Stimulated by DeFi, 88,000 BTC crossed to ETH, anyswap cross-chain transaction experience

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Although the DeFi mining boom has gone downhill, this boom has driven the flow of assets.

Encrypted assets flow from centralized exchanges to decentralized exchanges, and encrypted assets flow from BTC to ETH, and from ETH to TRX, EOS and other public chains.

When encrypted assets flow between public chains, they need cross-chain support. One type of cross-chain is achieved through centralized exchanges. For example, the conversion of usdt on the three chains of eth, trx, and eos can be achieved through centralized exchanges. ; A kind of cross-chain asset mapping through tools such as ren to realize the circulation of encrypted assets between chains.

Of course, the first one is not a cross-chain technology, after all, USDT originally had the same USDT on those chains.

1. The demand for asset cross-chain

Cross-chain allows value to circulate directly through the barriers between chains, realizing the outward expansion and connection of the blockchain.

Cross-chain technology can make it possible for the same digital currency asset to circulate on different public chains at the same time. In other words, users on different public chains can use the digital currency.

For example, BTC can be crossed to ETH, and BTC can be circulated on ETH, so that assets can play a greater value. In the development process of DeFi, more and more BTC crossed to ETH, and more than 88,000 BTC crossed to ETH. Carry out asset mortgage, liquidity mining, asset trading, etc.

Applications such as ren and wbtc solve the problem of BTC’s cross-chain to ETH. Due to the development of public chains, assets on public chains also have cross-chain requirements.

Especially in the DeFi boom, it is stronger. How to play DeFi without assets, then you can only play matryoshka.

Many teams are working on cross-chain, such as Polkadot’s cross-chain. Here is a DEX, which combines cross-chain and transaction.

Second, anyswap cross-chain + transaction

Anyswap has two main functions: one is a decentralized cross-chain transaction protocol, and the other is a decentralized exchange. Currently, cryptocurrency transactions such as ETH, USDT, and FSN are supported.

The trading function of anyswap is similar to the familiar uniswap, which is the AMM mechanism. It has the functions of trading, providing flow, mining and so on.

Anyswap’s cross-chain function can support the exchange of assets from different blockchain networks, mainly by means of decentralized asset cross-chain bridges.

Currently, Anyswap has released a cross-chain bridge on Fusion, realizing the cross-chain circulation of USDT-ERC20 and ETH between Fusion and Ethereum.

It would be great if USDT cross-chain circulation between ETH, TRX and EOS is realized, and there is no need to perform cross-chain conversion of USDT through a centralized exchange.

3. How to realize the cross-chain of Anyswap assets

Anyswap’s cross-chain bridge is a decentralized cross-chain asset custody, users can complete asset custody and withdrawal through the asset cross-chain bridge.

The basic workflow is:

1. The asset co-management address is used to receive custody requests for assets corresponding to the external blockchain;

2. The Anyswap node network triggers the smart contract of asset mapping according to the corresponding transaction of the address;

3. The asset-mapping smart contract completes the issuance of the mapped assets corresponding to the externally linked assets, and stores them in the asset pool of the corresponding mapped assets for Anyswap to perform subsequent asset exchanges.

In this process, a very important point is the anyswap network nodes. First, these nodes need to be composed of different organizations and institutions; secondly, no node in the node network has the power to operate independently, so that decentralized custody can be realized. If the node is not open, it is no different from centralization.

Soon after anyswap is online, the node distribution needs to be strengthened.

Four, anyswap experience

1. Anyswap transaction, currently anyswap can be traded in FSN, ANY, aETH, aUSDT.

The transaction logic is basically the same as uniswap, and the added liquidity is similar. After using, the personal experience of anyswap interactive page is slightly more complicated than uniswap.

Of course, since anyswap runs on the fusion chain, the GAS fee is very low.

2. Anyswap cross-chain deposit and withdrawal, currently anyswap cross-chain deposit and withdrawal is realized through Fox Wallet, and fusion network needs to be added to Fox.

In the process of deposit and withdrawal, individuals feel a little more complicated in interaction. Currently, the only assets that support cross-chain are usdt and eth, and the types of assets need to be strengthened.

If we continue to solve the cross-chain and transaction of more assets on ETH, TRX, and EOS, this will be a big market.