Greetings Lumenswap community!
The bridge is finally here — http://bridge.lumenswap.io/
Introduction
Several independent networks with various features have emerged from the growth of the blockchain industry, and their target has mostly been promoting the user experience for specific use cases. For instance, Bitcoin is designed to store value, Ethereum is a programmable network acting as a computer for DApps, and Stellar is a futuristic payment network to swap and send assets at the lowest fees.
Their network of validators, the capital locked on them, and the applications deployed on them make them siloed blockchains that do not allow direct asset transfer between them. It is where cross-chain bridges come in to let users transfer their assets between two siloed, layer-1 networks, take advantage of the inherent characteristics of those networks, such as scalability and fast transactions, and enjoy their market-specific opportunities such as yielding and arbitrage.
What is Lumenswap Bridge?
It is a cross-chain bridge enabling you to transfer your assets between Stellar and other networks and benefit from the opportunities of their markets.
What networks are currently supported?
Solana network — SOL
Bitcoin network — BTC
Ethereum network — ETH
We decided to launch this product by supporting popular networks with high TVL. Other networks and assets will be added in the future.
How much does using this service cost?
Using Lumenswap Bridge is free! So, you only pay for your own transactions to convert your assets and not for using this service.
Why did we make the Bridge custodial?
Stellar does not support smart contracts, which could put a decentralized bridge at a security risk. It is why we decided to design our bridge as centralized and custodial. We might be able to change it to a decentralized one if Stellar started to support smart contracts.
How does it work?
Bridge constitutes two sections:
Convert
You will be able to transfer your assets between the specified networks, creating two scenarios: when Stellar is the destination network and the other when it is the source network.
When Stellar is the source, an asset is to be transferred from Stellar to another one. Here’s a breakdown of the process:
- Signing to have the specified amount of the asset to the Lumenswap Bridge wallet and waiting for approval from the network.
2. Receiving the specified amount of the asset at the destination network and waiting for its approval.
3. All done!
When Stellar is the destination network, an asset will be transferred to it from another network, and the process is as follows:
- Sending the specified amount to the specified address of the source network and awaiting approval.
2. Receiving the specified amount from the destination network and awaiting approval.
3. All done!
Note that you need to connect your Rabet to your Lumenswap to be able to use Lumenswap Bridge.
Let us remind you that using Lumenswap Bridge is free of any charge, and you would only pay for your transactions.
My Activities
This page is where you can track the status of your conversions in detail.
Our level-based design lets you resume and finish the process if your conversion was interrupted for any reason, like an internet connection outage or closing of your browser. All you need to do is click on the Pending button and continue from there.
Thank you for reading this article.
