Leo Learn How To Cross Chain any Token
Good morning Lion's I trust you are safe and well and enjoying your start to the week depending on where you are on this floating rock. Today I wanted to introduce you to something I wish I had have known when I was creating Skippy as I could have saved a few bucks.
These days everything is about cross-chain communication and bridging with the launch of Axelar and Cosmos it has never before been easier to create your very own cross-chain token. However, not only are tokens cross-chain compatible so to are NFTs.
Wormhole
Built on Cosmos is Wormhole and if you're not familiar with it, it is the main protocol that enables cross-chain communication and transfers without messy APIs and bridges. Wormhole has been a revolutionary advancement in cross-chain communication and enabling projects to leverage off each other. But we will discuss that a little later as for now I want to show you how to make your very own token or NFT available Cross-Chain.
Portal Token Bridge
So you have spun up a token on Binance Smart Chain and you want to access cross chain markets by providing liquidity for your token on different chains to gain further community awareness.
With Portal it has never been easier all you need to do is connect your wallet with your token then select on the chain you want to send it too. how much and just click Next and follow the prompts of redeeming.
This ability is possible on any of the chains shown in the image but it doesn't stop there if you know what you're doing you can use the Cosmos SDK in general. Pretty simple and really cheap to do also.
Cross Chain Use
Now that your token is cross-chain what can you do with it? well a lot and depending on what you're building there are no limits to what can be achieved with a recent protocol Soluna which was a Decentralised Finance Protocol built on Solana that enabled users to stake their created stable coin and receive the former 20% APY from Anchor protocol.
The cross-chain capabilities enabled users on another chain to stake on another chains De-Fi protocol without even moving chains which indicated the ability to openly and freely communicate with eachother across multiple chains.
The technology enables people to unlock new De-Fi potential and not be limited by fees or current chain capabilities.
What's next?
There is quite a lot currently being developed but a key stickout is the ability to transfer Bitcoin to other chains and yes no more "wrapped Bitcoin" Although it is kind of wrapped but within the cross-chain capabilities.
I wanted to know more about Wormhole and what we can expect to see in the future so I am reaching out to the developers and project team to do an interview and I look forward to reporting back with the final piece.
Image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services
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Technology! awesome share and great write up of it all! Cosmos is on the list of Psyber-X omni-chain plans yet maybe utilizing Wormhole provides many solutions in 1! !1UP !PGM !PIMP !CTP !giphy Hive
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Wo0t wo0t fantastic. It will definitely support Psyber-x grow and gain traction throughout the blockchain industry.
It's nice to cross chain any token but it also comes with it's own risk. After all, the bridge itself can be a liability if it gets hacked or rug-pulled. So it depends on the tokens it gives you in return.
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