Especially in a time when Centralized Exchanges aren't secure place and are failing.
I came across a bridge in Hive ecosystem built by Leofinance from where we can transfer Hive and some other assets real quick in a Decentralized way without getting involved with Cex and to unlock the possibility to perform other actions on multiple chains.
What is Multi-Token Bridge (MTB)?
This Multi Token Bridge is Leo Bridge which allows to bridge coins Like Hive, HBD and tokens; $LEO, $SPS Across Ethereum, Binance Smart chain (BSC) and Polygon sidechains.
A Gateway that helps to transfer assets from one network to another which is permissionless and truly Decentralized.
How to Bridge Assets on MTB?
This Leo Bridge is very simple to use as compared to others that I have tried.
Firstly lemme explain this whole concept clearly in a simple way.
- Open This: https://wleo.io/ on Hive keychain browser (for mobile) or extension (on PC).
You need to understand that wLeo, bLEO, pLEO and bHBD,pHIVE are just representing on which sidechain network they're on.
And fee's of Bridging is just 0.25% which goes to treasury for development of bridge.
bridging $LEO from Hive Engine to BSC
Simply need to pick any coin you want to bridge from available option like I want to send $Leo to BSC.
So I need to copy BSC address from Metamask, Type amount and by clicking on transfer Hive keychain will ask to sign in and after signing in bridge process will be successful.
bridging $bLEO from BSC to Hive engine
All you need is to open bridge on Metamask browser or extension will be required to connect wallet.
Than Hive username and amount of bLEO to transfer, click on transfer than doing confirmation which cost gwei fee on BSC, Polygon etc networks.
The effects of MTB on Hive
This bridge is going to have huge impact on Hive ecosystem as it is permissionless, simple and allows to bring fund into Hive from other chains and keeping Decentralized liquidity on other chains increase the potential of growing both inside and outside Hive ecosystem.
My experience using Leo Bridge and how this is a helpful system
I have tried other bridges on chain which were quite confusing at first place meanwhile on Leo bridge step by step instruction are there and user experience is smooth with as well as interface UI of bridge website also works fast and isn't costly.
How this is a helpful system?
Like in many ways this is helpful and essential part of ecosystem.
I remember the time when centralized exchanges stopped withdrawal/deposit of Hive at the time of HF26 and this Leo bridges (MTB) was still working smoothly without any restrictions people were able to send their assets from one chain to another network.
So this is another way how this bridge is impacting and helpful in this system.
In the end this bridge also makes it way easy to bridge Hive, HBD to earn that Yield on CubFinance, PolyCub.
I Have said it all and hopefully y'all have enjoyed and learnt something new.
Do not Forget to hit Upvote, Comment and Re-blog.
Thanks for reading.
Greetings.
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