As of now Hydro token is available on 2 blockchains- Ethereum and Binance Smart Chain (BSC). On Ethereum network it’s available as in ERC-20 format and on BSC network as in BEP-20 format. If anyone holds Hydro tokens on their personal wallet and wants to swap Hydro tokens between these chains then they have to use any supported exchanges. And have to go through some long process to do it.
That’s why we have developed Cross Chain Utility or you can simply call it Hydro Bridge or an Escrow system to swap Hydro tokens between these supported blockchains. So that users who want to swap Hydro tokens can do it very easily and with less cost by using this system. And as per our multi-chain platform vision we will be supporting more chains in future.
To use this Cross Chain Utility, users need to have a MetaMask extension with configuration of Ethereum and Binance Smart Chain Mainnet network(Link to add BSC network on Metamask). To swap Hydro tokens, you have to connect your existing wallet which contains a new Hydro token to MetaMask.
As we have said in our recent Development Update article that while testing the first version of the bridge we faced the issue of high Ethereum gas fees transaction while transferring the ERC-20 tokens to users wallet and we believed that this could make it difficult for users to swap tokens. So we decided to build a system where users can pay Hydro tokens as a gas fee instead of Ethereum while receiving the ERC-20 tokens.
Hydro Swap Flow
Only one transaction is executed by the user while swapping Hydro tokens, but actually there are two transactions being executed behind the scenes,
1st is from User’s Source Wallet to Hydro Contract and
2nd is from Hydro Contract to User’s Destination Wallet.
Users must have to be on the Ethereum network and require some ETH for the interaction with the on-chain smart contract, to swap from ERC-20 to BEP-20 token, And users must have to be on the BSC network and require some BNB for the interaction with the on-chain smart contract fees to swap from BEP-20 to ERC-20 token. All the Hydro tokens used as a gas fee for transferring the ERC-20 tokens to the users will be used for transaction fee, and all data will be on-chain, so that community can look at it anytime they want.
So let’s start exploring the Cross Chain Utility, and how to use it. Before it, please note that a wallet which interacts with Cross-Chain Utility for the 1st time, has to go through the approving process first, and it’s one-time only. So the below step numbers 4, 5 and 6 are required only for the first time.
How to swap from ERC-20 to BEP-20 token?
Open Hydro Cross Chain webpage.
Connect it with your MetaMask wallet and change the network to Ethereum Mainnet.
Enter the amount of Hydro tokens you want to swap and required Hydro fees will be displayed.
Click on the “Approve Tokens” button.
Approve the transaction from the MetaMask popup.
MetaMask notification will be displayed saying the transaction is confirmed.
Click on the “Swap” button.
Confirm the transaction from the MetaMask popup
Wait for the successful message then you can see your swapped tokens on the BSC wallet.
How to swap from BEP-20 to ERC-20 token?
Open Hydro Cross Chain webpage.
Connect it with your MetaMask wallet and change the network to BSC Mainnet.
Enter the amount of Hydro tokens you want to swap and required Hydro fees will be displayed.
Click on the “Approve Tokens” button.
Approve the transaction from the MetaMask popup.
MetaMask notification will be displayed saying the transaction is confirmed.
Click on the “Swap” button.
Confirm the transaction from the MetaMask popup.
Wait for the successful message then you can see your swapped tokens on the ETH wallet.
[Note: This escrow only supports new Hydro ERC20 and BEP20 tokens. For the 1st time users who interact with Cross-Chain Utility, have to go through the one-time approving process before swapping the tokens.]
Hydro Bridge: https://hydro-bridge.org/