Launching Xeta’s Cross-Chain Bridge
Today, we’re launching a cross-chain bridge to enable swaps between Xeta, Ethereum, and Binance Smart Chain. Initially, we’ve planned the cross-chain bridge as a milestone towards the end of 2022. However, we’ve decided to prioritize this functionality to make it easier for users to get started with Xeta, using widely-known assets such as ETH and BNB as onramp.
The bridge swaps between ETH/BNB/BSC XETA and native XETA tokens, with slippage of around 1.5% (more, if the swap-amount is large enough to affect the price, noticeable with swaps larger than $5,000). This process also works vice versa if users wish to trade native XETA tokens back into ETH/BNB or BSC XETA. Swaps happen within 8–10 confirmations on ETH/BNB, equivalent to 1–3 minutes waiting time.
In conclusion, we believe this is a critical milestone to increase user adoption, especially for all the upcoming programs introduced in the coming weeks (such as auctions, staking, voting, swaps). Xeta is currently in Test-Net, and all swaps/balances will be transferred once the Main-Net goes live, as long as they haven’t been converted back into BNB or ETH.