Inter-Chain Token swap feature

Feedback
,
#1

Hey guys. Recent market trends indicate a few dominant blockchains are emerging especially for DeFi, f.e. Ethereum, BSC, Polygon etc.

I found that all of them have some very interesting projects, but it turned out that actually using them was always a problem. This is mainly due to the barriers that different blockchains bring, same tokens but sometimes native, sometimes wrapped etc., different wallets and DEX’es.

For example I recently bought Quick on Uniswap and wanted to stake it. But it is only possible to stake Quick on polygon right now. So first I have to swap Quick from Ethereum to Polygon which is quite a problem. Same cases appear for using BSC.

So I thought that right now it might be a really good time to built a feature for swapping coins between different blockchains into nash. I am aware that this might take some effort, but imagine to be able to flip one coin in a single wallet from one chain to another by a few clicks. This would attract many users to go to nash in the first place and further stimulate the volume of the fiat ramps.

Nash could focus first to built an Inter-Chain Token swap between Ethereum and Polygon and then add the BSC. I am not a blockchain expert, but I can imagine that the technologies are quite similar since Polygon is built up on Ethereum and BSC is a Ethereum clone.

What do you think about my proposal?

11 Likes
#2

WoW Perfect, let’s build it tonight!
New Name: Nashwap

#3

I completely agree. Some of the non-custodial bridges might be ready (like Wormhole, Avalanche-Ethereum Bridge) but are not user friendly. If most users do want to use a different blockchain they go to CEX and swap there. I see the adoption of non-custodial bridges only when they get super user friendly and will be used in the background. An example on nash: Swap 1INCH (Ethereum) with AVAX (Avalanche) by using Avalanche-Ethereum Bridge integrated into the background of the Nash app. Nash would be the only one offering this pair (apart from CEXes).

Nash can bootstrap the bridge by swapping via Nash cash in the background if that is technically easier to implement and cheaper for the end customer. The same transaction would look like this: sell 1INCH for USD but immediately buy AVAX with the USD. The AVAX would be immediately sent to the user’s address. Though, transaction via cash might incur taxes.

I believe this feature can be a competitive advantage because it would attract new customers and open so many new doors. As a user, I don’t want to use those bridges, because they are complicated and require some learning to use them properly.

5 Likes