to deploy their own cross-chain Tokens for their applications, in which they have full autonomy and anyone can apply and define their own cross-chain Tokens according to the official channels. it should be noted that Multichain.xyz does not issue any tokens.

Data

The official data as of May 27 shows that Multichain.xyz has a cross-chain asset lock of $310 million, supports cross-chain interchange of 10 public chain assets, supports 293 cross-chain asset types, and operates 30 secure nodes.
Cross-chain aggregation transaction O3swap

Brief Introduction

O3 Swap (O3) is a one-stop cross-chain aggregation transaction protocol incubated by the O3 Labs team, providing users with one-click cross-chain exchange of assets by means of aggregators and asset cross-chain pools.

Swap tools run to user cross-chain needs

O3 Swap official website O3 Swap enables free exchange of mainstream assets on different chains by aggregating liquidity from decentralized exchanges on various blockchain networks, and DeFi users conveniently complete one-click cross-chain transactions without other tedious operations. O3 Swap is mainly composed of O3 Aggregator and O3Hub (cross-chain transaction pool). The transaction aggregator is deployed on various mainstream networks to help users find the best price and transaction path; the cross-chain transaction pool is the hub for cross-chain transactions, which aggregates mainstream assets on various mainstream public chains and Layer2 networks in the cross-chain pool through the cross-chain protocol Poly Network. The traditional cross-chain bridge approach requires encapsulating assets and users are forced to accept newly mapped assets. In O3 Swap, this hassle is eliminated and users can exchange native Tokens from different main chains directly across chains in the application. Adding liquidity to O3 Hub, users can receive cross-chain transaction fee rewards and O3 rewards. Currently, O3 Swap supports cross-chain exchange of stablecoins such as USDT (ERC-20), BUSD (BEP-20), and HUSD (HRC-20).

Data

Official data shows that O3 Swap’s total stablecoin cross-chain pool circulation is around $108 million since its launch on May 14, with a daily turnover of up to $2.99 million. The governance token O3 has a total issue volume of 100 million, a current circulation of 2.8 million, a circulating market cap of $7.92 million, and 1,789 addresses held. As of May 27, O3 is quoted at $2.80.
Full Aggregation Protocol OpenOcean

Brief Introduction

OpenOcean (OOE) is the first full aggregation protocol that integrates DEX (decentralized trading) and CEX (centralized trading) on the BSC ecosystem of Coin On Smartchain. It provides users with the “best trading price” for various liquid assets and is committed to becoming a one-stop spot trading portal with the “lowest slippage”. Through Binance Bridge, the app supports cross-chain exchange of assets on BSC and Ether as well as other public chains.

Swap tools run to user cross-chain needs

OpenOcean official website
Compared with the current DEX aggregator, OpenOcean’s innovation is to access the price data of various assets on CEX and support pending order trading. Currently, it is mainly integrated with data from Coinan. It tries to find the best price and lowest trading slippage for traders for assets on both CEX and DEX form markets. OpenOcean aggregation platform currently supports mainly mainstream asset trading pairs on chains such as ETH, BSC, ONT, and TRON. Users can access the market through MetaMask wallet. In the OpenOcean Pro version, it gives users a spread comparison between CEX and DEX, and users can choose the best price to trade, or complete arbitrage trading based on the information.

Data

DappRadar data shows that OpenOcean has 405 daily users and currently has 884 transactions with a volume of $6.44 million. OOE, in addition to being the governance token of OpenOcean, can be used to subsidize slippage losses incurred during the trading process.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/swap-tools-run-to-user-cross-chain-needs/
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