Thanks for your interest in the 1COIN Network Asset Bridge!
This page aims to explain our approach to bridging networks, and the numerous benefits available while using our network.
1COIN Network Mission and Purpose
1COIN Network Asset Bridge aims to be the easiest and safest way to bridge assets between networks. This includes full decentralisation, and governance by 1COIN Network asset holders.
A different approach to network bridging.
Normally, the less steps required to perform some operation would be seen as a better approach. At 1COIN Assets, we feel that bridging assets between networks can greatly benefit from introducing 1 additional step. Lets explore:
|1COIN Network Asset Bridge||Current Bridges|
|On ramping asset||Simply transfer funds to specific wallet as per our instructions. Asset will be available on 1COIN Network||Typically requires connecting wallet of source network. Can be confusing for users|
|Convert/exchange asset to asset compatible with 2nd network||Use 1COIN built in exchange based on current spot pricing to exchange your assets to ideal asset based on where you wish to off ramp your assets||Typically no ability to convert asset to “ideal” asset|
|Earn yield on your assets||While assets are on 1COIN Network, you can earn yield, providing a safe and profitable store of assets while in transition||This step does not normally exist for current bridges|
|Off ramping to network of your choice||Once you have wrapped version of the appropriate asset for network to off ramp to, simply specify the address on the network and assets will be transferred there after paying minimal fee.||Off ramp happens at same time of performing initial bridge transaction. This may or may not be with an asset that is supported or ideal for the network you are transferring to.|
Comparison Example: Move XLM to Ethereum network
Let’s explore how you would move Stellar Lumens (XLM) to Ethereum network using 1COIN Network Asset Bridge vs current bridge solutions.
- Transfer XLM to 1COIN XLM wallet, which will provide wrapped XLM on 1COIN Network
- Exchange XLM to ETH using tools on 1COIN Network
- Transfer ETH to Ethereum address of your choice
- Hope a bridge exists between XLM and ETH
- Likely you would receive some wrapped XLM ERC20 Ethereum token on the Ethereum network
- Hopefully your Ethereum wallet has ETH, or you will be stuck with an Ethereum wallet with wrapped XLM, but no ETH to pay transaction fees to do anything with it.
This simple example demonstrates the challenges of having a single step bridge between networks. It is complicated, bridges may not exist for the assets/networks you wish to utilise, and if transferring to create a new wallet on destination network, you will likely not have any native asset for fees and your funds will be un-usable.