LOC Swaps Enabled on the Hydra Cross-Chain Bridge!
✅ We are happy to announce that the Ethereum → Hydra swapping gateway for LOC tokens was successfully upgraded.
Since the start of the swapping process two years ago, all requests were handled semi-automatically via on-chain signatures accompanied by a swapping sheet serving as a user-interface. The swaps were then executed after manual approval from the team.
🔹 Integration with the Bridge
Today we are announcing an improved methodology. Swaps are now supported via the official Hydra/Ethereum cross-chain bridge. This means that you can swap your tokens any time you want, with near instant processing — in a fully automated manner.
In addition to the improved processing speed and interface quality, the new gateway is also much more user friendly. Swaps can now be initiated with a few clicks and without having to rely on a step by step guide.
To make the swap, simply connect your MetaMask wallet with the bridge interface and select LockTrip as the asset. Then enter the amount you want to swap.
After confirming the transactions via the extension, the bridging process will be initiated. The interface will keep you updated about the progress through all three steps involved (happening automatically as a background process).
🔹 Multi-Chain Capability
The integration with the cross-chain bridge essentially turns LOC into a multi-chain token. While all operational activities of the LOC economy will remain focused on the Hydra chain, equipping LOC with a multi-chain technical architecture comes with several benefits.
Certain exchanges for example prefer Ethereum-based tokens as part of their listing procedures, since the technical overhead is significantly simplified through industry-standards.
We therefore view multi-chain capabilities as a strategic advantage.
🔹 Snapshot of the Moment
The bridge offers swaps in both directions, which means that users no longer need to worry about a deadline for swapping their LOC from Ethereum to Hydra chain.
Since the new system allows for swaps in both directions, it appears to be a good time to capture the latest state of the one-directional swapping activity.
Looking at the past months, new swaps have been very sparodic, averaging roughly one wallet per month. Amid the stalled activity, more than 1.4 million LOC still remain unswapped at the time of writing. We don’t know whether they are forgotten, lost or just remain passive temporarily — perhaps waiting to be re-activated sometime in the future.
But given the incentive of participating in the HYDRA airdrop (throughout 2021), as well as the major price volatility over the past 2 years, we expect that most of those who have access to their LOC would have swapped them by now.
Note: The previously used sheet-based swapping system was discontinued and all pending swaps were processed as usual. Please do not send any more funds through it!
👉 Join the LockTrip Community
LockTrip is a blockchain-based travel marketplace that allows users to save up to 60% on their bookings by cutting out middlemen. Every booking burns LOC proportionally to its booking value, continuously reducing its total supply.
