📢 Cross-chain USDT/USDC swaps between Ethereum & Algorand are now live 🔥
Users can now transfer native USDT/USDC from Ethereum to Algorand Network.
One of the biggest challenges in decentralized cross-chain transfers has always been moving native assets to other blockchains due to the technical limitations of each blockchain network.
Native assets are assets that have been deployed in the blockchain, as opposed to those wrapped assets done by a smart contract. For example, BTC is a native Bitcoin network asset, but pBTC (wrapped BTC) is not.
Wrapped assets are the current solution to cross-chain transfers. However, certain assets like stablecoins, typically USDT/USDC, usually have various versions of the same asset in a blockchain. This is due to multiple wrappings from different bridges, which creates a problem both from a liquidity and UX perspective.
As such, pNetwork came up with a solution. The first-ever native (Ethereum) to native (Algorand) cross-chain assets transfer. (How dope is this?! 🚀)
How does it work?
Until now, the easiest way to get native stablecoins on Algorand was to go through a supported Centralized Exchange. The pNetwork native cross-chain bridge allows you to bring your favorite stablecoins from Ethereum to Algorand in a decentralized manner!
To encourage the seamless movement of stablecoins from one blockchain to another, pNetwork’s exclusive new feature allows users to send native USDC/USDT on Ethereum and receive native USDC/USDT on Algorand in return.
The process is structured in two steps, included in a single transaction: in the first step, stablecoins are wrapped via pNetwork’s Algorand bridge (pUSDC/pUSDT), while in the second step, the wrapped assets are exchanged for native stablecoins on Algorand, via an internal liquidity pool called the stableswap pool. This makes the process of moving USDC and USDT across Ethereum and Algorand immediate and simple for users. Best of all, we do the wrapping for you, and the above complexity is completely hidden from the end-user! This will shorten your process as it will just be a 1-click process.
* In case of limited liquidity in the stableswap LP or the user prefers the wrapped assets, the pNetwork bridge will provide users with pUSDC or pUSDT on Algorand. *
Oh, did we not mention that the cross-chain fee is 0%? So why not give it a try.
Also, enjoy the 0% cross-chain fee!
The native cross-chain asset transfer between Ethereum and Algorand is a huge step for pNetwork as it now opens up new native cross-chain opportunities for various chains. Who knows what networks we will work on next? Maybe we will do a poll and get your opinion on what native assets cross-chain transfers you guys want us to build next 😉
As the crypto devs always say, “Don’t Stop BUIDLing 🧱”
The pNetwork is the underlying architecture for pTokens, a cross-chain system enabling assets to move frictionlessly from one blockchain to another, and pNetwork Portals, powering cross-chain interoperability between smart contracts. Currently, pNetwork enables transparent interaction among major blockchain protocols, including Bitcoin, Ethereum, Binance Smart Chain, and Dogecoin. pNetwork is the progressively decentralized governance layer operating the pTokens bridges and pNetwork Portals. It is home to the pNetwork DAO and the ecosystem’s governance token PNT.
Link to pNetwoek dApp: https://dapp.ptokens.io/