exoSwap Features
Overview
exoSwap is a hybridized CeDeFi service that allows the end user to perform asset swapping across multiple networks using their own personal wallets. It's enabled through our exclusive partnership with Mandala Exchange. A as a Binance Cloud project, shares Binance’s liquidity and orderbooks, giving exoSwap users access to every trading pair/network available on Binance as well as Mandala’s own exclusive listings.
Secure Cross-chain Swapping
Cross-chain bridges & swaps have been getting hacked left and right. Many bridging products work by wrapping or minting the same token on a destination chain. A common theme between tech-related bridge exploits is that hackers find a loophole to withdraw funds on one side of the bridge without depositing anything on the other side. Essentially a free mint function…
Hackers often exploit the mint functions of bridges to mint unlimited wrapped assets. They then use these wrapped assets to redeem REAL assets on the other side of the bridge.
exoSwap adds another layer of security by verifying that all assets have been deposited before they can be withdrawn. No deposit = no withdrawal. Through this CeDeFi technology, there is no way for exoSwap to trigger fraudulent withdrawals.
Single Step Cross-chain Swap and Withdraw
When a user wants to move tokens from one blockchain to another, they can use a cross-chain bridge to facilitate the transfer. Cross-chain bridges work by allowing users to deposit their tokens on one chain, and then withdrawing them on the other chain. In order to withdraw the tokens on the other chain, the user will need to initiate multiple transactions.
Here is a high-level overview of the process:
The user initiates a withdrawal of their tokens from the first chain by sending a transaction to the cross-chain bridge contract.
The cross-chain bridge contract validates the transaction and, if it is valid, sends a message to the second chain indicating that the user's tokens are ready to be withdrawn.
The second chain receives the message and creates a new wallet for the user. This wallet will be funded with the tokens that the user withdrew from the first chain.
The user can then send a transaction to the second chain to withdraw their tokens from the new wallet and send them to their desired destination address.
As you can see, this process requires multiple transactions in order to move the tokens from one chain to another. The exact number of transactions will depend on the specific cross-chain bridge being used and the capabilities of the two chains involved.
exoSwap allows you to provide a destination wallet address for the final withdrawal. This saves you time and simplifies the swap and withdrawal into a single step.
Fast Transaction Times
Cross-chain bridges can be slower than using a centralized exchange to move tokens from one chain to another because they rely on multiple transactions to complete the transfer. In contrast, when using a centralized exchange, users can simply deposit their tokens on the exchange and then sell them for a different cryptocurrency, all in a single transaction.
exoSwap is a three step process. It takes the tokens from the input wallet and deposits them into the Mandala exchange, the trade occures against the Mandala/Binance liquidity, then the withdrawal to the destination wallet occurs.
Our testing has found this to be a fast an efficient process compared to other cross-chain bridging products, and it includes the benefit of withdrawing to a destination wallet of your choice, completely negating the extra step you might have had to make.
Below is an example of a transaction from BUSD on Binance Smart Chain to ETH on Arbitrum chain that only took 1 min and 51 seconds.
Transaction Tracking
exoSwap provides an ongoing status update as the process is working through the multiple systems.
The home page shows your latest transactions and the status of each while they are processing.
An all transactions page includes all historical transactions.
The transaction detail page provides additional information on the transaction status and includes links to wallets, transactions hash links and details about transaction date and time.
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