In the world of decentralized finance, each blockchain has its own protocol, rules, and governance model that are unique to it.
In the past years, many chains have emerged, followed by many decentralized protocols, services, and projects that are built on top of these networks. But with the abundance of different blockchains, anybody who has tried to convert, for example, ETH to BNB would know that it’s not so simple.
As a result, many users might feel like it’s difficult to switch around between various assets. As a multi-chain project with an ambitious goal, Arken Finance will ease your cross-chain swapping experience.
What is cross-chain bridge?
The meaning of a ‘cross-chain bridge’ is straightforward. It is a service that enables users to move digital assets between various blockchains.
As a consequence, the present effort to cross these barriers and create a transaction that is frictionless and limitless has been increased.
Nowadays, users in DeFi can find several projects that offer such services very easily in the market; such as Multichain, Cosmos, Ripple, and Alpha Finance Lab.
Why do people use cross-chain bridge?
Using a cross-chain bridge, users may discover more possibilities and reap greater rewards across several blockchain ecosystems. Users are able to trade assets from one blockchain to another without having to involve fiat.
Users who wish to use a chain that they have never used before can start using it right away since they can readily access protocols and projects from any other chain, resulting in a smaller barrier of entry.
But, what is the real pain?
- The more hops, the higher fee is charged.
To complete a transaction of changing from one asset to another asset on the other chain, users would have to go through many steps: checking different exchanges and moving across different protocols. They may also be charged higher fees from different protocols combined.
The fundamental concept here is similar to when people have to find and go grocery shopping for the ingredients, check out different stores to find the best price, and then choose the finest restaurant to transform the ingredients into a dish they want.
Similarly, with existing cross-chain bridges in the market, users would need to find a DEX to exchange the originated tokens into stablecoin. Then, transfer the stablecoin from one chain to another. Finally, users may return or find another exchange to trade the stablecoin from the destination chain to whatever token they want. What a hassle!
2. No transparency
When using a cross-chain bridge, many projects lack transparency. New users may be unaware that utilizing a cross-chain bridge takes longer than transferring tokens on the same chain. They would be concerned that their money might be lost during the transaction.
What does Arken have to offer to make it better?
With Arken’s Best Rate Cross-Chain Swap feature, you will never have to switch to any other sites ever again. They offer a straightforward and simple transaction operation process by combining all steps on our platform. Transferring between chains and exchanging services are all provided in a single flow.
All you have to do is to specify the correct source token and destination token that you wish to exchange, and they will take care of the rest, including detecting which chain the destination token is in, swapping, and bridging. The first version of Best Rate Cross-Chain Swap will support swapping between Ethereum, BSC, and Polygon.
Here are the steps (Arken automatically does this for you):
- Arken’s Best Rate Swap converts the source token to bridgeable assets (stablecoin).
- The stablecoin (for example, USDT) is bridged from one chain to the stablecoin (for example, BUSD) on the other chain through our integrated Multichain router.
- Arken’s Best Rate Swap converts the stablecoin (for example, BUSD) on the target chain to the destination token.
Why using ‘Best Rate Cross-Chain Swap’ on Arken?
- Easier / Simpler / Better Experience
Arken’s Best Rate Cross-Chain Swap provides a seamless experience that is similar to trading tokens on a single chain. It allows you to choose whether you want to swap assets on a single chain or swap assets across two chains just by selecting the source and destination tokens. It also can switch ANY asset from multiple chains to ANY asset in the specified chain.
Combining with their multichain market page, Arken’s Cross-Chain Swap is simpler to search for and buy/sell tokens, which simplifies your transaction operation process and only requires you to initiate assets that you want to swap and the subsequent steps of bridging and swapping to another asset in the destination chain will be done all in one flow.
More importantly, with their Best Rate Engine, they automatically seek the best rate when swapping to stablecoins that are available at the time (from original token to stablecoins and from stablecoins to the designated token).
This means, there will be no more worries about where to swap and where to bridge since all of the cross-chain transfers and swapping services are delivered in one flow (Best rate swap and Optimal cross-chain). You are not required to know the technique in order to transfer a token from one chain to another.
2. Less transaction cost
Your assets will always be in your wallet during the transaction since it is implemented via a smart contract, eliminating the need to move assets in and out. This also means less transaction cost.
Unlike other protocols, which may charge a fee for moving funds into and out of users’ wallets through a centralized platform, even if users may exchange with a single click (Multiple fee charges).
Arken’s Best Rate Cross-chain Swap also provides a detailed description of each step. They provide clear Gas fee charges in each step, you can cancel or abort transactions at any step if you are not satisfied with the gas fee.
The best thing about their cross-chain swap is that you can see the transparent transaction time for each step along with the transparent profit along the way. This will always keep you informed of the progress you are making.
4. That’s not all…
Moreover, you will enjoy the followings:
- Users can have multiple bridge transactions concurrently.
- Arken Finance will always display your bridge transaction history, which helps you make more thorough decisions and track any past activities.
- Most importantly, we let you confirm by yourself for every step, allowing any change in minds in between any step to stop the transactions.
“We always offer our users with the best possible way to make our users feel safe when investing through us.” — Arken Finance team
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