BloctoSwap creates a frictionless gateway for cross-chain transfers.
What is a “native token”?
Imagine a universe where gaps exist between galaxies, and every galaxy has its own boundary. Akin to such an outer space, Blockchain is not a seamless whole as a decentralized internet space. Instead, it is a collective of multiple blockchains that function under specific crypto transaction protocols and token standards. Each blockchain has an inherent cryptocurrency at its core, called its native token.
Running on a blockchain’s protocol, a native token is both a digital asset and a medium of exchange that powers the trades among the blockchain users, adding fluidity to the blockchain’s tokenomics. An example of a native token is ether (ETH) on the Ethereum blockchain. While ether is the cryptocurrency native to the Ethereum blockchain, there are other EVM cryptos running on the Ethereum token standard, including USDT, DAI, and MATIC. These EVM (Ethereum virtual engine)-based cryptos join ETH to serve multiple functions on the Ethereum platform, providing access to Ethereum-powered DeFi services, NFT marketplaces, and NFT games.
What is a cross-chain bridge/cross-chain swap?
With the separately operated blockchains, the thought of connecting the chains to enable cross-chain interoperability comes naturally to blockchain developers. Relying on the coding of smart contracts, developers build cross-chain bridges to enhance the communication between diverse blockchain networks.
The cross-chain tech is not as hard to understand as you may have imagined. Simply looking at the words “cross-chain bridge,”you can make a quick guess that it is a form of connection between two blockchains. And you got it right! A cross-chain bridge involves two bridge contracts on each side of a blockchain. When you transfer your tokens from one blockchain to the other, the source blockchain sends your tokens to the bridge contract situated upon it, where the tokens are burned (forwarded to an unusable eater address and removed from the circulation forever). The crypto burning triggers a signal in its counterpart on the destination blockchain, where the same number of tokens are minted (unlocked and entering the token circulation on that chain).
Like the rainbow bridge Bifrost used by Norse gods to travel from their celestial realm to the worlds beyond, cross-chain bridges let your tokens travel effortlessly from one blockchain to another! To begin your cross-chain experience, use BloctoSwap to “teleport” your tokens!
Cross-chain teleporting on BloctoSwap
BloctoSwap’s “teleport” feature works the same as a cross-chain bridge. Now supporting the cross-chain transfers of four major blockchains (Ethereum, Flow, BSC, SOL), BloctoSwap expects to raise the level of cross-chain scalability and interoperability. Refer to the guide below and try our advanced cross-chain swap:
1. Ethereum-Flow teleport pairs
Currently, the teleport token pairs in this category include USDT-tUSDT, wFlow-Flow, USDC (Ethereum-Flow), REVV (Ethereum-Flow), and SPRT (Ethereum-Flow).
- If you are logging in with a computer, go straight to https://swap.blocto.app. Otherwise, open Blocto App and go to “Discover” at the bottom. Find “BloctoSwap” on the page and sign in with your Blocto email account (Flow wallet).
- Connect your Ethereum wallet.
(If you would also like to connect the Ethereum wallet account in Blocto, click on “Connect to Ethereum account” and then click “Blocto” to enable an Ethereum wallet account in Blocto App. If you are a non-custodial user, the processes require confirmation on your mobile phone.)
- Select a teleport pair on the page. (You should enable the token accounts in Blocto App beforehand.)
- Approve your teleportation and wait for several minutes for the cross-chain transfer to complete. (A crypto transaction fee will be deducted directly from the amount of teleported tokens. The cross-chain transfer fee depends on the situation of the destination blockchain.)
- Now you have a crypto teleported to another blockchain. Warning: Teleported tokens are a variant out of its original form minted on the destination blockchain, which means they cannot perform any transaction on the source blockchain unless they are “teleported back” by the bridge. Please avoid transacting the teleported tokens on a blockchain other than the destination chain. If you send the teleported tokens to the wrong blockchain, they will be lost.
2. FLOW-BSC teleport pair
This category presently has one teleport pair—STARLY (FLOW-BSC). The teleporting process is pretty much the same as what is mentioned above. But remember to connect to your BNB Smart Chain (BSC) wallet to proceed.
3. Teleport BLTs across BSC/SOL/Flow blockchains
BLTs, the utility tokens of Blocto, can travel across BSC/SOL/FLOW blockchains! The teleporting process is basically the same.
Check out our 🔗 BLT teleport guide for more details.