ChainSwap, a cross-chain asset bridge and application hub for smart chains, launched its cross-chain bridge aggregator today. The initial version of ChainSwap’s cross-chain bridge aggregator integrates three leading bridge solutions namely Poly Bridge, Multichain and AnySwap. More bridges are expected to be supported by the aggregator. ChainSwap’s final goal is to integrate all cross-chain bridges available on the market and become the go-to platform for cross-chain solution seekers.
Why a bridge aggregator: Current challenges
Imagine that you want to transfer a token from Ethereum to Binance Smart Chain with a decentralized cross-chain bridge. Currently, there are a few challenges. First, you need to research which bridge supports the token on both chains. Second, you need to choose which bridge provides the best deal with the lowest slippage and transaction fee, on top of other information such as estimated bridge duration time. In order to do that, you have to spend time comparing all the currently offered bridge solutions. This is difficult and time consuming, as the currently offered bridge solutions do not have a common interface. This is where the ChainSwap bridge aggregator comes in.
According to Dune Analytics, the current combined total value locked (TVL) of Ethereum bridges is $26.65 billion as of Dec. 1, 2021, up by +100% from only two months ago. This data tracks the 17 leading Ethereum bridges and is demonstrating an ever-growing trend.
Ethereum Bridges TVL
There are a number of main cross-chain solutions currently available on the market, including Cambridge, Hop, Binance Bridge, Terra Bridge, Anyswap, Allbridge, Renbridge, Xpollinate and Polynetwork, among others. More cross-chain projects are expected to emerge in the future as different projects adopt different approaches.
We have centralized ones vs decentralized ones, cryptographic algorithms vs trusted devices and multiple steps vs simple one-click. Each cross-chain solution has its pros and cons. But, in terms of the overall structure, all of them are based on these five elements: source chain, source token, destination chain, destination token and sender. When it comes to Ethereum Virtual Machine- (EVM)-based cross-chain solutions, we also have Source Mapping contract and Destination Mapping contract.
ChainSwap’s cross-chain aggregator solution
ChainSwap’s ultimate goal is to create an aggregator platform that integrates all cross-chain solutions and allows users to enjoy the margin of these projects combined through the unified interface that we provide, thus making the cross-chain experience more convenient and effective.
This ultimate goal will be rolled out in steps and the first step has just been completed through the integration of Poly Bridge and Multichain. Support for other bridges such as AnySwap and Wormhole is already under development and is expected to go live shortly.
The entire aggregator solution is presented in the form of one interface. Users first select the Source token they wish to transfer cross-chain, then the source chain and destination chain and enter the amount they wish to transfer. The platform then presents the user with a list of all cross-chain projects that can provide this service. Once selected, the cross-chain transfer can be done with one click.