It resembles the current state of the blockchain industry in some ways: there are numerous networks, and each one, like Ethereum, Solana, and Cardano, may have various protocols, features, and dApps. However, each blockchain may offer unique advantages that users of other blockchains may want to explore.
Therefore, the demand to transfer tokens and money between different blockchains is rapidly increasing. For instance, you might want to transfer assets from a sidechain to the mainnet, invest in a liquidity pool on a different blockchain, or send cryptocurrency to a friend or seller who operates on a different network.
How do you do that?
There are four methods to transfer tokens:
- Sell and buy
- Synthetic asset
- Cross-chain token bridge
Sell and buy, utilizing a crypto exchange is the most straightforward strategy that comes to mind. However, it truly necessitates a lot of work. For example, if you want to exchange ETH for MATIC, you need to:
- Deposit ETH from an ERC20 wallet to the exchange.
- If there is a matching direct coin pair, you can buy MATIC directly. If not, you have to sell ETH for stablecoins first, and after that, buy MATIC.
- withdraw MATICs to a wallet on Polygon.
And there are a lot more you need:
- You will need KYC in order to use exchanges, almost all exchanges require KYC
- Exchange commissions or gas fees have a significant potential for loss.
- Finding the required currency combination might be challenging at times, especially for new tokens, you must perform a double conversion
- There is a potential that you won’t be able to move the native token B since the exchange might not support blockchain B. For example, moving Binance MATIC to Polygon MATIC.
What is Swap?
Swap makes it possible to exchange two distinct coins that are based on different blockchains fast. Users are given the option to convert currencies directly from their cryptocurrency wallets by using time-locked smart contracts. Users exchange coins based on HTLC (Hashed Timelock Contract), and use preimage, which is the key that simultaneously unlocks the smart contract for both parties.
One of the key characteristics of a swap is that the entire transaction is canceled if one of the parties does not authorize it within a set period of time, making the risks minimal. Actually, a trade may only be made under specific conditions or not at all.
Prons of Swap:
- During a transaction, you have total control over your digital assets.
- HRCL smart contracts offer merchants trustworthy security and assurance. In the event of delays or disputes, each party has the assurance that their assets would be returned.
- Compared to using centralized exchanges, low or nonexistent operating costs and fees.
- There is no need to work with centralized middlemen.
- Using swap on Wallet, you don’t have to go to exchanges or other platforms you can swap your tokens and coins directly and store them in your wallet, and only a few wallets support the swap service, which iToken can do.
What does iToken do about Swap?
iToken Wallet has since made some substantial updates to our iToken Wallet swap (https://iToken.com) by partnering with SWIFT blockchain, the leading cross-chain swap aggregator in the blockchain industry. Now iToken Wallet updated the swap function at a high level and enables users to instantly swap with the lowest rates but with no swap minimum at any time.
What can you find on iToken Swap
Security, Control, and Choice.
In iToken, crypto swap is not only just simple conduct, it means you’re taking a secure environment for your assets. Some centralized and decentralized platforms leave you with little choice but to lose control of your assets while a transaction is underway.
Then the next tier of our attention is the range of cryptocurrencies that are on offer. iToken currently supports dozens of different digital assets — including some of the most sought-after tokens on the market.
We listen carefully to user feedback and continually add new cryptocurrencies in line with demand. Besides, we take great care in delivering a user interface that offers a high degree of familiarity to people who are more accustomed to fiat-focused platforms.
Last but not the least, iToken Wallet is an all-in-one platform for your digital asset, so you’ll be able to have a streamlined experience that eliminates fragmentation during your crypto journey.
That is, security won’t be undermined since you don’t have to continually move your crypto between the platform where you buy it, the exchange where you swap it, and the wallet where you keep it. Peace of mind comes from us, we deliver all of these in one place – iToken Wallet.
iToken is made up of a global, professional team on a mission to empower more people around the world with genuinely non-custodial, secure, and convenient financial services. iToken aims to become the world’s most secure crypto wallet by leveraging deep-rooted experience and expertise in both technology and operations to significantly decrease risk while ensuring the optimal user experience. As a one-stop platform, iToken supports over 20 mainstream public chains and tens of thousands of tokens and has integrated several functions to meet the diversified needs of users, such as DeFi TVL ranking, cross-chain swap, NFT data, GameFi section, dApp browser, etc.