Minimax integrates with deBridge to enable capital-efficient cross-chain swaps!
The Minimax Team is always looking for opportunities to improve our platform. Today we’d like to talk in more details about our integration with deBridge — a cross-chain interoperability protocol, which is powering the cross-chain swaps for Minimax ‘SWAP’ section.
About deBridge
deBridge is a generic messaging and cross-chain interoperability protocol that enables decentralized transfers of data and assets between various blockchains. It provides a framework for all types of cross-chain interactions and messages like:
- decentralized transfers of arbitrary data and assets
- cross-chain interoperability and composability of smart contracts
- cross-chain swaps
- interoperability and bridging of NFTs
deBridge has built some cross-chain applications to display what’s possible with their infrastructure for other protocols and applications:
deSwap — decentralized cross-chain swaps between arbitrary liquid assets in a single transaction.
dePort — transfer any arbitrary asset through the deBridge infrastructure to receive wrapped (deAsset) on all other chains to drive additional utility for their assets while building synergies with other protocols.
What has been already implemented
A couple weeks ago we’ve released our ‘SWAP’ section that allows users to exchange tokens right on Minimax. For cross-chain swaps we’ve implemented deSwap for this functionality. Due to the ability to simultaneously send messages and value, deBridge acts as a unified framework for all cross-chain needs and is capable of interconnecting any smart contract on any blockchain.
At this moment cross-chain swaps are available for 4 blockchains on our platform:
- BNB chain
- Polygon
- Arbitrum
- Avalanche
To complete the swap, you need to complete just a few simple steps:
- Choose the token you want to sell and buy
- Choose the source chain and the destination one
- Specify the token amount
- Click the “Swap’ button, wait a bit — and you are done!
deBridge protocol takes a relatively small fee of 0.1% for each transfer (included in the exchange rate) plus a small fixed fee depending on the blockchain. This is paid for confidence and decentralization in the network as half of all fees go as a reward to validators who are financially liable for the proper operation of the protocol.
What we are planning for the future
Recently we released our conversion depositing feature. So far it’s been working only within one blockchain. What would you say if this feature supported cross-chain deposits as well?
That’s exactly what the Minimax Team is working on and as you’ve probably guessed the cross-chain part of the feature will rely heavily on the deBridge integration.
Today to make a deposits on different chains you’d need to do at least two extra steps:
- Change the chain in your wallet
- Transfer your tokens to another chain through a bridge
However, in the near future those extra steps will become history and you’ll be able to open positions with tokens from other blockchains much faster. Step by step, we are removing different barriers for DeFi users.
Thanks to deBridge for providing great cross-chain infrastructure for seamless transactions.
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