Today marks the official launch of iSwap (www.iswap.com), a cross-chain transaction platform. In addition to its previous coverage of the BSC and HECO chains, iSwap now supports three new chains: Polygon, Ethereum, and OKExChain. iSwap is the first solution of its kind, backed by Huobi Ventures, to initiate and complete secure, low-fee cross-chain transactions in seconds.
The mission of iSwap is to provide users with low transaction fees, fast speed, and lower slippage when completing cross-chain transactions. To accomplish this mission, iSwap’s cross-chain aggregation protocol deploys aggregators and keeps Tether (USDT) holdings on each of its supported chains, allowing the platform to use a layering approach to record the amount available in each chain and use a third-party market maker to rebalance the positions accordingly.
iSwap prioritizes the following to provide the best possible user experience:
- Security. The iSwap team provides cross-chain funds for positioning, removing the risk of users’ assets being stolen. Furthermore, the sending and receiving addresses for each cross-chain transaction are the same to protect users’ assets from hacking.
- Efficiency. Users can complete cross-chain transactions with a single click thanks to iSwap’s user-friendly interface. Transaction times on iSwap can be as fast as three seconds, which is up to 15 times faster than other market solutions.
- Fees are low. The handling fee charged by iSwap is 0.2 percent of the total transaction cost, which is lower than the average transaction fee. In addition, iSwap has access to third-party liquidity and charges a lower overall slippage fee than other cross-chain protocols. The corresponding chain charges gas fees and target chain transaction fees.
- Support for cross-chain tokens. While iSwap does not create a liquidity pool, it does complete transactions on both the original and target chains by utilizing the liquidity of the corresponding decentralized exchanges (DEXs). As a result, any token supported by the DEXs can be traded across chains using iSwap.
iSwap launched its public beta on August 2nd, 2021, and during the beta period, cross-chain transactions were completed in an average of 7 seconds, with the fastest taking only 3 seconds. iSwap is the sole chain-bridge sponsor of several HECO events, including the “Lucky HECO” and “TUSD gold shovel” mining activities.
“In the ever-changing blockchain landscape, time is money, and it is more important than ever that digital asset transactions are not only safe and secure, but also efficient,” said Ross O’Donovan, co-founder of Blockchain.com.
iSwap’s product director. “With our platform now available on Ethereum, HECO, BSC, OKExChain, and Polygon, we hope to welcome hundreds of thousands of users to a new, faster way to power cross-chain transactions.”
To commemorate its launch, iSwap will hold an iSwap Trade Speed Challenge Campaign from September 8th to September 15th, 2021, in which users will be able to win up to 10,000 times their handling fees in rewards. Visit the event page to learn more and to register.
iSwap (www.iswap.com) is a cross-chain aggregation protocol that uses aggregators on multiple public chains to achieve 3-second cross-chain transactions.
Ethereum, Huobi Eco Chain (HECO), Binance Smart Chain (BSC), OKExChain, and Polygon are currently supported.