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MTB, Connecting Hive (Assets) to Polygon & BSC (vice versa)
As most of us may have already know or at least understand, on chain assets like HIVE, Hive Backed Dollars (HBD), SplinterShards and LEO need more channels to move in and out the blockchain without having to go through the centralized exchanges and this is the major use of the Leo Bridge or Multi-Token Bridge.
It allows permissionless transfer or movement of assets on and off chain to and from Hive to other chains like Binance Smart Chain and Polygon. It provides withdrawal routes for the major Hive assets and also allows the inflow of money to the Hive ecosystem too.
How does the MTB work?
Using decentralized smart contracts, the bridge enables the swapping (wrapping and unwrapping) and transfer of Hive assets to the other blockchains (Polygon and BSC) and vice versa.
To date, here are the Hive coins and tokens that can be bridged through the MTB:
| Asset | On BSC | on Polygon | ETH |
|---|---|---|---|
| HIVE | bHIVE | pHIVE | - |
| HBD | bHBD | pHBD | - |
| LEO | bLEO | pLEO | wLEO |
| SPS | - | pSPS | - |
The swapping is fast and simple and can be done or completed in just a few steps. For instance, to transfer HIVE to BSC, the process is straightforward:
Go to https://wleo.io/hive-bsc/ and input the receiving wallet address and the amount of HIVE to transfer.
Click on "TRANSFER", input your Hive username on the pop-up and approve the transaction on your Keychain. The amount will be credited to your BSC wallet address as bHIVE with a 0.50% swapping (wrapping) fee.
To transfer HIVE from BSC to Hive, simply go to the same bridge (https://wleo.io/hive-bsc/) and do the following:
Input your Hive username and the amount of HIVE you want to move then click on "TRANSFER"
Connect your BSC wallet and approve the transaction.
The transferred amount will be credited to your Hive wallet as liquid HIVE.
Bridge URLs
And for easy access, here are the direct links to the assets on the bridge:
- wLEO (Ethereum): https://wleo.io/leo-ethereum/
Binance Chain:
- bLEO: https://wleo.io/leo-bsc/
- bHIVE: https://wleo.io/hive-bsc/
- bHBD: https://wleo.io/hbd-bsc/
Polygon:
- pLEO: https://wleo.io/leo-polygon/
- pHIVE: https://wleo.io/hive-polygon/
- pHBD: https://wleo.io/hbd-polygon/
- pSPS: https://wleo.io/sps-polygon/
MTB Impacting Hive
The Multi-Token Bridge (MTB) is one of the most useful application built by the LEO team that is (directly) impacting the Hive ecosystem. It is known to many that apart from the internal markets and the centralized exchanges like Binance, Upbit and others with small trading volumes (Bittrex etc), there is no other market for HIVE or HBD off chain.. And this gap is being bridged by the MTB.
The MTB's importance was felt by users when Binance suspended (halted) HIVE withdrawals and deposits during (and after) the hard fork. Without it, those who wanted to trade or move their assets off chain would have no other option but to wait.
And while enabling the movement of the above-mentioned assets on and off chain, it is also providing arbitraging and DeFi investment opportunities to Hive users and like what was written above, it also facilitate the inflow of money or fund to the Hive ecosystem.
In addition, the MTB is creating more liquidity especially for HIVE and HBD. And while doing so, it's also stacking (wrapping and unwrapping) revenues which will be used later to buy back LEO from the market and will then be distributed to incentivize LEO stakeholders in the form of Leo Power.
Personal Feedback
I like the fact that the Multi-Token Bridge is simple to use and transactions are almost instant and the swap fees are minimal (0.50%). And the bridge is obviously very beneficial to Hive and LeoVerse and of course, the community too, especially for users who want to take advantage of arbitraging opportunities on other chains (ie. Polygon and BSC). It is allowing us to transact with other chains and even provides a way to withdraw HBD or HIVE and it is the best way to go for those who do not want to go through any CEX.
Having used MTB for a couple of times, I believe that the MTB is by far the best available bridge for several Hive coins and tokens to and from the other chains, BSC and Polygon. There is another bridge called BSwap but it is solely for the transfer of SPS (to and from BSC).
I do wonder if the LEO Dev team will consider adding a direct bridge between Polygon and BSC. That would be awesome too. But we understand that the application is designed as it is for the purpose of providing a gateway for Hive assets outside the blockchain and to create revenues too which is good to the LEO ecosystem.
It would also be nice if the HIVE, HBD, SPS, LEO contract addresses on the farms for both Polycub and CubFinance will be included on the UI of the bridge for easy references.
But overall, the bridge is already fantastic as it is. And who knows, the LEO Dev team will surprise us next time and release additional enhancements or features to it.
Lead image created on Canva. BSC and Polygon logo from Seekvector. No copyright infringement intended. 011222/19:50ph
Posted Using LeoFinance Beta
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I really loved the way you explained it so briefly. Much appreciate!
This is Gotta be my favorite bridge tbh!
!PIZZA
Thank you lots for your kind remarks. It is THE bridge hehe
!CTP
Posted Using LeoFinance Beta
This is great initiative.transfer and transaction nmade more easy.than you for this highlight.
Posted Using LeoFinance Beta
Yes, the application makes transacting in and out of Hive super fast and easy. Thank you too for your kind remarks.
Posted Using LeoFinance Beta
Thank you
I love the fact that the Leoverse is working always to make things easier for us and with the MTB in function, we won´t have to go through a CEX to trade our Hive when it can be done through the LeoBridge.
Thanks for the detailed explanation.
Posted Using LeoFinance Beta
Yes the Leoverse is always building :) The MTB is among the very significant applications they have created that is so useful to us.
Posted Using LeoFinance Beta
The team and developer are really working everyday to make the best for us here.
That's right. They are certainly BUIDLers :)
Posted Using LeoFinance Beta
Yay! 🤗
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