What is the Multi-Token Bridge on Leo

4 mo
LeoFinance
3 Min Read
575 words

You may have seen the term Multi-Token Bridge being talked about over the last couple of days on Leo Finance.

What are people actually talking about?

First up then, is what is the leobridge?

A blockchain bridge is a protocol connecting two blockchains to enable interactions between them.

source What’s a Blockchain Bridge?

multitokenbridge.jpg

source Image by Tibor Lezsófi from Pixabay modified by me

This is great as it means we can connect to some blockchains that are not Hive!

The multi-token bridge on Leo

Screenshot_20220909201414.png

As you can see underneath the title of "LEO BRIDGES" there is written ETHEREUM, BNB SMART CHAIN, POLYGON.

This means that we can connect HIVE blockchain to Ethereum, Binance and Polygon and vice versa.

The single letter prefix w, b or p before the LEO denotes wrap (for Ethereum) binance and polygon.

The Tokens we can bridge are as follows

BLOCKCHAINTOKENlink
EthereumwLEOwleo.io/leo-ethereum/
BNB Smart ChainbLEOwleo.io/leo-bsc/
BNB Smart ChainbHIVEwleo.io/hive-bsc/
BNB Smart ChainbHBDwleo.io/hbd-bsc/
PolygonpLEOwleo.io/leo-polygon/
PolygonpHIVEwleo.io/hive-polygon/
PolygonpHBDwleo.io/hbd-polygon/
PolygonpSPSwleo.io/sps-polygon/
DISCORDSUPPORTDiscord

How Do We Bridge the Token?

Let's take pHBD for example. On the screenshot I had the pHBD pulled up, hover over it and then it gets bigger click and we get this screen.
Enter the amount of HBD and it will end up as pHBD on Polygon.

image.png

If we want to go the other direction (polygon to hive) then we click the Or Transfer Them Back button and this screen will now appear.

image.png

ALL the token bridge pages work in the same manner as this.

It is exceeding easy to bridge our tokens on or off the Hive blockchain now!

I mean how cool is that?

What does LeoBridges do for the Hive ecosystem?

One big reason that the Multi-Token Bridge has become such viral news in LeoFinance is that we can now LP HIVE and HBD on BNB Smart Chain (BSC).
WE can provide more liquidity which in turn provides more stability to the Hive ecosytem.
Leo Bridges provides a way for EXTERNAL cash/assets to brought into the HIVE ecosystem this growing it!

Some key points to remember before we bridge our Hive assets?

Get yourself ready, it is all too easy to make a mistake when making a cryto transaction.
So be sure to know the:

  • Hive account name
  • The receiving wallet address for the selected network (Polygon, BNB Chain, Ethereum) DOUBLE CHECK this!
  • The transaction amount

I first tested the Leo Bridge to wrap some HBD into pHBD. pHBD-USDC my first LeoFinance post - it's a wrap! shows how I got some pHDB and set up a farm.

We can do similar now and I suggest reading these two tutorials for more information on using the Binance Smart Chain bridge:

So there we have the Multi-Token Bridge has been upgraded. Whilst it is still small in comparison to some other DeFi bridges (think pancake,sushi) it in keeping with all LeoFinance products grows and gets refined all the time.

So hop on and get bridging! In the meantime Hive on.

This post is in part written as a entry for LEO&HODL Contest Week 2 (175 LEO) | Focus: Leo Bridges from @leofinance and @hodlcommunity and also @idiosyncratic1

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Hi @tengolotodo,
Thank you for participating in the #teamuk curated tag. We have upvoted your quality content.
For more information visit our discord https://discord.gg/8CVx2Am

1
4 mo (edited)

Oh my! You just answered one little but key question I have had since I came on Hive - What does all these prefix -p, b, w etc. mean? But thanks to you @tengolotodo I now know better.

But when these bridging is done, does one earn from it? You mentioned liquidity, does that means more Hive is given if Hive is bridged?

I first tested the Leo Bridge to wrap some HBD into pHBD. pHBD-USDC my first LeoFinance post - it's a wrap! shows how I got some pHDB and set up a farm.

Now, what is a farm, pls?

0

Indeed Tito Ed, the MTB is a gateway to major/different chains and opened up a whole new opportunity for Hive to go out the world of DeFi off-chain. It also tore down the barrier so now, money is easier to flow into the Hive ecosystem :)

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https://twitter.com/noadvice3/status/1568445824861982722
The rewards earned on this comment will go directly to the people( @no-advice ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.

1

Keep beastin Ed. Cool info. Glad to see innovations and developments.

!LUV

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Thanks for the amazing post!

Entry #2 :)

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My pleasure, I had not looked for ages at the bridge, so was pleasantly surprised!
It just shows we do need constant reminders of things.

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I hope there's a bridge for sbch ,🙈 tokens are holdup on MM haha.. You know what I mean haha..

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That is a shame but not unexpected. I pulled out of sbch last year, too much wild west for me.

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Congratulations @tengolotodo! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):

You got more than 17000 replies.
Your next target is to reach 17500 replies.

You can view your badges on your board and compare yourself to others in the Ranking
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Check out the last post from @hivebuzz:

HiveFest⁷ badges available at the HiveBuzz store
HiveFest⁷ meetup in Amsterdam is next week. Be part of it and get your badge.
0

That is fantastic, thank you so much, have a buzzy weekend :)

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Cool post - I had no idea what the bridging was about so this has really helped - thanks !
!LOLZ
!PIZZA

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Did you hear the one about the giant pickle?
He was kind of a big dill.

Credit: reddit
@tengolotodo, I sent you an $LOLZ on behalf of @hoosie

Are You Ready for some $FUN? Learn about LOLZ's new FUN tribe!
(2/10)

0

No worries and glad it helped :)

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PIZZA!

PIZZA Holders sent $PIZZA tips in this post's comments:
@hoosie(2/15) tipped @tengolotodo (x1)

Learn more at https://hive.pizza.

0

Thanks for the explanation Ed. It looks too complicated for me though! lol

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hehe looks more complicated than it really is Steve:)

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The Multi-Chain Bridge is getting a lot of action lately, this is very bullish for the long term prosperity of the Leo Ecosystem!

Great post and congrats on getting a decentralized curation vote!

Check out the latest on @leogrowth:

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