In this article we’ll explore the Bogged cross-chain bridge, a tool allowing users to easily and affordably move funds between blockchains.
With Cronos quickly becoming a go-to destination to buy the latest DeFi tokens, many traders on other chains may be looking to dip their toes into the Cronos ecosystem. To help these traders, we at Bogged have developed a cross-chain bridge.
What is a cross-chain bridge?
A bridge allows users to move funds between various blockchains without needing to use centralised exchanges.
For example, a trader holding funds on BNB Chain may wish to move to Cronos to trade on DEXes available there. Normally, that trader would have to transfer their funds to a centralised exchange (such as Binance or Kucoin), then purchase CRO on that exchange, which they then need to transfer to a Cronos wallet. This can take time and be massively expensive due to fees and price volatility.
Thanks to cross-chain bridges, it is now possible to transfer funds between different chains in one single transaction, which is both faster and cheaper.
How does the Bogged cross-chain bridge work?
The Bogged cross-chain bridge is one of the most secure and fastest bridge solutions available to DeFi traders. This is due to the innovative way in which it conducts cross-chain transactions.
These transactions are made possible by the BOG governance token. It is an arbitrage-supported cross-chain token, meaning that its price is roughly the same on all the chains it is available on: BNB Chain, Avalanche, Fantom and Cronos.
When BOG is sent from one chain to another, the BOG on the sending chain is burned, and BOG is minted on the receiving chain. When the transaction is completed and fully validated, the BOG is sent to the user’s wallet on the receiving chain.
The transaction is completely secure thanks to the mint and burn functions being solely callable by fully validated and legitimate bridge transactions. Due to the number of validations required, some users may find that bridging can take several minutes.
The cost of using the Bogged cross-chain bridge is $2.50 of native token (BNB, CRO, etc), and 0.25% of the transaction value.
What chains can I bridge to Cronos from?
At the moment, our bridge allows you to securely transfer funds from BNB Chain, Avalanche and Fantom. We’re constantly working on expanding this offering, so this list is set to grow as we release support for new chains.
How do I bridge funds from or to Cronos?
- Click here to visit the bridge.
- You will need to convert any funds you wish to transfer into BOG. You can do so on BogSwap (Find out more about BogSwap here)
- Make sure the chain selection box in the top right of the screen is set to the chain you’re sending funds from.
- Enter the amount of BOG you wish to send, then select your destination chain.
- If necessary, approve the BOG, then click on “Switch chain”
- Once the transaction is validated, you will find BOG in your wallet on the destination chain (same address). You can then swap it back into your token of choice.
To read the bridge docs, visit https://docs.bogged.finance/bogged-finance/product-information/bogbridge
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