Introducing ANY-to-ANY Crosschain Swaps on OpenSwap Bridge Testnet
What are Any-to-Any crosschain swaps?
Any-to-any refers to a swap that includes two completely different tokens. Conventionally, this might sound very normal to you because it is usually how a swap is conducted like say swapping for ETH with USDC on Uniswap. However, with OpenSwap’s any-to-any, it is just like that but with a twist, it is done decentralized, AND crosschain!
In the previous versions of OpenSwap Bridge on testnet, users were limited to use either $USDT or $OSWAP token as the median tokens for a crosschain swap, but this is not the case any more after this patch! OpenSwap testnet users are now able to swap any tokens for any tokens across Ethereum Kovan, Avalanche Fuji C-Chain, and Binance Smart Chain testnet!
In addition, we also added unwrapping — meaning that a crosschain swap for a native token is now possible this means that you can swap any tokens for AVAX or BNB on their native chains!
How is it Different from What’s Existing in the Market?
Right now, the majority of the existing protocols bridge with the same token like USDC (Ethereum) to USDC (Binance Smart Chain). This can be troublesome for users if they want a different asset on the destination chains. Another problem is that the native token (i.e. the token to pay gas with) might not even exist on the source chain, in this case without our bridge, users might need to rely on centralized exchanges. With OpenSwap Bridge, users can navigate between different chains seamlessly in a completely decentralized manner!
How will this Benefit OpenSwap Bridge Founders?
The most obvious benefits for our Bridge Founders friends comes from OpenSwap Bridge exposing their project tokens and pools to liquidity and DeFi users they were originally not exposed to. Crosschain swaps will be done much easier than before without the restriction of needing any specific tokens. On top of this, our Hybrid Smart Router relies on the pools from other DEXes to function and give swapper the best price, ultimately meaning that LP may earn more fees subsequently.
How will this Benefit OpenSwap Bridge Users?
As mentioned, it would be much easier to use and to conduct crosschain swaps which in itself is a great benefit! With more volume, the fees collected by LPs and validators (Bridge Trolls) would also be much greater.
When will OpenSwap Bridge be Released on Mainnet?
The OpenSwap Bridge would be released on the mainnet around the time of Q2-Q3. The core team is working as fast as they can, and OpenSwap supporters can expect more news before the mainnet launch. If bandwidth allows, we might add a couple more EVM compatible chains prior to mainnet release!
Below is a quick guide on how to conduct ANY-to-ANY crosschain swaps on the OpenSwap Bridge.
Remember to get testnet tokens for free with the links below if you don’t have any.
Step 1. Select Different Chains on Swap Page (e.g. BSC Testnet to Avax Fuji)
Step 2. Select a token that you want to pay from the source chain, such as BNB.
Step 3. Select a token that you would like to receive in the target chain, such as AVAX.
Step 4. Confirm your order.
Step 5. Review the transaction.
This is it for this announcement, and we are looking forward to hearing what you Trolls think about the enablement of ANY-to-ANY crosschain swap on OpenSwap Bridge.
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and a single asset crosschain bridge. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a greater OpenSwap ecosystem that will become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUIDL.