OpenSwap Bridge Founder #6 Impossible Finance 🐧
We are excited to have Impossible Finance as the 6th partner to join the OpenSwap Bridge Founders Program!
More info about our Bridge Founder Program can be found here.
For trolls of you who have been supporting and following OpenSwap since the beginning, you would be well familiar with Impossible Finance as OpenSwap was launched on the Impossible Finance launchpad last year!
Impossible Finance Launchpad is a well-known incubator for decentralized projects and they provide support, resources, and a decentralized means of raising funds for top tier DeFi projects. This is in contrast to more traditional ICO or IEO that are usually more restricted and centralized.
Impossible Finance has launched top-tier DeFi and NFT projects such as Highstreet, Aurigami, Genopets, Blocto, and OpenSwap. As of the moment, there are more than $3.2m staked on Impossible Finance, and they have a TVL of $2m. Impossible Finance is currently on Binance Smart Chain and Moonriver, both EVM compatible!
How it Benefits Impossible Finance and OpenSwap 🚀
During the testnet phase, we would be including $IDIA and $IF tokens for users to swap, exposing their project to our testnet users. Meanwhile, IDIA and IF users can also try out this brand new crosschain swapping solution that OpenSwap is offering. This would enable users to easily purchase $IDIA with any token from other supported blockchains.
One of the unique features the OpenSwap Bridge offers is that we allow users from different chains to purchase a token without the involvement of synthetic tokens or complicated steps. For example, $IDIA is a token that currently exists on BSC and Moonriver — traditionally, if users from a different chain like Avalanche, Polygon, and Fanton would want to purchase $IDIA , they would need to convert and bridge their tokens to BSC or other supported chains, for gas and to swap for IDIA tokens.
With the introduction of OpenSwap Bridge, users can simply use ANY token they have available and OpenSwap’s Hybrid Smart Router along with the Trolls will be able to deliver $IDIA tokens directly to the users. Any-to-Any swap is a core feature of the OpenSwap Bridge, making it super convenient for users to flip their assets from different chains.
What this means for the IDIA Community upon OpenSwap Bridge Mainnet Release
First, the aforementioned enablement of Any-to-Any crosschain swap will of course be available on the mainnet. With OpenSwap’s crosschain bridge and Hybrid Smart Router integration, $IDIA and Impossible Finance’s liquidity pools will be exposed to liquidity from all other chains OpenSwap supports.
Users can crosschain swap for $IDIA tokens directly and be able to access $IDIA token’s liquidity. This would mean ultimately building towards a higher volume, benefiting both token holders and liquidity providers.
In the future, when our OpenSwap Bridge supports Fantom and Polygon, our project vaults will also serve as middlemen for $IDIA holders, helping them to bridge their $IDIA tokens back and forth between different chains.
📄 Quick Guide for our friends at Impossible Finance
Step 1. Adding the network to Metamask
Simply click the network button on the top bar and select a network; a prompt will pop up on Metamask. Click approve and the network will be added to your Metamask automatically. Change the network to Avalanche Fuji C-Chain testnet so that no real funds are used.
Currently, our bridge supports Kovan (ETH testnet), BNB ChainTestnet and Avalanche FUJI C-Chain (AVAX testnet). Other wallets might not be supported as of this moment so Metamask is recommended for trial.
Step 2. Getting testnet tokens from faucets
Simply go to these sites and get testnet tokens. We recommend getting some testnet BNB and AVAX to get started. You will also need these tokens for gas fees later on.
Step 3. Select “AVAX” as the Source chain and “BNB” as the Destination Chain. Then select IDIA as the token to be received
Step 4. Approve and confirm the transaction
Step 5. Review the record
About Impossible Finance
Impossible Finance is the go-to crypto investment platform that empowers you with high-quality, fair, and accessible crypto opportunities. We simplify DeFi so you can enjoy fairer investing, cheaper trading, and better yields through our accelerator, launchpad, and swap platform.
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and a single asset cross-chain 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.