Wanchain is already a leader in decentralized bridges. They make it easier to move tokens across chains. And now, using their bridge technology and their awesome XFlows program they will be bridging to and from Tron.
Here’s why that’s a big deal for Wanchain and for you.
Tether USDT Volume By Chain
Tether is currently available in its native, unwrapped form on 14 different blockchains. And for all of 2022, 2 chains dominate the new issue volume. Those chains are:
- Ethereum and
- Tron
We know many of you are not surprised to hear that Ethereum’s ERC-20 token version of USDT is one of the top chains to buy and trade USDT. But what many people don’t know is that the #1 chain now by more than $2 billion dollars and now more than 50% of total USDT volume is Tron.
Here are the most recent numbers and you see a net $33 billion issued on Tron.
The Announcement Integrating Tron
Big news! $USDT XFlows is now live on the #TronNetwork!
Move your @Tether_to #USDT seamlessly between @trondao and:
🔁 #Arbitrum
🔁 #Avalanche
🔁 #BNBChain
🔁 #Ethereum
🔁 #OKX Chain
🔁 #Polygon
🔁 #XDCNetwork
🔁 #Wanchain🌉 https://t.co/PMVJisfnyH https://t.co/bSVDcj0bnL pic.twitter.com/abqRQOf9RA
— Wanchain (@wanchain_org) December 22, 2022
So you see based on the volume that there is more Tether on Tron than anywhere else. Now, let’s see how XFlows comes in. Most of the time when you bridge to another chain, you get a chain-specific version of that token. That means if you want to sell it you will have to bridge back for the native token and sell it there. BTC.b is a good example. It’s the BNB Beacon Chain (BEP-2) version of Bitcoin. While you have some options to sell on the BNB Chain, you have many more options with native Bitcoin that you can sell anywhere. Chain-specific versions have limitations the native coin doesn’t.
The great thing about XFlows is that it’s all USDT and it’s native to native. So when you bridge from Avalanche to Polygon with XFlows, you are sending native USDT on the Avalanche side and (more importantly) receiving native USDT on the Polygon side to use however you wish. This is a huge advance in bridging. It means you don’t have to worry about bridging back to use or sell it and you still have the full native token capability to do with as you please. XFlows is also super cheap. Even from the expensive Ethereum Network, you can transfer native USDT on the cheap. Check out these fees. 11 MATIC is less than $10.
USDT XFlows are native transfers between blockchains where $USDT is natively minted by @Tether_to.
But what makes #XFlows different?
For less than $10, one user bridged nearly a million #USDT from #Polygon to #Ethereum.
Decentralised. Non-Custodial. Trustless. #Wanchain. pic.twitter.com/epPpqGmtrq
— Wanchain (@wanchain_org) December 21, 2022
Wanchain wants to let you bridge native USDT for native USDT anywhere. And that can’t happen if they are not bridging to and from the #1 network, Tron. So now they are.
How to Do a Cross-Chain Transaction on Tron
Wanchain wrote a post on how to do this since many of us, especially if not in Asia, don’t use the Tron Network very often. The article demonstrates how to bridge using Wanchain’s Web Portal. With it, you use Metamask and Tron’s most popular network wallet, TronLink. With the right wallets, Wanchain does all the work and makes moving to or from the Tron Network easy. You can connect to the Portal right from Metamask or any other WalletConnect compatible wallet.
The addition of the Tron Network for bridging and the XFlows program means more people will be able to bridge their native USDT across all the most popular networks. This is going to help us get to full interoperability sooner.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Wanchain. Copyright Altcoin Buzz Pte Ltd.
