⛓️ Cross Chain Swapping
A cross-chain swap enables trading tokens across different blockchains without using an intermediary party (e.g. an exchange service) in the process.
Trading tokens directly from one blockchain to the other was impossible due to the technological differences between them until WapSwap developed an innovative WAP token which haves power to convert it's chain itself with simple burning, minting feature and a highly encrypted code which helps to verify the transaction made on a different chain.
Yes it's completely server less (two chains interacts directly with each other).
For example, if Nemo wants to swap WAP tokens from BSC to Polygon chain.
Step 1 : Connect wallet with Binance Smart Chain.
Step 2 : Go to Chain Swap feature on WapSwap.
Step 3 : Enter the number of WAP tokens you want to swap, click 'chain swap' and approve the transaction.
Step 4 : Copy the encrypted code of that particular transaction.
Step 5 : Click 'change network' to change your chain network from BSC to polygon.
Step 6 : Paste the encrypted code at the claiming section, click 'claim' to claim your WAP tokens on Polygon Chain and approve to transaction.
The number of tokens nemo swapped were burnt from BSC chain (excluding 1% swap fee) and the same amount was minted on polygon chain with direct interaction between two smart contracts on different chains, with the help of encrypted data and identical wallet addresses as both chains are ERC20 based.
The encrypted code includes the necessary information which is required to verify the transaction on different chain, to ensure the quantity to mint and deliver the tokens to correct chain and wallet address.
The protocol will maintain the total supply of tokens across all chains i.e. if the total supply of WAP tokens are 21 million then the total supply of WAP token including all chains will be 21 million, unlike other tokens which haves supply on multiple chains and their total quantity of all chains exceeds their total and max supply.
Last modified 1yr ago