Crypto Bridges Aggregator

Outside of Hive blockchain there are many more ways to earn passive incomes. The most lucrative is in the Defi space and for those who have followed my daily blogs are aware I am very involved with Terra Blockchain.

When I first branched out to a different chain it was difficult as I did not know what cryptocurrency bridges were and I was paying high fees for withdraws on centralized exchanges. In time I did learn how to use bridges and swaps but still it was time consuming because even with bridges not all blockchains interconnect. In fact bridges are limited in where they can send coins/tokens over so there are ten if not hundreds of different bridges. Yet recently I stumbled on an interesting exchange that simplifies the process.

What Are Cryptocurrency Bridges?

First take a step back and define what a cryptocurrency bridge is. A bridge is where holder of one token on a specific blockchain can be burned and minted onto a different blockchain. The most common or early adopters of bridges is in Anyswap and Multichain. Both these websites are considered exchanges because they trade in and out cryptocurrencies. I prefer Multichain due to is lower fees compared to Anyswap but both work pretty well in speed and ease of transaction.

The Pain of Bridging Between Blockchains

One example of requiring bridges is farming liquidity pools. In a previous post I made, Avalanche introduced token UST on its platform. However in order to bring UST from Terra blockchain to Avalanche there is no direct bridge so we have to find ways to connect. Here is one method that I have tried.

Step 1. - From Terra UST to Binance UST

Step 2. - On Pancake Swap Binance UST to Binance USDC

Step 3. - On Spooky Swap Binance USDC to Fantom USDC

Step 4. - Continuing on Spooky Swap Fantom USDC to Avalanche USDC

Step 5. - Trader Joe Avalanche USDC to Avalanche UST

With that we went from Terra UST to Avalanche UST and inccurred multiple fees and each transfer at its quickest takes a few minutes adds up to a a lot of time spend. All in all a terrible experience. Just note why it can't be easier like why I could not skip Fantom steps and just go from BSC to Avalanche is that Spooky Swap does not offer BSC to Avalanche. There maybe other bridges that can do that but it takes experience to find the bridges and swaps. This leads us to why Rango is so much better.

Rango Exchange

On the same platform app.rango.exchange all I have to do is pick UST of Terra as my token to sent and UST of Avalanche as the resultant token to receive. The end result is all the intricate steps to make this transfer done only on one platform. Rango will do all the bridging and swaps to get the crypto I need in the specified blockchain.

The steps to get to UST Terra to UST Avalanche is different from what I describe earlier and this is because there are multiple ways to get to the end result. There are fees and the time it takes to get the bridge complete. This is the up front cost to do a bridge transfer.

Rango has 27 different blockchains and over 7,000 coins/tokens available to trade. The next time you struggle to getting a specific token to a specific blockchain just go to https://app.rango.exchange first. Fees may not be the best but it definitely saves time in the work and process of performing the transfer as Rango simplifies all this.

Conclusions

As we bridge out of Hive there are many other options out there. Consider the opportunities outside of Hive as pathways to greater wealth it is worth looking at ways to transfer assets between the blockchains. You may not know what other blockchains has to offer and in my opinion after using Terra blockchain a few weeks I have thoroughly enjoyed my experiences.

Rango is here to save on some of the small headaches with cryptocurrency bridging. Now I get to have more time focusing on what blockchains that interests me.

None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!