Cross-chain Swap: How Hashbon Rocket Provides Ex-Binance Bridge Users With An Alternative Solution
The Ethereum network, Bitcoin network, Solana network, Binance smart chain, Cardano network, and many more blockchain networks all have distinct capabilities and strive towards decentralization. However, as blockchain technology advances and more participants enter the fray, a flaw emerges – the inability of blockchains to exchange information or value with one another. This flaw has limited the extent to which decentralization can be accomplished since it impedes future advancements in blockchain technology and inhibits economic development. The blockchain’s walled structure is very disadvantageous to DeFi users since it restricts them from accessing just a single network. As a result, blockchain bridges have formed. So, how does Hashbon Rocket provides users with an alternative?
Hashbon Rocket: A Viable Replacement for the Binance Bridge
Hashbon Rocket offers token issuers a platform for launching their tokens. Creating pools is incredibly easy and intuitive, meaning that ICOs now have a place to sell their BEP-20 as well as ERC-20 token standards.
A Decentralized Exchange Allowing Any HASH Holder to Become a Pool Provider and Make an Additional Income by Providing Liquidity
What sets LPs on Hashbon Rocket apart from traditional LPs (CeFi LPs) is the fact that the process is completely decentralized. In contrast, traditional liquidity is usually handled by a market maker that matches buyers with sellers. However, in Hashbon Rocket’s case (and DeFi), users are incentivized to put their crypto into pools, thus, providing liquidity. Any HASH holder can become a liquidity provider on Hashbon Rocket and the entire process is simple and intuitive.
Hashbon Rocket: A Decentralized Network of Arbiters
Arbiters play a large role in the platform. Anyone can become an arbiter, just run nodes and top up your HASH token balance. Arbiters check transaction executions on two smart contracts on two different chains (They vote using smart contracts). Once the voting is successful, they receive a fee in HASH tokens.
Hashbon Rocket uses a proof of stake consensus mechanism where different arbiters make decisions and the weight of their decision is based on their share of HASH tokens. The greater their share is, the higher their fee is for a correct response, and conversely, the higher the penalty is for an incorrect vote.
Hashbon Rocket: A Staking Service for BEP-20 HASH Tokens
HASH token native staking has been launched. HASH has two variants, one that follows the BEP-20 standard and another following the ERC-20 standard. The BEP-20 version can be farmed on Hashbon Rocket as well as Unifarm, while the ERC-20 token can be farmed on Unifarm.
Behind The Scenes: The Algorithm Simplified
The underlying process goes as follows:
- Liquidity providers use Hashbon Rocket to set a trading pair, transferring ERC-20 and BEP-20 tokens to smart contracts
- Clients transfer tokens to one chain and receive tokens from the other
- A network of Arbiters confirms deals and carries out cross-chain communications.
What Should You Know About Hashbon Rocket?
Many DeFi solutions now use protocols that make it simple to handle multiple networks. However, the issue of compatibility remains. To address this issue, Hashbon created the first-ever cross-chain decentralized exchange, Hashbon Rocket. Because most decentralized exchanges only offer intrachain swaps, this breakthrough is critical for the DeFi industry.
This implies that if you go to a prominent DEX like Uniswap, you won’t be able to exchange ERC 20 for BEP 20. You can only exchange ERC 20 tokens for other ERC 20 tokens. The same is true with PancakeSwap, which only enables you to exchange BEP 20 tokens for other BEP 20 tokens. Hashbon Rocket, on the other hand, is shifting the game from intra-chain to inter-chain.
The Proof of Stake (PoS) consensus process is used by the Hashbon Rocket CDEX platform. Arbitrators make decisions, and their power is proportional to their share of HASH tokens. As a result, the platform employs the HASH token as a fuel that enables players such as liquidity providers, arbitrators, and even crowd sale organizers.
Hashbon Rocket is the world’s first cross-chain decentralized exchange, connecting the Ethereum and BSC blockchains by letting users swiftly and efficiently convert DeFi crypto tokens from one environment to another. This is a significant advancement for the DeFi industry since every previous decentralized exchange (or DEX) has only supported intra-chain swaps. That is, if you go to Uniswap, you can only trade ERC-20 tokens for other ERC-20 tokens or for Ethereum itself. The same is true for PancakeSwap, Binance Smart Chain’s most popular exchange, which exclusively provides BNB and BEP-20 tokens and none from Ethereum’s ecosystem.
What Does the Future Look Like?
With many stories of technological imbalance, fresh beginnings are always in sight. DeFi will become enormously huge and replace banks, ushering in a whole new world of financial institutions; nevertheless, there is still a long way to go. Despite significant growth, the sector is still in its infancy. Having said that, 2021 has been an exciting year for DeFi, with more and more projects coming online.
DeFi will continue to expand as developers build on current infrastructure and create new use cases. The introduction of Hashbon Rocket is a significant step forward for the DeFi ecosystem, and we anticipate many more interesting breakthroughs in the coming months and years.