Usually, when you want to swap your funds from one chain for assets on another, that process involves a lot of bridging and unnecessary headaches. Rubic may be the perfect solution to all of those problems.
Rubic is definitely one of those platforms that makes you think why didn't people build cross-chain infrastructure exactly like this from the very beginning? Let's dig a bit deeper so you can really appreciate the elegant solution this Dapp has introduced.
One Bridge To Rule Them All
Connecting to the website is as easy as it gets. The good part is that you can connect from any supported network and those include: ETH, Polygon, HarmonyOne, BSC, Tron, and xDai. Once you are connected you will be able to choose between three options - Swaps, Bridge and Cross-Chain.
If you chose the bridge option you will be able to move your tokens from one chain to another with one simple transaction. To do this click on the "select token" button and chose the chain you want to send funds from. Do the same for the receiving end of the transaction and you are good to go.
Once you initiate the bridging process you will confirm only one transaction in Metamas and that's it. Your funds will now be available on the other chain.
Cross-Chain Swaps
This one will be a game-changer for many because now you don't have to move your funds anywhere in order to purchase a token on a different chain. For example, you can swap Matic from the Matic chain for BNB on the Binance Smart Chain with just one transaction. You can simply click on the Cross-Chain option and swap away. It should look something like this.
Keep in mind that not all chains will work with one another right now but that should be integrated in the near future. Also, there are some minimal amounts you need to swap in order to perform a cross-chain swap. For Matic to BSC and vice versa, that amount is somewhere around the $50 range. For smaller trades, you will need to move your assets via the bridge.
So What Is Rubic?
In their own words:
Rubic is a multichain DeFi ecosystem, which features cross-chain swaps, instant swaps and much more. Our aim is to deliver a complete ONE-STOP decentralized trading platform. The Rubic platform is a place where users can complete cross-chain swaps utilizing different solutions, where users will get the best rates from all the leading swap protocols (thanks to a DEX aggregator implementation), as well as buying MATIC or BNB directly via our Crypto Tap.
At the moment, Rubic supports trades on Ethereum, Polygon (ex Matic), and Binance Smart Chain networks and cross-chain swaps between Ethereum, Polygon (ex Matic), and Binance Smart Chain, xDai and TRON networks.
You can find the information about the team here and if you are a fan of FAQ pages you can find one here. And before we get too excited, swapping fees seem to be free only for a short period for time. Here is what I found on their FAQ page:
Currently, our service doesn't charge any provider fees for Instant Trades.
Fees for using the bridges for BRBC and RBC will be:
From RBC (Ethereum) to BRBC (BSC) — 100 RBC (Ethereum).
From BRBC (BSC) to RBC (Ethereum) - 100 BRBC (BSC).
In every trade you need to pay gas fee, you will see the exact amount while confirming the transaction in your wallet.
Rubic’s Tap will help anyone begin using the Polygon and BSC networks, as well as providing a discount for users that complete the swap using the RBC token. Users will be able to swap more BNB and MATIC than normal and pay less RBC at the same time.
Commission fees in ETH is 0.02, and in RBC is just 150 RBC or about 0.007 ETH worth at the current market prices at the time of writing this article.
If they do end up including a 100 RBC fee in the future that may add up to a lot of money and drive away smaller traders. Right now RBC is trading at $0.28 so the fee would cost you $28 on top of the transaction fees you already need to pay. It may be very convenient for large traders but surely not for someone that is looking to invest very small amounts.
Why Are Cross-Chain Swaps So Important?
As we can all see there are at least 10 different chains competing with each other for liquidity and users with even more competition coming in the very near future. This saturates the whole market and instead of concentrating liquidity in one place, it scatters it in many different corners of the crypto world. For example, if all BTC/ETH pairs that are sitting on hundreds of different market makers were accessible in one single pool, we would have a lot more price stability as large buys and sales wouldn't make significant moves in said pools. Price aggregators and cross-chain solutions are more essential than we may think.
THORChain is one of the leading projects looking to solve this issue on the base layer so those that want to know more about cross-chain liquidity issues and solutions can find more information here. It will probably take a few more years before this idea becomes a usable product so for now, Rubic is the best possible replacement.
Jerry Rating 8.5/10
Not all chains are still operational but the general concept is more than welcome. With a few more improvements it could become a reputable project in the space for sure.
Reposted from my account on LeoFinance