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AnySwap - CrossChain DEX on BSC

2020.11.6  •  3 min read
Blog post image.
This blog is a community contribution.

AnySwap is a decentralized cross-chain exchange protocol that applies the AMM automatic price and liquidity mechanism. Based on Fusion DCRM technology, AnySwap can exchange most tokens across chains, including blockchains based on ECDSA and EDDSA signature algorithm, as well as BTC, ETH, BNB, USDT, XRP, LTC, FSN, etc.

AnySwap Cross-Chain Bridge is an innovative, safe, and decentralized cross-chain solution based on secure multi-party computation (SMPC) + threshold signature solution (TSS). It is composed of a node network based on distributed control rights management (DCRM) and a Cross-Chain Bridge smart contract.

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It can implement the following decentralized management to the cross-chain assets:

  • Provide decentralized asset custody

Apply a distributed custody to the tokens on the target chain by generating a decentralized asset custody account managed by a group of nodes in a distributed manner through the DCRM node network.

  • Implement the mapping to the cross-chain asset

After users initiate a token recharge to the custody account, the Cross-Chain Bridge smart contract deployed on the BSC will be updated accordingly to generate the mapping tokens on the BSC and distribute them into user's BSC account to finish the cross-chain mapping of tokens

  • How do users use their mapping assets

With their BSC account, users can check their mapping tokens, operate transfer and participate in various applications of DeFi on BSC at any time.

  • How to withdraw their mapping assets

The corresponding asset in the custody account can be transferred by triggering the node network with smart contract according to the user's withdrawal request for transferring the mapping asset to the target blockchain address. At the same time, the corresponding mapping asset will be destroyed, and the status of the user's mapping asset on the BSC will be updated.

The combination of AnySwap's Cross-Chain Bridge solution and BSC has the following advantages:

  • High safety level

The AnySwap Cross-Chain Bridge is based on the distributed key generation algorithm of DCRM, and secure multi-party computation (SMPC) + threshold signature solution (TSS). No complete private key can be found in the whole process, and all asset management is realized by node network distributed signature of DCRM. The code has passed the safety audit held by SlowMist (https://github.com/anyswap/Anyswap-Audit/tree/master/SlowMist).

  • High compatibility

The compatibility of AnySwap's Cross-Chain Bridge solution is very high. The native tokens and smart contract tokens on the target blockchain which adopt the ECDSA public key algorithm can be 1:1 mapping to the BSC in a centralized manner through the AnySwap Cross-Chain Bridge solution deployed on the BSC, or return to the original chain from the BSC. The support for cross-chain assets does not depend on the target blockchain or the additional development of the BSC.

  • Easy user operation

AnySwap provides a simple and easy-to-use front-end experience. Users can recharge and cross any chain with one click, no need to switch among different blockchain network settings. The Cross-Chain Bridge node can generate the 1:1 mapping assets on the BSC by automatically recognizing the user’s recharge and triggering the cross-chain mapping contract accordingly.

Cross-chain Asset Support

Currently, BSC.AnySwap (https://bsc.anyswap.exchange/bridge) has supported to cross-chain bridge the BTC from the Bitcoin network, the ETH, USDT, LINK, DAI, BUSD, USDC, UNI, YFI from the Ethereum network, and FSN, ANY and other assets from Fusion network with the BSC network.

Anyswap Cross-Chain Bridge will keep supporting more cross-chain assets, including: XRP, EOS, LTC, BCH, etc.

How to join the BSC Cross-Chain Bridge

AnySwap Cross-Chain Bridge can dynamically add token support, and any ANY token holder (more than 1000 ANY token) can initiate a token cross-chain support proposal.

Initiate a proposal: https://vote.anyswap.exchange/#/anyswap/create

The content of proposal includes:

Name: LINK(ChainLink)

ERC20 Address: 0x514910771af9ca656af840dff83e8264ecf986ca

FromChain: Ethereum

ToChain: Binance Smart Chain

The content of the proposal will be supported by the Cross-Chain Bridge after technical evaluation and voting.