🇧🇼PeerSwap
own own Cross chain Swap
Peerblue Exchange will introduce PeerSWAP, a cross-chain swap feature allowing users to swap tokens between any EVM-based chains, as long as liquidity pools with stable coins exist for both tokens on their respective native chains.
PeerSwap, a cross-chain swap feature on Peerblue Exchange, aims to enable users to swap tokens between different EVM-based chains. In this approach, we use a proprietary cross-chain bridge designed specifically for PBEX to enhance security and streamline the token-swapping process. This custom bridge allows only the PBEX smart contract to send and receive the stablecoins, thereby offering a more secure and efficient solution than general-purpose bridges. Let's go through the step-by-step process, assuming the utilization of Uniswap on Ethereum and QuickSwap on Polygon as examples
The user selects the source and destination tokens, along with their respective blockchains (e.g., Ethereum, Binance Smart Chain, Polygon, etc.).
PeerSwap identifies the liquidity pools on the respective DEXes for both the source and destination blockchains. For example, if a user wants to swap ETH (Ethereum) to MATIC (Polygon), PeerSwap would find liquidity pools like ETH-USDC on Uniswap (Ethereum) and MATIC-USDC on QuickSwap (Polygon).
PeerSwap calculates the swap rate using the respective stable coin liquidity pools on the DEXes. This involves checking the reserves of each pool and calculating the swap rate according to an algorithm, such as the Constant Product Market Maker (CPMM) model.
The user confirms the transaction, and PeerSwap initiates a swap on the source DEX (e.g., Uniswap) to convert the source tokens to the chosen stable coin (e.g., USDC).
The stablecoins are sent to the PBEX proprietary cross-chain bridge, which is designed specifically to securely transfer the stablecoins between blockchains. This custom bridge allows only the PBEX smart contract to send and receive stable coins, eliminating the risks associated with general-purpose bridges and their time windows for transfers.
The PBEX proprietary cross-chain bridge transfers the stablecoins from the source blockchain to the destination blockchain, ensuring a secure and efficient process.
Once the stablecoins are received on the destination blockchain, PeerSwap initiates a swap on the destination DEX (e.g., QuickSwap) to convert the stablecoins to the destination tokens.
The destination tokens are sent to the user's wallet, completing the cross-chain swap. By using a proprietary cross-chain bridge, PeerSwap can ensure a higher level of security and efficiency for users swapping tokens between EVM-based chains. This solution can enhance the user experience on PBEX Exchange and attract more users seeking secure and efficient cross-chain trading options.
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