We are pleased to announce the recent integration between Elastos and Chainge Finance, enabling users to swap assets like ETH, USDC, and USDT from over 14 blockchain networks into ELA on the Elastos Smart Chain (ESC) or Ethereum (ETH) and back. This integration breaks down barriers and fosters a unified financial ecosystem in Web3. Use here now!
Elastos’ Friction Point
Elastos has long struggled with bridging issues, which affects ecosystem growth. Users on exchanges like Coinbase faced difficulties accessing Elastos as only ELA on Ethereum was available. Previous solutions, such as Glide Finance’s high-fee shadow token bridge and ELK Finance‘s complex swaps, frustrated the community. Just as airports facilitate international travel and business, cross-chain interoperability is vital for a cohesive DeFi ecosystem, reducing costs, enhancing tourism, and promoting overall business.
Unlike Centralised exchanges (CEXs) with third-party control, stringent identity checks (KYC), and entry/exit restrictions, decentralised cross-chain exchanges (DEXs) like Chainge offer a permissionless alternative. They enable secure, seamless asset transfers across blockchains, supporting decentralised identities and eliminating centralisation risks, thus improving utility, security and efficiency for all Web3 stakeholders.
Interconnectivity
In this screenshot, we show how USDC on Arbitrum was successfully used to purchase ELA on ESC in a single transaction using a decentralised wallet. This simplifies access to the Elastos ecosystem and its various Dapps, effectively opening up Elastos to the entire Web3 community with a new international airport.
Cyber Republic Proposal #294: Banking, Liquidity and Slippage
Next, working with Chainge, the goal is to soon connect to a fiat on/off ramp service, allowing users to buy ELA directly with credit cards or bank accounts and exchange ELA for US dollars into their bank accounts, enhancing accessibility and ease of use.
However, there is still a necessary challenge to tackle surrounding liquidity and slippage. Liquidity is the ease of converting an asset to cash without affecting its price, while slippage is the difference between the expected and actual trade price. High liquidity and low slippage ensure quick, predictable trades, enhancing user experience and driving adoption. Deepening liquidity and reducing slippage are crucial for an efficient financial ecosystem. Below we can see how on the left, a 1,000 ELA order on Chainge has low fees, however, on the right, a 10,000 ELA order has drastic fees of above 15% due to lacking liquidity and high slippage.
Sasha Mitchell proposes using the remaining 197,152 stablecoin assets from the G20 proposal to match with CRC ELA and add to Chainge’s liquidity pool, which currently holds 18,513 ELA and 41,655 USDC. This will drastically boost cross-chain and banking purchase liquidity, reducing slippage and transaction costs and setting Elastos up for the upcoming fiat on/off ramp service. This increased ELA liquidity will allow stakeholders to move assets between chains and banks more efficiently without high costs. Deep liquidity and low slippage help enable quick, stable, and predictable trades.
For more information and to participate in ongoing developments, visit the CRC proposal by Sash and explore the live bridge on Chainge Finance via the web dapp, or download the mobile app from Google Play or Apple App Store. Excited to learn more? Follow Infinity for the latest updates!
