22 April 2022, we are thrilled to announce that IOSTSwap- a secure and seamless decentralized cross-chain protocol to connect the IOST and Ethereum ecosystem officially goes live!
IOSTSwap addresses the congestion and inefficiency issue on Ethereum by allowing the users to participate in high-quality projects with more benefits, and at a lower cost on the IOST blockchain. You can now transfer tokens between the two public chains and use $IOST to participate in a large number of projects on the Ethereum network. The launch of IOSTSwap enables the IOST ecosystem to unlock new asset liquidity and reach out to a more extensive user base.
According to Sigma, the partner node behind the development IOSTSwap, there is a plan in place to connect IOST to other high-performance public chains such as Avax and Solana and support multiple types of tokens through IOSTSwap. The team aims to make IOSTSwap the ultimate router for web3, positioning IOSTSwap as an infrastructure for all cross-chain interactions, and supporting cross-chain interoperability of tokens, NFTs, and general data, providing fast, safe, cheap, and reliable exchange of value and data between multiple chains.
Disclaimer: Third-party developers develop all IOST DApps. The information provided here does not constitute any investment advice. All content provided here is intended for education only. IOST bears no responsibility or liability for any loss that users may experience. Please get in touch with the DApp team directly for any questions.
IOSTSwap Features
IOSTSwap combines the following solutions to build a safe, efficient, and accessible bridge:
1. Lock/Unlock cross-chain protocol:
- When a token lock action is detected on the source chain, the validator will verify the transaction and send the information to the target chain, and then unlock the 1:1 equivalent amount of bridge tokens on the target chain and to the target address;
- Native assets are then locked in the smart contract, which will be secured with secure multi-party computation (SMPC) and a threshold signature solution (TSS, a type of multi-party computation)
- The private key of the contract will be managed based on DCRM (Distributed Control Rights Management) in subsequent upgrades, and
Note: Validators are randomly chosen from a pool of available validators
2. A cross-chain protocol optimized and upgraded by Sigma for a better and safer user experience
IOSTSwap is one of the fastest cross-chain bridges in the market and provides users with a safe and fast cross-chain bridge that operates as simple as transferring money between banks. After linking a wallet, the user only needs to specify the source chain, target chain, type, and amount of tokens.
3. A Smart calculator for optimal Gas prices on the Ethereum network
An integrated tool that helps the users significantly reduce gas costs on the Ethereum side based on the historical data on-chain
4. Zero gas fees
By virtue of IOST’s economic model, where iGas is generated for free, we can bridge Ethereum to IOST assets for free.
5. Zero handling fees
IOSTSawp’s efficient and straightforward protocol is the first to enable free-of-cost cross-chain transactions.
We welcome both the Ethereum community & IOST community to enjoy instant and free-of-charge transactions at IOST through IOSTSwap.
- IOSTSwap official website
- IOSTSwap tutorial: Guide to IOSTSwap cross-chain bridge
- Official Telegram Group
The IOSTSwap contract has been jointly audited by the IOST developer community and has been in public beta for two weeks, with results showing that the code is mature and stable without any potential risks. In addition, KnownSec has completed the audit of the IOSTSwap contract, and the audit report will be released soon.
Please note that IOST ERC-20 tokens obtained through IOSTSwap are wrapped IOST, which cannot be topped up to Huobi, Binance and any other centralized exchanges currently. IOSTSwap shall not be liable for any loss caused thereby.
Why a Bridge?
The current Dapps landscape is dominated by Ethereum, with a handful of public chains trying to follow its steps as of the time of writing. With the continuous launch of interconnected public chains and Layer2 projects and the growth of their ecosystems, cross-chain bridges, which allow the exchange of assets and data between chains, have become a must-have infrastructure for every project.
The past two years have been nothing short of spectacular to see the rise of innovative DeFi and NFT projects such as Uniswap, Compound, NBA Top Shots, Axie Infinity, and other Ethereum chain dApps. These projects are undeniably a crucial part of the crypto industry’s expansion and adoption. However, a big population of the crypto audience has been left deprived of enjoying the benefits of DeFi and NFT due to the limitations of Ethereum — low TPS and high gas fees. Spotting this opportunities, next-gen public chains and Layer 2 projects have been building and launching more efficient solutions to the market, strengthening their own DeFi, NFT, Metaverse, and other ecosystems, and picking up those who Ethereum once left behind. This attracts new users and institutions that seek the highest return on various public chains and boosts the demand for cross-chain bridges.
