Hive Is Now Bridged To Avalanche Network
Hive - Avalanche Bridge
Great news for the Hive Community! I thought only LeoFinance team was determined enough to build bridges between Hive & other chains but @pysberX proved me wrong. This is undoubtedly one of the biggest development PsyberX has done for Hive. As we all know, interoperability is quite important in crypto. The more bridges we build the bigger we get. According to me, all DApps should have multi-chain support so that they don't have to rely on just a single chain or a single community. There is a reason why Splinterlands uses multiple chains and have assets spread across. Every blockchain network has unique propositions and community members with various skill sets & different backgrounds. This is a great chance to attract the Avalanche community to Hive.
Those who don't know about AVAX & how the blockchain works, please check out the Avalanche basic guide by @crypto-guides to know more.
There are a few reasons why @psyberx team decided to make this bridge and chose Avalanche as their first option:
- It is fast
- Cheaper than Ethereum
- EVM compatible
- Has a thriving gaming community
- Will deepen LVL Liquidity
Another great thing about Avalanche is that it's an ecosystem of blockchains that are interconnected. So Hive is now automatically connected to all those blockchains as well. PsyberX team has also announced that more bridges will be created to other networks. Not sure why they didn't choose Polygon but that's okay. It should be there in the near future. To access the wrapping functionality you use this link: PsyberSwaps.com
Wrapped LVL On AVAX Network
LVL is the native token to PsyberX. You need to setup Avalanche Network on your Metamask wallet to get LVL on C-Chain. Also need to load it with AVAX tokens so that you can pay fees. You can follow the guidelines mentioned in the announcement post by @psyberx to setup everything. You can access the bridge from here: PsyberSwaps.com
Just enter your Hive Account name and connect your metamask to get the below screen where you can mention the no. of LVL you want to wrap:
There is a 1% flat fee on every transaction through the bridge. In a similar way, you can unwrap your LVL tokens back to Hive. Once you confirm the transaction, your LVL tokens should show up on your Metamask on Avalanche C-Chain. The process is pretty simple and straightforward. It's quite similar to the wrapping and unwrapping of LEO tokens using this application: https://wleo.io/polygon
LVL Pool On PolyCUB?
Sounds great, right? This is how we can get LVL on Polygon Network and start farming. Thanks to Leo Finance Team, we already have wrapped versions of HIVE, HBD & SPS on Polygon. So why not LVL? This collaboration will work out really well. Most of the PsyberX investors I know on Hive, also use LeoFinance and PolyCUB. I Hope @khaleelkazi and @psyberx team will get in touch and work something out for us. ;) It's a win-win for all the parties involved. ๐๐
pLVL-PolyCUB farm wen??
Posted Using LeoFinance Beta
