Introduction
Last updated
Last updated
ChainHop is a composable omnichain liquidity aggregation protocol that sources liquidity across different different bridges and DEXes. This enables the user to freely swap across chains with the deepest liquidity and at the lowest rate. Moreover, by integrating with cross-chain message frameworks, ChainHop takes the complex multi-step process of swapping tokens across different chains and simplifies it into an easy single transaction user experience (UX). Using ChainHop, users can easily convert token X on chain A into token Y on chain B with just a single transaction. Additionally, ChainHop is highly composable with other dApps allowing developers to easily access the cross-chain liquidity protocol in order to build cross-chain DeFi, NFT marketplaces, IDO launchpad platforms, and more. ChainHop is built with a unique Smart Cross-chain Pricing mechanism and supports the largest number of decentralized exchanges, bridges, tokens and blockchains, making it a must-have tool for users and developers alike.
For example, when a user wants to swap MATIC on Polygon to BNB on BNB Chain, all they will need to do is to make a single transaction on Polygon. ChainHop will automatically execute the following steps in a fully non-custodial way:
Find the best pricing DEX for the MATIC/USDC pair on Polygon, let's say Uniswap V3
Swap MATIC to USDC on Uniswap V3
Bridge USDC from Polygon to BNB Chain
Find the best pricing DEX for the BNB/USDC pair on BNB Chain, let's say PancakeSwap
Swap USDC to BNB on BNB Chain and send the BNB to the user.
Without ChainHop, the user would need to manually search for the best pricing for each pair and make five different transactions accompanied by the tedious chain-switching operations just to move and swap some tokens.
ChainHop aggregates the liquidity across all blockchains, including different bridges and DEXes. This allows the users to tap the omnichain deepest liquidity and swap at the lowest rate. See here for the list of bridges and DEXes currently supported in ChainHop.
Moreover, with the omnichain liquidity and the smart routing algorithm in ChainHop, users may swap even at a lower rate than any single-chain DEX alone. For example, when a user requests to swap a large amount of ETH for USDC on Fantom. ChainHop may first bridge ETH to Ethereum, then complete the ETH-USDC swap on Ethereum (usually with a much lower slippage), and finally bridge back the USDC to Fantom. All in one click!
In the future, exclusive liquidity sources will be enabled on ChainHop. Please stay tuned!
It’s also important to note that ChainHop is not only for end users. ChainHop provides the perfect on-ramp for applications that want to acquire users from multiple blockchains using any kind of token.
A good example of how applications can use ChainHop, is how we can transform an NFT marketplace such as OpenSea into an inter-chain native NFT marketplace. Today, when an NFT is listed on a marketplace, it is usually only purchasable via one type of cryptocurrency by users on the chain where the marketplace is. This greatly limits the audience for the NFT marketplace and hurts the profitability of sellers.
If OpenSea integrated with ChainHop, sellers could still list their NFT in one cryptocurrency on one chain, but at the same time would be able to accept purchase orders directly from all potential buyers from other blockchains using other cryptocurrencies. For the buyers, they would also have an easy and simple one-click user experience because their cross-chain purchase order is transparently composed with a ChainHop cross-chain swap process. An example would be if Alice listed a BoredApe on Ethereum at 100 ETH, Bob would be able to purchase that with 3800 AVAX on Avalanche with just one click.
This kind of composability is widely applicable to other scenarios such as cross-chain yield aggregators, cross-chain lending, cross-chain gaming and much more.
