ChainSwap launches the industry’s first cross-chain aggregator

Press release

ChainSwap, a cross-chain asset bridge and application hub for smart chains, today launched its cross-chain bridge aggregator. The first version of the cross-chain bridge aggregator ChainSwap integrates three leading bridge solutions, Poly Bridge, Multichain and AnySwap. It is expected that additional bridges will be supported by the aggregator. The ultimate goal of ChainSwap is to integrate all existing cross-chain bridges in the market and to become a support platform for those looking for a cross-chain solution.

Why a Bridge Aggregation: Current Challenges

Imagine you want to transfer tokens from Ethereum to Binance Smart Chain with a decentralized cross-chain bridge. There are some challenges at the moment. First you need to find out which bridge supports tokens on both chains. Second, you need to choose which bridge has the best deals with the lowest slippage and transaction fees, in addition to other information like the estimated time of the bridge. To do this, you will need to spend some time comparing all of the probing solutions available today. This is difficult and time-consuming as the bridge solutions offered today do not have a common interface. This is where the ChainSwap Bridge Aggregator comes into play.

Market analysis

According to Dune Analytics, the current aggregated Total Locked Value (TVL) of Ethereum bridges is as of 1. This data tracks the 17 most important Ethereum bridges and shows a growing trend.

Ethereum Bridge TVL

There are currently several large cross-chain solutions on the market including Cambridge, Hop, Binance Bridge, Terra Bridge, Anyswap, Allbridge, Renbridge, Xpollinate and Polynetwork, among others. It is expected that further cross-chain projects will emerge in the future, as different projects pursue different approaches.

We have centralized versus decentralized, cryptographic algorithms versus trusted devices, and multiple steps versus a simple click. Every cross-chain solution has its advantages and disadvantages. In the forest, however, they are all based on these five elements: source chain, source token, destination chain, destination token, and sender. For cross-chain solutions based on the Ethereum Virtual Machine (EVM), we also have a source map contract and a destination map contract.

ChainSwap – solution for cross-chain aggregation

The ultimate goal of ChainSwap is to create an aggregator platform that integrates all cross-chain solutions and enables users to enjoy the profits of these projects combined through the unified interface we provide, thus making the cross-chain Experience becomes more convenient and efficient.

This end goal is being implemented step by step and the first step has just been completed with the integration of Poly Bridge and Multichain. Support for other bridges like AnySwap and Wormhole is under development and is expected to be available soon.

The entire composite solution is presented as an interface. The user first selects the source token that he would like to transfer across chains, then on the source and destination chain and enter the amount that he would like to transfer. The platform then presents the user with a list of all cross-chain projects that can offer this service. After the selection, the cross-chain transfer can be carried out with one click.

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