Cross-chain technology is one of the key breakthroughs of blockchain. It effectively solves the isolation between chains and allows data exchange between Dapps in a complete system to form a rich ecosystem.
Renowned public chains such as Solana, Avax, BSC, Terra, Near, etc., have all launched their official cross-chain bridges or cooperated with third-party bridges to achieve interconnection with Ethereum and other public chains. In addition, the Layer2 cross-chain solutions such as Optimism Rollup and ZK Rollup have also been in the spotlight lately, promoting the prosperity and development of the cross-chain ecosystem in the crypto world.
According to Dune Analytics data, the current total TVL of the cross-chain bridges connecting Ethereum has reached 19 billion US dollars, an increase of more than 30 times compared to the number (600 million US dollars) in April 2021.
“We see a future where parallel multi chains coexist in the industry, and IOST needs an interoperability-based core alongside its creativity, community, and inclusiveness. The IOSTSwap cross-chain bridge is the key contribution from Sigma to bring IOST closer to its vision of a multi-chain future. We believe that more technological improvements and market innovations will come to the IOST chain in different cross-chain-related fields such as Layer 1, Layer 2, and EVM compatibility. These products will help promote the interoperable ecosystem of IOST and Ethereum and other EVM-compatible public chains. Sigma will grow together with IOST and witness the prosperity of the multi-chain ecosystem.”
The Sigma Team
With IOSTSwap going live, ERC-20 tokens can be safely and seamlessly transferred between IOST and Ethereum. This mechanism allows users to trade Ethereum-native assets on IOST Dapps, unlocking new liquidity and user channels for the IOST ecosystem.
IOSTSwap offer users more quality choices and an extension in the token’s utility especially the DeFi landscape is becoming more exciting with Web 3.0.
For the developers, IOSTSwap will be the gate to Ethereum’s liquidity and serve as a strong catalyst for both ecosystems. The growth of liquidity and the enhancement of composability gives developers both challenges and opportunities: increasing cut-throat competitions to face, and potential integrations & promising development ahead.
In the future, IOSTSwap will be even more interoperable, support more public chains, and be able to synchronize the status of dApps on multiple chains. More features such as the transfer of other types of tokens, such as ERC-721, are also on the roadmap to support more use cases for DeFi and NFT.
About Sigma
Sigma was established in 2018, focusing on researching and developing core blockchain technologies. The team members are all graduates from world-class universities such as Harvard University, the University of Chicago, and Tsinghua University. They have developed a variety of high-end “blockchain +” products for a handful of partners and enterprises worldwide.
Since its establishment, Sigma has aimed to empower the digital and intelligent development of the real economy with blockchain technology. It is committed to promoting all-around and multi-dimensional innovation and developing cross-chain interconnected ecosystems.
- Sigma Twitter: twitter.com/Sigma_devs
- Official Email: sigmablocks@gmail.com
In IOST, we work hand in hand with partner nodes to introduce varied Dapps that enrich our ecosystem, which is crucial for the development of IOST. This time, Sigma took the lead in building IOSTSwap and got a grant from our newly launched EVM fund. This two-way cross-chain bridge is the first and critical step of IOST in the multi-chain ecosystem. It will enable users to transfer tokens from IOST to Ethereum freely and vice-versa, adding more use cases to the assets and bringing vitality to both ecosystems.
About IOST
High fees and slower transaction times on the Ethereum network have left the door open for new solutions to emerge, and IOST is one such project that has been gaining traction since its mainnet launch in 2019.
Backed by major financial and VC firms such as Sequoia, Matrix, and ZhenFund, IOST is a pioneering decentralized, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform built to tackle the scalability trilemma once and for all. For this, the concluding ranking from China’s CCID ranked IOST as the best blockchain platform under Basic Technology, better than Ethereum, EOS, and every other smart-contracting platform evaluated by the agency. This is a testament to the quality and ability to roll out a better, innovative product and reflective of our true desire to be the best in the sphere.
Being one of the public chain leaders in terms of adoption, performance, and utility, IOST remains committed to our mission to unleash the power of blockchain. IOST currently has the ever-expanding 500,000 community members in over 20 countries, over 400 nodes, a top staking economy, and symbiotic relationships with corporations dotted worldwide.
If you would like to hang out with the IOST community on chat, social media, or discuss product development, we have something for everyone:
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