What is the Multi-Token Bridge on Leo
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?
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
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
| BLOCKCHAIN | TOKEN | link |
|---|---|---|
| Ethereum | wLEO | wleo.io/leo-ethereum/ |
| BNB Smart Chain | bLEO | wleo.io/leo-bsc/ |
| BNB Smart Chain | bHIVE | wleo.io/hive-bsc/ |
| BNB Smart Chain | bHBD | wleo.io/hbd-bsc/ |
| Polygon | pLEO | wleo.io/leo-polygon/ |
| Polygon | pHIVE | wleo.io/hive-polygon/ |
| Polygon | pHBD | wleo.io/hbd-polygon/ |
| Polygon | pSPS | wleo.io/sps-polygon/ |
| DISCORD | SUPPORT | Discord |
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.
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.
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:
- Introducing HIVE and HBD Liquidity Pools on BSC! | LP HBD and HIVE Together, Earn 80%+ APR!
- How to Wrap HBD and HIVE to BSC and Earn Massive Yield
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
Posted Using LeoFinance Beta
