This article is aimed at informing our users and community about how the cross-chain bridge works, why to wrap tokens, and the use of the new service. https://bridge.mywish.io/
The service is aimed at providing a larger variety of possible operations by increasing connectivity with other blockchains. A Cross-Chain Bridge basically opens a door to other blockchains offering possible larger audiences, investment opportunities, and competitive costs. These are just a few examples of the bridge use, infact, it provides limitless opportunities for both business and personal crypto assets development.
Why do you need a wrapped token?
Simple as it is, people wrap tokens to make them fit other blockchain standards. This means that you can use your tokens at non-native blockchain. Therefore, you can choose the transaction costs and time as well as the variability of features, opportunities, and benefits of other blockchains. In order to make the use of your token in other blockchains possible, you wrap it in that particular blockchain standard.
The circulating supply of the tokens remain the same. The process of token wrapping goes as follows: the wrapped tokens are minted on the other side of the bridge, meanwhile, the exact amount of the wrapped tokens minted is frozen on the native blockchain. The service is coded in a way that ensures the remaining total supply, making the use safe and secured. Additionally, the exchange rate also remains the same for native and wrapped tokens.
Example: How it works for WISH — WWISH, BWISH
To understand the following example, please note the following abbreviation descriptions: BWISH is a wrapped version of WISH in the BSC network, WWISH is a wrapped version of WISH in the Ethereum network
The bridge was built with the following implications:
Having built the Cross-chain bridges to Ethereum and Binance Smart Chain, MyWish has:
- Increased WISH token trade opportunities through entering new trading platforms such as Binance Dex, Uniswap, and Pancake Swap.
- Made the token available at three networks at the time.
- Given token holders freedom to choose the network for transactions.
- Escaped limitations of particular blockchain: costs and time constraints.
- Gotten the ability to use cheaper transaction fees and faster networks.
- Increased the number of token holders.
Since the WISH Cross-Chain Bridge installment in January 2020, the token was swapped over 200 times! The service has proved to be in high demand, therefore, there are more bridges to be built. The first one released is Rubic.exchange. RBC swaps back and forth from Ethereum to Binance Smart Chain.
What are the benefits?
- Ability to compare and choose from the gas costs offered by different blockchains.
Having your token wrapped gives freedom to choose the appropriate terms for trading, transaction conductions, etc.
- New trading platforms allow reaching more buyers
For example, if your native token is created in Ethereum it can only circulate in it — all the trading transactions and yield farming only occur within Ethereum. This way the token sale and crowd sale is limited to the users of a single blockchain. Whereas, having the bridge allows your token to be traded on other blockchains(e g. Binance Smart Chain) and this increases sales and awareness.
- Increase of capital efficiency and liquidity
The ability to switch blockchains increases the connectivity between blockchains. This way, in cases of isolated platforms the capital liquidity may grow along with capital efficiency strengthening.
- Ability to apply more advanced functionality and features of non-native blockchains
Along with the availability of various blockchains comes the problem that in some cases it’s more efficient to use other blockchains. Therefore, having your token wrapped can bring benefits of manipulation on the differences in blockchain features and functions. For example, it may take a longer time to make a transaction, or the gas costs can also vary from one blockchain to another. Therefore, the ability to swap your token from one blockchain to another gives you a chance to choose the terms, features, and conditions for certain operations.
MyWish Cross-Chain Swap Service guarantees a secure, fast, and convenient token wrapping to the standard of these three blockchains: Binance Smart Chain, Ethereum, Tron. Other blockchains on request.
These are the Cross-Chain Swap integration options. There are two integrations available:
- Back and forth Bridge from Ethereum to Binance Smart Chain
The bridge suits those platforms that have their tokens in Ethereum or Binance Smart Chain. It opens a door to the new biggest trading and listing platforms and allows the token holders to use the full advantage of both networks.
The listing of the token swap at our partner platform Rubic.exchange is included in the package of the ETH-BSC bridge building service https://rubic.exchange/bridge
- Customized bridge
This option is dedicated to those who want to integrate a customized cross-chain bridge for others, different from Ethereum and Binance Smart Chain networks.
There are no limits for the MyWish.io team since we can make it work on any blockchain of your preference. You can choose the blockchain to have your tokens wrapped on your own.
The token swap can be placed directly on your web page making it available for all of your platform users.
How to apply for the service/book a consultation?
You are always welcome to fill in the form to book for a consultation and apply for the service. The form is available at https://mywishplatform.typeform.com/to/tlf8MEbl
Our development team representative will contact you as soon as possible after your form is submitted.
You are also welcome to request a consultation and ask any questions about the new service in our Telegram group, as well as the customer support at the MyWish.io web page.