Convergence RFQ Now Supports Cross-Chain Swaps via Wormhole
Wormhole Bridge is now live on Convergence RFQ mainnet beta.
Introduction
Convergence operates an on-chain request for quote (RFQ) protocol on Solana, allowing fast and efficient on-chain RFQ trading. As DeFi expands across different chains, cross-chain interoperability solutions are crucial to prevent fragmented liquidity and maximize trading opportunities.
Wormhole provides a bridge connecting Solana with other major blockchains like Ethereum, BNB, and more. It enables a seamless bi-directional transfer of tokens, data, and arbitrary messages between chains.
Details of the Integration
The Convergence-Wormhole integration works by wrapping assets via Wormhole portals into a compatible format and minting them on the destination chain. For example, ETH can be wrapped in tokenized form like wETH on Solana.
Users can then transfer the wrapped asset to Solana and trade natively via Convergence RFQ. After settlement, transaction details are relayed back to the original chain via Wormhole’s messaging system.
Popular DeFi tokens and stablecoins can be bridged back and forth between Solana and other chains such as Ethereum, Arbitrum, Avalanche, and Polygon.
How to use the bridge on mainnet:
- Navigate to the bridge page and find the bridge powered by Wormhole.
- Connect your wallet: Click the “Connect Wallet” button and select your wallet from the list of supported wallets. You can use Metamask, Phantom, or any other wallet that is compatible with Solana or Ethereum.
- Select the chains and assets: Choose the chain you want to bridge your assets from (source chain) and the chain you want to bridge your assets to (destination chain). In the image, the source chain is Ethereum and the destination chain is Solana. You can also select the asset you want to bridge from the list of supported assets.
- Send your assets: Enter the amount of the asset you want to bridge and click the “Transfer” button. Your wallet will prompt you to confirm the transaction.
- Receive your bridged assets: ****Once the transaction is confirmed, your bridged assets will be available in your wallet on the destination chain.
Benefits of Integration
Key benefits unlocked by Wormhole integration include:
- Expanded liquidity — access external assets and liquidity pools
- New trading opportunities like cross-chain arbitrage
- Flexible portfolio management by bridging assets across chains
- Low-cost, high-speed settlement by transacting on Solana
Use Cases
- Ethereum traders can now access Solana DeFi
- Institutions can seamlessly bridge external portfolios to trade on Solana
- Sophisticated traders can execute cross-chain arbitrage strategies
- Retail investors can seamlessly manage and trade assets across multiple chains
Conclusion
Integration with the Wormhole bridge opens up cross-chain trading to Convergence RFQ users, bridging fragmented liquidity pools across isolated DeFi ecosystems. As DeFi expands across chains, cross-chain infrastructure will be essential to delivering a unified trading experience.
Join the whitelist now to gain access.
