What is Cross-chain Swap?
Cross-chain swap allows people to make payments in a particular token even when they are on different blockchains. Cross-chain swaps provide a way of dealing with the volatility of crypto by giving users the chance to move crypto across networks. Users can swap crypto to protect the value of their tokens and the losses that come along with it.
Advantages of Cross-Chain Swap
- Eliminates Third Party
Cross-chain swap eliminates third parties from the token exchange process and facilitates multi-blockchain transactions simultaneously. People can perform cross-chain swapping using cross-chain swap without relying on a centralized infrastructure.
- Enhanced Security
Cross-chain swap is a smart contract-powered technology, the transactions become faster, more affordable and free from potential security breaches that are likely to occur in a centralized exchange system.
- Flexible
Cross-chain swaps are highly flexible and allow the exchange of all tokens where users get full control of assets as they have the convenience of swapping tokens from their wallets directly.
Top 5 Cross-Chain Swap Platforms
- THORChain
THORChain is a network that facilitates native asset settlement between Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos, Dogecoin, Bitcoin Cash and Litecoin. THORChain is secured by its native token RUNE. Anyone can use THORChain to swap native assets between any supported chains. THORChain allows native cross-chain swaps without wrapped or pegged assets. Users don’t need RUNE to pay for transactions. The only requirement is a transaction on the first chain.THORChain supports native assets across eight blockchains Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos, Dogecoin, Bitcoin Cash and Litecoin including major stablecoins like DAI, USDC, USDT and BUSD.
- 1Inch Network
1 Inch Network is a decentralized finance (DeFi) platform that allows users to swap on Ethereum, BNB smart chain, Polygon and more. The swapping function used on 1inch is known as aggregator mechanism, which enables trading by engaging in a detailed process to select the most suitable decentralized exchange on which to execute a crypto swap.
- Multichain
Multichain is a fully decentralized on-chain token-swapping platform. With Multichain, DeFi users can instantly swap an enormous range of cryptocurrency tokens across different blockchains. The Multichain dApp is built using Fusion Network architecture and permits the exchange of tokens between any blockchain that employs ECDSA or EdDSA as a signature algorithm. The Multichain platform is compatible with over 74 blockchains and supports over 2,857 tokens. Multichain router allows users to swap between any two chains freely. It reduces fees and makes it easier to move between chains.
- ChainSwap
ChainSwap is the hub for all smart chains. ChainSwap is helping DeFi evolution and scaling by making asset swaps seamless. Anyone can make a token cross-chain by following a simple deployment procedure. New tokens can also be made cross-chain from creation. ChainSwap aims to offer cross-chain applications by ultimately connecting all chains into one. This solution will provide unique opportunities in the DeFi space while giving DeFi access to broader audience. Lending, borrowing, cross-chain swaps and more.
- RocketX
RocketX is a platform that allows users to make complicated cross-chain swaps with a single click. RocketX provides best rates by aggregating all leading CEX and DEX. It provides easy access to global liquidity of 270 + centralized and decentralized exchanges to get you best rates with every swap. The objective of RocketX is to ensure that users can swap any token on any network.
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Cross-chain swap lowers the barriers of moving coins across different blockchains. Above are the top five cross-chain swap platforms, by using these platforms users can enjoy the swap at the best price, lowest fees and minimal slippage.