Merkle Trade Is Now Omnichain
Access Merkle Trade using any EVM wallet
TL;DR
- You can access Merkle Trade using any EVM-compatible wallet now.
- Connect your EVM wallet, deposit funds and start trading, takes less than a minute of time.
- The feature is powered by LayerZero that helps move the funds in and out under the hood.
Intro
How many wallets do you have installed right now? Getting a new wallet for each layer 1 is a frustrating process and a barrier to entry in web3.
While we’re all excited about the crosschain/multichain future, in reality there’s still quite a bit of friction and a steep learning curve when transitioning from one chain to another. Navigating the intricacies of tooling, infrastructure and the numerous steps required to get started can be a massive turnoff in the world of web3.
Pair that up with the need to bridge assets and entrust any 3-party providers and the user experience can turn into a nightmare. It could be tough even for seasoned crypto folks.
What if there was a solution to abstract all that away? Well, there is!
We’ve taken all the hassle of installing, bridging, swapping and signing and contained it into a simple 2-step process in the app that takes less than a minute. This implementation empowers you to use the tools you’re already familiar with e.g. Metamask.
The team has been building this feature for the past 5 weeks and today we’re super excited to present it to the crypto community.
So, how does it work? Let’s dive in
Connect EVM Wallet
- First of all, you connect your EVM-compatible wallet (e.g. Metamask).
- Next, you need to sign the message with your wallet.
Congratulations, you’ve successfully connected to Merkle Trade using Metamask and can now deposit funds and start trading!
The signature in step two is used to create an Aptos address on Merkle’s frontend. The cool thing about it is that since the seed of the Aptos address can only be generated by signing the message with the EVM wallet, your Aptos address is completely private and non-custodial.
Merkle Trade has no access to or power over the account you’re creating, you are the only one in control if it.
Deposit Funds (USDC)
You can deposit and withdraw your USDC from/to 6 major EVM chains (Ethereum, Arbitrum, Optimism, Polygon, Avalanche, BSC) using the “Deposit USDC” and “Withdraw USDC” feature directly in the app. Merkle Trade relies on LayerZero for bridging the funds to/from Aptos under the hood.
By removing the need to use the Aptos Bridge interface and simplifying the whole process into one button click, all the unnecessary friction is removed and the whole process is so much more seamless.
Deposits (inbound to Aptos) take up to 1 minute, and withdrawal time (outbound from Aptos) has just recently been reduced to match the deposit one (260 blocks).
Essentially, one might say that Merkle Trade uses a stripped away and super straightforward version of the Aptos Bridge by LayerZero, focusing only on things that are relevant to the app and the users.
What’s next?
Merkle Trade is currently in the private beta stage which means that only whitelisted users can interact with the app using the EVM-compatible wallets.
We will soon increase the number of whitelisted users as the app matures before releasing a public version in October.
So, stay tuned for more updates from the team and subscribe for the waitlist to receive breaking updates and news from Merkle Trade.
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