What is Axelar and Squid?
Powered and secured by Axelar, Squid is an innovative feature integrated into our DeFi Wallet. Squid inherits its speed, security, and reliability from Axelar Network, an interoperability protocol renowned as the most secure and scalable cross-chain communication platform.
Axelar Network serves as the backbone, ensuring the robustness and efficiency of cross-chain communication. With its support, Squid connects a growing list of 37 chains (and counting), expanding your application's reach to new ecosystems and users. From the Ethereum Virtual Machine (EVM) to the Cosmos and beyond, Squid empowers you to unlock value and access a wide range of blockchain networks.
What makes Squid truly remarkable is its ability to 'build-your-own transactions.' This means you can combine swaps with general message passing, facilitating one-click staking, buying, or practically any transaction across different chains. It's a tool for developers and users to explore new ecosystems in an instant.
Squid opens the doors to making anything cross-chain. It enables the swapping of any token between blockchains and provides access to apps across chains with a single click. This empowers developers to build user experiences that leverage cross-chain liquidity and reach anyone with a crypto wallet, regardless of the blockchain they're on.
Squid's API and SDK further support swaps between any token type and enable multiple swaps and on-chain function calls to be linked across a vast array of integrated chains. This flexibility provides both developers and users with the means to explore and integrate with new ecosystems effortlessly.
In essence, Squid acts as a liquidity and messaging router on Axelar, streamlining cross-chain swaps and expanding the possibilities of decentralized finance within the DeFi Wallet.
How do cross-chain swaps work with Axelar and Squid in the DeFi Wallet?
Cross-chain swaps in the DeFi Wallet are designed to be straightforward and user-friendly. Here's a step-by-step guide to the process:
- Update Your App: Make sure your iOS app is updated to the latest version. The functionality for cross-chain swaps is currently available for iOS, with Android and web versions soon to have this feature.
- Funds for Gas and Supported EVMs: To initiate a cross-chain swap, you need to have assets available in one of the supported Ethereum Virtual Machine (EVM) networks, such as Ethereum Mainnet, Polygon, Arbitrum or BNB Smart Chain. It's essential to ensure your wallet has the necessary assets on the source chain for both covering gas fees and the swap itself.
- Open DEX Tab: Launch the DeFi Wallet app and navigate to the DEX tab.
- Select Input and Output: On the DEX tab, you can select the input chain and asset, as well as the output chain and asset. Additionally, you have the option to set your maximum slippage from the settings and decide whether you want to boost your transaction or receive assets on the destination chain.
- Confirmation Screen: After making your selections, proceed to the confirmation screen. Here, you can review all the chosen values to ensure they align with your preferences. Double-check that the input and output assets are accurate, verify your chosen settings, and confirm the trade.
- Enjoy the Magic: Once you confirm the trade, you can sit back and relax. The DeFi Wallet's integration with Axelar and Squid will take care of the rest, executing the cross-chain swap. You'll experience the convenience and efficiency of cross-chain swaps as your assets move between blockchain networks, all within the DeFi Wallet.
Which EVMs are currently supported for cross-chain swaps?
As of our latest update, the DeFi Wallet supports cross-chain swaps between various Ethereum Virtual Machine (EVM) compatible blockchains, including Ethereum, Binance Smart Chain (BSC), and Polygon (Matic). We're actively exploring further EVMs, so stay tuned for additional supported networks.
Why are cross-chain swaps beneficial?
Cross-chain swaps offer numerous benefits, including enhanced asset liquidity and accessibility. Users can access a wider range of assets and trading opportunities across different blockchain networks while maintaining the security and ease of use of our DeFi Wallet.
Can I still perform same-chain swaps?
Absolutely! The integration of Axelar and Squid for cross-chain swaps does not affect your ability to use 1inch for same-chain swaps. You can continue to enjoy the convenience and features offered by 1inch for same-chain trading.
Are there any fees associated with cross-chain swaps?
Cross-chain swaps may involve fees to ensure transparency and clarity in your transactions. Here's a breakdown of the fees associated with cross-chain swaps on Blockchain.com:
- Gas Fee (including Cross-chain Gas Fee): This fee covers the cost of performing the transaction on the input chain and the additional cost of executing the cross-chain operation, ensuring that your assets move securely and efficiently between different blockchain networks. It is paid in the native token of the input chain and is akin to the transaction fees you might encounter when using any blockchain network. The specific amount depends on the network's congestion and the complexity of the transaction.
- Blockchain.com Fee: To support the ongoing development and maintenance of our platform, there is a fixed percentage fee on the input asset for using our cross-chain swap service. This fee is a standard practice in the industry and helps us continue to provide a secure and user-friendly experience.
- Boost Fee (optional): For users who require nearly instant swaps, there is an optional boost fee. This fee provides an expedited service, allowing you to complete your cross-chain swap with minimal delay. It's ideal for those who prioritize speed and convenience and is entirely optional, giving you the flexibility to choose the level of service that suits your needs.
These fees are essential for ensuring the security, efficiency, and sustainability of the cross-chain swap service. The specific amounts can vary based on the network and the value of the transaction, so it's advisable to review each transaction detail before confirming it.
Is there a limit to the amount I can trade using cross-chain swaps?
No, there are no predefined trading limits for cross-chain swaps. Your ability to trade depends on having sufficient assets to cover both the associated fees and the amount you wish to swap. As long as you have the necessary assets to pay for fees and the selected swap, you can engage in cross-chain swaps without restrictions.