Bridge is live!
Yesterday, Chainge announced that their bridge now supports Koinos!
š„ Unleashing a cross-chain breakthrough
ā Chainge Finance šŖ¢ (@FinanceChainge) October 25, 2023
š Bridging $ETH from over 25 chains to @koinosnetwork is now one tap away in the Chainge Finance mobile app
š Additionally, $KOIN is now available on the Polygon chain for you to benefit from cross-chain flexibility pic.twitter.com/1lGq8CA6kw
You could already trade KOIN on the Chainge app, but now you can bridge your KOIN to Polygon and bridge ETH to Koinos.
If you're unfamiliar with how bridges work, there's 3 pieces:
- a contract on Koinos
- a contract on the other chain
- a service in the middle
Let's say you wanted to transfer KOIN to Polygon. You'd tap the appropriate button in Chainge, and 3 things would happen. First, your KOIN would be transferred into Chainge's contract on Koinos and locked there. Second, the off-chain Chainge service would see that event on Koinos and tell Polygon about it. Finally, the Polygon contract would mint new wKOIN (wrapped KOIN) tokens to your Polygon wallet.
Be aware that Chainge's bridge (like pretty much all other bridges) is at least somewhat centralized. I would avoid holding all of your assets in wrapped/bridged tokens, but it's perfectly fine to accept the additional risk for a portion of your holdings (especially when you're doing it specifically for a trade/short term operation).
This is a big piece of the puzzle that KOIN holders have been waiting for. What we need now is liquidity and volume.
-Luke
P.S. We had our first Federation meeting today. We spent the majority of it discussing the biggest challenges facing Koinos and what we're going to do about it. More on this tomorrow.