ChainSwap launches the industry’s first cross-chain aggregator

Chain swapThe smart chain’s cross-chain asset bridge and application center today launched its cross-chain bridge aggregator. The initial version of ChainSwap cross-chain bridge aggregator integrates three leading bridging solutions, namely Poly Bridge, Multichain and AnySwap. It is expected that the aggregator will support more bridges. The ultimate goal of ChainSwap is to integrate all available cross-chain bridges on the market and become the preferred platform for cross-chain solution seekers.

Why choose bridge aggregators: current challenges

Imagine you want to transfer tokens from ETH to BSC through a decentralized cross-chain bridge. Currently, there are some challenges. First, you need to research which bridge supports tokens on both chains. Second, you need to choose which bridge can provide the best deal with the lowest slippage and transaction fees on top of other information (such as estimated bridge duration). To do this, you must spend time comparing all currently offered bridging solutions. This is difficult and time-consuming, because the current bridging solutions provided do not have a common interface, which is where the Chainswap bridge aggregator comes in.

Market analysis

According to data from Dune Analytics, as of December 1, 2021, the current total TVL of the Ethereum Bridge is US$26.65 billion, an increase of 100% from just two months ago. The data tracked 17 leading Ethereum bridges and showed a growing trend.

Ethereum Bridge TVL

There are many major cross-chain solutions on the market, including Cambridge, Hop, Binance Bridge, Terra Bridge, Anyswap, Allbridge, Renbridge, Xpollinate, Polynetwork, etc., and more cross-chain projects are expected to emerge in the future. future.

Different projects use different methods

We have centralized VS decentralized; cryptographic algorithm VS trusted device; multi-step VS simple one-click. Each cross-chain solution has its advantages and disadvantages. But as far as the overall structure is concerned, they 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

The ultimate goal of ChainSwap is to create an aggregator platform that aggregates all cross-chain solutions, allowing users to enjoy the margin of these project portfolios through the unified interface we provide, so that the cross-chain experience is more convenient and effective.

This final goal will be rolled out step by step. Through the integration of Poly Bridge and Multichain, the first step has just been completed. Support for other bridges such as AnySwap and Wormhole is already under development and is expected to be online soon.

The entire aggregator solution is presented in the form of an interface. Users first select the source tokens they wish to transfer across the chain, then the source chain, the destination chain and enter the amount they wish to transfer. Then, the platform shows users a list of all cross-chain projects that can provide the service. After selection, one-click to complete the cross-chain transfer.

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