The platform is the first of its kind to initiate and complete secure, low-fee, cross-chain transactions in as fast as three seconds.
London, Sept. 6, 2021 — The official launch of cross-chain transaction platform iSwap took place today. In addition to its previous coverage of the Binance Smart Chain and Huobi Eco Chain (HECO), iSwap has added support for three additional chains: Polygon, Ethereum and OKExChain. Backed by Huobi Ventures, iSwap is the first solution of its kind to initiate and complete secure, low-fee, cross-chain transactions in seconds.
In order to achieve iSwap’s mission of enabling users to enjoy low transaction fees, fast speed and lower slippage while they complete cross-chain transactions, iSwap’s cross-chain aggregation protocol deploys aggregators and maintains Tether (USDT) holdings on each of its supported chains. This enables the platform to use a layering approach to record the amount available in each chain as well as a third-party market maker to re-balance the positions accordingly.
To ensure the best possible user experience, iSwap prioritizes:
- Security. Cross-chain funds used for positioning are provided by the iSwap team, which eliminates the risk of users’ assets being stolen. Additionally, each cross-chain transaction’s sending and receiving addresses are the same to protect users’ assets against hacks.
- Efficiency. The interface on iSwap is user-friendly and enables users to complete cross-chain transactions with a simple click. Transaction times on iSwap can be as quick as three seconds, which is up to 15 times faster than what’s offered by other solutions on the market.
- Low fees. The handling fee on iSwap is 0.2% of the total transaction cost, which is less than the average transaction fee. The iSwap platform also accesses third-party liquidity and provides a lower overall slippage fee than other cross-chain protocols. Gas fees and target chain transaction fees are charged by the corresponding chain.
- Cross-chain token support. While iSwap itself does not create a liquidity pool, it completes transactions on both the original chain and the target chain by accessing the liquidity of the corresponding decentralized exchanges. Therefore, any token supported by the DEXs can be exchanged across chains through iSwap.
The iSwap platform opened its public beta on Aug. 2, 2021, and during the beta period, cross-chain transactions were completed in seven seconds on average, with the fastest seeing completion in only three seconds. Additionally, iSwap is the exclusive chain-bridge supporter of several HECO events, such as “Lucky HECO” and “TUSD gold shovel” mining activities.
“In the ever-evolving blockchain landscape, time is money and it’s more important than ever that digital asset transactions are not only safe and secure but also efficient,” said Ross O'Donovan, product director of iSwap, adding, “With our platform now available on Ethereum, HECO, the BSC, OKExChain and Polygon, we look forward to welcoming hundreds of thousands of users to a new, faster way to power cross-chain transactions.”
To celebrate its launch, iSwap will host an iSwap Trade Speed Challenge Campaign from Sept. 8 to 15, 2021, where users can win up to 10,000 times handling fees in rewards. To learn more and participate, visit the event page.
As a cross-chain aggregation protocol that achieves quick, three-second cross-chain transactions by deploying aggregators on several public chains, iSwap also currently supports Ethereum, HECO, the BSC, OKExChain and Polygon.