Huobi Ventures’ Portfolio Project iSwap Launches 3 Second Cross Chain Transactions
The platform is the first of its kind to initiate and complete secure, low-fee cross-chain transactions in as fast as three seconds
iSwap a cross-chain transaction platform, launched officially. iSwap has added support for 3 additional chains: Polygon, Ethereum, and OKExChain, in addition to its previous coverage of the BSC and HECO chains. Backed by Huobi Ventures, iSwap is the first solution of its kind to initiate and complete secure, low-fee cross-chain transactions in seconds.
iSwap’s mission is to enable users enjoy low transaction fees, fast speed and lower slippage while they complete cross-chain transactions. In order to achieve this mission, iSwap’s cross-chain aggregation protocol deploys aggregators and maintains Tether (USDT) holdings on each of its supported chains, which enables the platform to use a layering approach to record the amount available in each chain and use a third-party market maker to re-balance the positions accordingly.
To ensure the best possible user experience, iSwap prioritizes:
- Security. Cross-chain funds used for positioning are provided by the iSwap team, which eliminates the risk of users’ assets being stolen. Additionally, each cross-chain transaction’s sending and receiving addresses is the same to protect users’ assets against hacks.
- Efficiency. iSwap’s user-friendly interface enables users to complete cross-chain transactions with a simple click. Transaction times on iSwap can be as quick as three seconds, which is up to 15 times faster than what’s offered by other solutions on the market.
- Low fees. iSwap’s handling fee is 0.2% of the total transaction cost, which is less than the average transaction fee. iSwap also accesses third-party liquidity and provides a lower overall slippage fee than other cross-chain protocols. Gas fees and target chain transaction fees are charged by the corresponding chain.
- Cross-chain token support. While iSwap itself does not create a liquidity pool, it completes transactions on both the original chain and the target chain by accessing the liquidity of the corresponding decentralized exchanges (DEXs). Therefore, any token supported by the DEXs can be exchanged across chains through iSwap.
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iSwap opened its public beta on Aug 2nd, 2021, and during the beta period, cross-chain transactions were completed in 7 seconds on average, with the fastest seeing completion in only 3 seconds. iSwap is the exclusive chain-bridge supporter of several HECO events, such as “Lucky HECO” and “TUSD gold shovel” mining activities.
“In the ever-evolving blockchain landscape, time is money and it’s more important than ever that digital asset transactions are not only safe and secure but also efficient,” said Ross O’Donovan, product director of iSwap. “With our platform now available on Ethereum, HECO, BSC, OKExChain and Polygon, we look forward to welcoming hundreds of thousands of users to a new, faster way to power cross-chain transactions.”
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