Interoperability, cross-chain, and on-chain privacy. These are three of the most important features of blockchain. I have mentioned them more than once. As a matter of fact, these features are crucial for the blockchain future. At Altcoin Buzz, we are strong believers in this.
So, Wanchain is one of the projects that work on all three of these features. It already connects 22 networks and 45 tokens. Including an Arbitrum bridge. That’s a good enough reason to have a look at the latest developments of this project. I have talked about them before, so time to refresh our memories.
What is XFlows Bridge?
XFlows allows you to move native-to-native cross chain transfers between chains. There’s no more need for the lock-mint-burn-unlock mechanism.
So, if the native coin exists on the destination chain, you receive native coins. For example, Tether will mint native coins on the destination chain. Circle does the same for USDC. You can bridge thousands of dollars worth of stablecoins now for pennies.
Keep your eyes peeled for the latest developments.
— Wanchain (@wanchain_org) March 24, 2023
Wanchain currently offers three coins:
- and ETH.
- BTC is in the pipeline.
You can see that this is a continuous work in progress. The team keeps adding new chains. Last week, the team added USDT XFlows to Optimism. In February, they added Astar. This connects Polkadot with native USDT.
XFlows on Other Chains
USDT XFlows are currently available on 9 chains. For example: Arbitrum, Avalanche, BNB, Ethereum, among others. Also, you can find USDC XFlows on Polygon, Tron, and Wanchain. I also like to show you some comparisons on bridging times. For this, I will compare Wanchain to other bridges. Have a look here, these are Wanchain bridging times.
So, we can see 10,000 USDT from Avalanche to Arbitrum in 2:29 minutes for $0.06. Or 6.01 ETH from Optimism to Arbitrum in 1:30 minutes for $0.13. We can also look at bridging from the Ethereum main net to Arbitrum, Optimism, and Polygon.
Let’s start with ETH from Ethereum to Arbitrum.
- On the Arbitrum bridge, it costs $5.33 that lasts 15m39s.
- On the Wanchain bridge, it costs $4.98 that lasts 3m06s. And the other way around, ETH from Arbitrum to Ethereum.
- On Wanchain bridge, it costs $12.79 that lasts 2m30s.
With Optimism and Polygon, there are similar results. You can check out this Twitter thread. Transactions are fast. Let me show you how I transferred USDT between BNB and Polygon in 5 minutes. The costs were pennies. Have you used the Wanchain Bridge with XFlows? Or used it as an Arbitrum bridge? Between Arbitrum and other chains?
But it doesn’t stop with XFlows. You can also transfer NFTs on the Wanchain bridge. So, let’s have a look at that.
Currently, they offer three NFT collections. XDSea on the XDSea network. You can use five chains, for example: XDC, BNB, Ethereum, Polygon, and Wanchain. The XNFT collection on XDSea. You can move this between XDC, BNB, Ethereum, Polygon.
And last, the Zoogenes collection on Wanchain. You can bridge these between Wanchain and Ethereum. But that’s not all of it. Wanchain is like a beehive. Always busy, and there’s always something going on. So, let’s have a look.
— ZOO ECOSYSTEM (@ZooEcosystem) October 31, 2022
What Else Is Happening with Wanchain?
For instance, this month we covered the new Telos bridge in this video. We also mentioned the new Optimism USDT XFlows. Last month we mentioned, among others, the USDT XFlows on Polkadot. We also showed you ETH XFlows addition to L2’s.
And XFlows stayed in the spotlight during December and November 2022 as well. There was also the news of the first decentralized bridge to Tron. There were also new partnerships that Wanchain forged. Let’s have a look at those.
For example, with Astar, a parachain on Polkadot. They are the smart contract hub in the network. And Telos, a layer 1 on Binance. They offer one of the fastest EVM solutions around.
— Astar Network (@AstarNetwork) February 19, 2023
Wanchain still has an ambitious roadmap in front of them. It keeps the team on track and shows us, their community, what their plans are. It’s a great tool to keep your community involved. But it’s also an excellent way to build trust, and it strengthens the project’s credibility.
However, they don’t stick timeframes on this roadmap. Plenty of times, you can notice that teams can’t live up to the timeline on a roadmap. To clarify, research and development are difficult animals to tame. Sticking a time frame on them can work to a team’s disadvantage. Hence, there’s an itemized timeline rather than a roadmap with fixed dates on it.
These topics are key items in Wanchain’s roadmap, for instance:
- Interoperability, true to their roots.
- Zero Knowledge, an upgrade to the WanBridge. I’ve covered ZK tech a lot already.
- Cross-chain messaging
- XFlows, the team will add more chains and coins.
- XStake, deploy nodes and stake assets. More staking options are in the pipeline.
- User Experience, always on the lookout to improve this.
- New Wan Bridge, a face lift for all the bridges. This includes their Arbitrum bridge.
- A new Wan Scan, a redesign with an Etherscan layout.
- And much more.
So, like I said, a busy team and plenty to look forward to.
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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.