Five years ago, it was hard to imagine that there would be thousands of cryptocurrencies that are so easy to buy. But, as is often the case, with diversity came certain difficulties. The current state of things in the blockchain industry seems to be a scattered one. There are many blockchain networks, and each of them, such as Ethereum; Solana; and Harmony; could have multiple protocols; qualities; and dApps.
But each blockchain could have its own advantages, which users of other blockchains would like to try as well. So, there is a fast-emerging need for transferring tokens and coins across various blockchains.
How do you do it?
One way of implementing a swap across different blockchains, which almost all users have to deal with, is using cross-chain bridges. However, it takes a lot of time and money:
- Users need to identify which bridge they want to use between two networks, and then identify which tokens can be Multi-Chain swapped on the bridge;
- Users need to find and select a DEX on the source network that can swap Token A to one of these limited-bridge tokens;
- Users need to swap Token A to one of the limited bridge tokens accepted by the network bridge;
- Users accept the swap and pay gas fees + DEX commissions in the coin of Token A’s native network;
- Users then must complete a Multi-Chain swap of the limited tokens through the bridge;
- Users accept the Multi-Chain swap and pay transaction gas fees + bridge commissions in the coin of Token A’s native network;
- Users then need to find and select a DEX that can swap the wrapped version of this limited token to Token B on the target network;
- Users then need to swap the target network’s wrapped version of the limited bridge token for Token B;
- Users accept the swap, and pays gas fees + DEX commissions in the coin of Token B’s native network;
- Users receive Token B.
You can see that while it’s the simplest method that comes to mind at first, it takes excessive amounts of time and energy. Moreover, users can lose a lot of money on exchange commissions and fees. Moreover, it’s sometimes hard to find the needed coin pair, especially for newer tokens. You would have to execute a double conversion. Additionally, most exchanges require KYC.
Luckily, some key projects are working on fast and easy solutions, which tend to be called Cross-Chain Protocols. They enable swapping a huge amount of tokens between several networks without KYC and multiple steps.
And since Cross-Chain is now a trend in Crypto, projects have numerous opportunities to improve their solutions and become the leader in Multi-Chain development. One great example of continuous improvement is Rubic’s Multi-Chain Protocol. The project not only works on steadily connecting new blockchains, but continuously enhances the quality of their Multi-Chain feature.
For now, Rubic has 8 blockchains connected to it, which means you can easily transfer tokens between BSC, Polygon, Ethereum, Fantom, Moonriver, Avalanche, Solana, and Harmony in the easiest way possible – and with just one click.
Talking about constant improvement, the Rubic team recently came out with their new Smart Routing feature. Newly integrated DEXs will allow Multi-Chain Routing to give the best possible rates on the tokens they want to buy. In the near future, Rubic is purportedly planning to add even more DEXs and blockchain networks to their Multi-Chain Routing system.