ChainSwap, a cross-chain bridge hub for smart chains has launched its own cross-chain bridge aggregator. Announcing the same in its official Twitter handle, the multi-chain platform revealed that the initial version of the Bridge Aggregator would integrate the three popular bridge solutions- Poly Bridge, Multichain, and AnySwap and would be supporting additional bridges in the near future. Revealing on its primary objective, the network aims to integrate all cross-chain bridges available on the crypto market and in turn become the ‘go-to platform for all cross-chain solution seekers’.
ChainSwap Bridge Aggregator Use Cases
A multi-chain bridge intermediary like ChainSwap allows users to transfer a token seamlessly from different networks such as Ethereum [ETH] to Binance Smart Chain [BSC] with decentralized cross-chain technology. Without an aggregator such as ChainSwap and it’s like, users often encounter a few challenges like researching which bridge supports the token on both chains and finding which among them offers the lowest slippage and transaction fee, on top of other information such as estimated bridge duration time.
This in turn is a lot time-consuming and difficult as one goes on comparing all the currently offered bridge solutions.
What does the ChainSwap market looks like?
As per on-chain data provider Dune Analytics, the combined total value locked [TVL] of Ethereum bridges is $23.66 billion at the time of writing, rising by more than 100% in a span of 60 days. In addition to that, the data also tracks 17 prominent Ethereum bridges which are growing at a staggering rate.
Apart from that, there are several cross-chain solutions that are currently available in the broader market which include Cambridge, Hop, Binance Bridge, Terra Bridge, Anyswap, Allbridge, RenBridge, Xpollinate, Polynetwork, etc. More such cross-chain projects are expected to be deployed in the future.
As for now, the first step of the integration with Poly Bridge and Multichain is just been completed and the ChainSwap’s ultimate goal is to roll out the entire product in small steps. The next process would be to provide support for other bridges such as AnySwap and Wormhole, which is currently in the development phase and is expected to go live shortly.
