Multichain Dapp add support for SmartBCH: small tutorial inside
Multichain Dapp is basically a web3 platform designed for cross-chain interactions. It was initially known as Anyswap and was created on July 20, 2020, where it allows several blockchains to communicate with each other.
It is common knowledge that each blockchain has its own development where it offers unique services and a community that also supports it.
The Multichain Dapp grants the interaction between several chains allowing the exchange of values quickly, safely and reliably without losing control operating in a system where all of them inter-operate with each other. The product developed by Multichain ensures that there are no restrictions, for example, on the Binance Smart chain network to inter-communicate with the Polygon chain or even the SmartBCH side-chain to interconnect with Ethereum and in the movement make the exchange of value.
Multichain Dapp supports more than 26 chains, it's open source and is currently the leader in the field of cross-chain operating almost universally acting as an interoperable layer. It has a turnover of more than 100 million dollars in traded assets and more than 5 billion dollars of total value locked (TVL) and a huge range of users that daily look for its services.
Services offered by Multichain Dapp
As we can see above, Multichain Dapp is a fast-growing protocol always offering a safe trading environment for anyone who wants to enjoy cross-chain value exchange without restrictions.
Next, I will mention some services that the platform offers;
Bridge
Allows an asset to be locked into a contract in the output chain by issuing (using the minting process) a corresponding asset wrapped in the arrival chain.
Router
anyCall Crosschain Contract Calls
Crosschain NFT Bridges and Router
For a detailed reading explore the website .
Multichain Dapp adds support for SmartBCH side-chain
SmartBCH side-chain is the smart network of Bitcoin Cash, a powerful EVM that is experiencing growth and popularity. It was to be expected that Multichain Dapp would add support for the side-chain allowing to reduce the distance between chains and allowing cross-chains operations to happen!
Using Multichain Dapp it is now possible to send Ethereum, USDT, any other ERC-20 asset and receive the equivalent on the SmartBCH side-chain or even the Binance smart chain (BEP-20 assets) without any restrictions. These are not the only networks that can interact with the SmartBCH side-chain but more than 25 chains can also cross-chain the SmartBCH side-chain.
Here's how cross-chain works:
Suppose that individual A intends to send USDT to SmartBCH using the Ethereum chain, he must first approve the contract and then approve the transaction for the two networks to interact. It should be mentioned that the approval of an asset is done only once which allows the user to enjoy the next transactions without having to authorize it again.
This authorization allows Multichain Dapp to gain access to the asset in question and cross-chain it to the target network.
The transaction process is done automatically and could take from 3 to 30 minutes depending on factors such as transaction fee, network congestion and the minimum cross-chain value allowed is 10 dollars. Let's see some screenshots and videos for clarification:
(1) Approve the contract Video
(2) Approve the transaction Video
The process described above in the images works for all the chains that the Multichain Dapp has, which does not change also for the SmartBCH side-chain where it works in both directions, taking and putting values in the ecosystem using more than 25 chains and bridging a countless number of tokens that the platform offers.
An important fact is that all transactions can be consulted in explorer and if user doesn't see the transaction even after it has been successfully executed in the chain, can search for the contract in explorer using the address from which the transaction was carried out and add it to Metamask to see the currency traded.
As I mentioned earlier, it is possible to understand the transaction status by consulting the explorer where it records all the movement that occurs in the Multichain Dapp. It should be noted that the wallet associated with the various chains must be used with the same seed phrase for smoother transactions.
And always keep in mind that after carrying out an operation and even after it has been successful confirmed in the chain, look in the explorer for the contract address (CA) to manually add the currency to the Metamask wallet.
Summary
Multichain Dapp opens a new way of financing the Bitcoin Cash Smart chain, since using the cross-chain investors can put more value on the side-chain and, with that, participate in the growth of the chain.
It is another additional tool that maximizes the use and popularity of the SmartBCH side-chain that even a 'child' shows a lot of resilience and promises great performance in the existing DEFI ecosystem today.
Useful links:
*Ethereum Contract address (CA) on smartBCH - 0xE3F5a90F9cb311505cd691a46596599aA1A0AD7D
USDC coin Contract address (CA) on smartBCH - 0x765277EebeCA2e31912C9946eAe1021199B39C61
**some chains a only supporting few tokens as example, Ethereum just support USDC, DAI and ETH. Others chains can show some unusual behavior due to low liquidity, always DYOR 😎
Disclaimer.
"The article is educational in nature and does not constitute a investment vector and the user is invited to use the Multichain Dapp at their own risk. Keep in mind that all platforms carry the risk of losing values".
It sounds good!