DeFi Wizard Product Series: ETH-BSC Bidirectional Bridge
Introduction
The global crypto market today stands at more than $2 T in terms of market capitalization and daily traded volume exceeds $100 B. This gives a rough idea in terms of the magnitude that we are looking at and also the potential opportunities that lie ahead. Businesses today are exploring more and more use cases viz-a-viz DeFi, NFTs, Lending/Borrowing, Music, Transportation, etc. are a select few where we see a rising interest among businesses and users.
On one hand, such wide coverage gives users a lot of options to explore and use based on their needs and preferences but on the other hand, it also raises certain fundamental concerns that the Blockchain industry as a whole is yet to answer. Scalability, security, cost, interoperability, and simplified user experience are some of the open questions that primarily and most importantly need a sustainable solution.
DeFi Wizard since its inception has been a very customer-centric and agile organization aimed at solving some of these challenges through innovative solutions and methods. It aims to do so by offering one-stop, one-click, multi-chain services catering to several essential needs. The recent amalgamation of DeFi Wizard with Zeroswap has further aided to its capability and expanded its user base to offer an integrated seamless user experience.
In an attempt to bring out the benefits, features, and advantages of its offerings to a greater audience, we are happy to announce the launch of the “DeFi Wizard 360 Degree” series. It’s a multi-part series wherein, in every episode, we will talk about a specific product suit of DeFi Wizard in greater detail. In the current episode, which is also the 1st episode, we will talk about Bridge.
DeFi Wizard Bridge
DeFi Wizard offers an ETH-BSC bidirectional bridge that facilitates fast and secure movement of ERC20 and BEP20 compatible tokens from Ethereum to BSC and vice-versa in just a few clicks. This fundamentally attempts to solve the problem of interoperability which at large is one of the reasons that prevents dApps from entering into mass adoption.
Read more about DeFi Wizard: https://defiwizard.xyz/pricing
Features & Benefits
DeFi Wizard bridge comes with several features and competitive advantages that make it a preferred choice among a wide array of businesses and users.
- Security: The recent ChainSwap hack was one of the recurring alarms as to why security should be of paramount importance. At DeFi Wizard this is of the highest importance. First thing first, all the base contracts are audited. On top of that, the best of efforts have been made to ensure that the best coding practices are followed end-to-end. To further ensure safety, regular ad-hoc testing is performed against industry benchmark parameters to make sure it is ultra-secure. To date, at DeFi Wizard, in any of its offerings, there hasn’t been a single security breach.
- Fast Fleet: On average, an end-to-end cycle (i.e. transfer from ETH to BSC and vice-versa) gets completed within 10–15 mins. which from industry benchmark is a remarkable performance where it can take up to 30 minutes or even higher.
- Customization & Ease of Access: The bridge solution is a Whitelabel solution which businesses can quickly spin up across multiple ecosystems with few clicks thereby facilitating them with faster TAT for their end-users.
Bridge URL: https://bridge.zeroswap.io/
A step by step guide to use the bridge is HERE
- Economical Feasibility: For businesses, the bridge comes with an extremely economical cost as compared to alternatives and for users, there are no usage charges. However, they have to pay the gas fee subject to the network.
Read more about the pricing: HERE
Technical Architecture
Find a high-level architecture of the system below.
Each component is running in different environments. More specifically the following environments are utilized:
- Ethereum blockchain
- Binance Smart Chain
- Web environment
- VM running the validator processes
Ethereum Bridge Smart Contracts
The core functionality of this part of the system is to allow users to lock their ZEE tokens in a secure vault and later on unlock them; thus establishing a peg-in/peg-out bridge.
BSC Bridge Smart Contracts
The purpose of these contracts is to mint and transfer an equal amount of ZEE(B) tokens based on the size of the funds locked on the Ethereum blockchain. That is, if Alice locks 100 ZEE tokens on the Ethereum blockchain, an equal amount of 100 ZEE(B) tokens will be minted and transferred to Alice’s account on the BSC blockchain.
Validators
The validators play exactly this role in our system. They utilize the event mechanism of both blockchains to accept user requests and relay those requests to the opposite side. This whole process is done via cryptography communication protocols and can be freely audited by any external party. Any message from one blockchain to another is executed when a quorum is met. That is, N out M validators would need to sign the execution of a request before it can be completed.
Success So Far
DeFi Wizard, since its inception has benefitted more than 40 companies from its smart contract based solutions.
Conclusion
There’s no denying the fact that a bridge is a crucial need of any business operating in the Blockchain space. It solves the critical problem of interoperability and hence empowers businesses to offer an integrated solution catering to an extended user base. For users also, it’s a win-win situation as it allows them to seamlessly move forth and backward across networks and fully unlock several benefits. DeFi Wizard is a market leader in offering customized, secure and economical solutions and is very well positioned
About DeFi Wizard
DeFi Wizard is a market leader in providing smart contract based solutions to blockchain companies in launching their tokens and post token launch services. It offers one stop, one click, multi-chain services catering to several essential needs
Join us!
Website | Blog | Telegram Chat | Telegram Announcements | Twitter
