With Squid going live this week, we wanted to explore just what cross-chain swaps are and what they mean for DeFi.
03 Feb 2023, 21:58
With Squid going live this week, we wanted to explore just what cross-chain swaps are and what they mean for DeFi 🔗
Currently cross-chain swaps, or How to Trade Cross-Chain on DeFi Without Using a Centralized Exchange, looks like this for users:
1️⃣ Find a liquid paid on chain B
2️⃣ Set up a wallet on chain B
3️⃣ Bridge the asset
4️⃣ Ensure you have chain B's token to pay gas in
5️⃣ Swap the bridged asset
This not only requires far too many steps for end users, but also introduces unnecessary risk, cost and complexity.
We've attached a flow of what we think is a much better alternative for cross-chain swaps... read the blog post below to learn just how this is possible and what it means for DeFi!
🔗 https://axelar.network/blog/what-is-a-cross-chain-swap