The Stargate Bridge
PancakeSwap is no doubt one of the leading decentralised finance platforms on the Binance Smart Chain. With its recently launched fixed staking pools it aims to encourage long term holding of its native $Cake token. It's road map for 2022 has thus far been impressive matched with timely execution of the target(s) for each time period so assigned. And the best is yet to come.
In order to encourage inward movement into the BNB Smart Chain, It partnered with the team at Stargate Finance to deploy a cross chain bridge which allows users to bridge their stable coins from other networks to BSC. For now only a few stable coins and networks are supported with plans to increase the number of available pairs as well as networks with time. The coins (mostly stablecoins) currently supported are:
1. BUSD
2. USDT
3. USDC
4. STG
On the network side of things, currently six of them are supported for bridging to BNB Chain viz:
1. Ethereum
2. Optimism
3. Arbitrum
4. Avalanche
5. Fantom
6. Matic
The bridging fee is shared as indicated in the screenshot below
The bridge can be accessed by visiting bridge.pancakewsap.finance
The steps in utilizing the bridge are quite simple. Once you visit the URL mentioned above follow the instructions below:
Connect your wallet
Select the token and network or blockchain you want to bridge FROM
Select the destination token you want to bridge to as well as the network
Select the desired amount , this action will prompt the fee (0.1%) breakdown to be shown
Once you're satisfied with the above , click above
Confirm the transaction in your wallet
Wait to receive your tokens on the destination Blockchain
You can keep track of how long it will take for your tokens to arrive via the countdown timer for the transaction
Transactions are are usually completed within a timeframe of 10 minutes.
PancakeSwap states that whatever revenue it gains from the bridge fees will be used for cake buyback and burn
As at 23rd August, 2022 when the bridge was announced via a medium post, it was still in Beta testing thus a few things will still need fine tuning with time as users bring to the notice of the developer team any bugs they may have encountered in the course of using it.
There's also a promise of a USD 20 reward for users who try out the bridge within the first few weeks of its deployment. Think of this as a reward for participating in the beta testing of the bridge.
Please note that ALL pictures contained herein are screenshots from PancakeSwap's medium post about the Stargate bridge.
