Cross-Chain Swap (Bridge)
A Non-Custodial Trustless Solution To Swap Your Cryptocurrencies To Different Chains. PHI Network Bridge Is A DEX/AMM Cross-chain Swap
With PHI Bridge, PHI now lets you bridge and trade tokens across the following chains (more to come #soon!):
PHI now connects all major chains and rollups, with one easy-to-use dApp interface.
As the number of chains and rollups continues to balloon across Web3, one of the largest pain points that has reared its ugly head is a horrific UX; partly due to the complex nature of DeFi itself and partly due to our own choices made so far as a community, the UX across the board has fallen by the wayside. From clunky UI’s to moving assets across chains, the user experience is just simply not all it can be. It is widely believed that this is Web3’s greatest hurdle to mainstream adoption, and it’s one that we take very seriously here at Sushi, since our DeFi apps can be found across numerous (fourteen!) different chains and ecosystems.
To help combat this, we have released PHI Bridge one of the first ever crosschain AMMs, built upon LayerZero’s Stargate protocol. PHI Bridge is a unified, multichain UI for swapping tokens across any of the major chains, with support for more in the pipeline. The two main challenges for crosschain bridges so far have been an implementation-oriented one and a liquidity-based one - it’s tough to keep the UX friction free when numerous bridges each have their own standardizations, while simultaneously trying to find enough liquidity for both sides of the swap.
As an example, consider this: a new chain has just been deployed and you want to get in on some of the early farming action, chasing the sky-high APY. You head to the new canonical bridge that has been set up, input some tokens to bridge over, then… wait! You realize that you actually need the new chain’s own native gas token to make the transfer! You quickly look all around mainnet for some of these new and elusive gas tokens so that your early farming lead isn’t spoiled, only to find that there is next to no liquidity for it anywhere. What to do? Do you bite the bullet and turn to a centralized exchange? Do you simply give up on your alpha you’ve been excited to act upon? Do you beg the unapologetic masses on Twitter?
Luckily for you, PHI Bridge solves these major issues and allows you to spend more time strategizing about your next moves once your assets are actually on the destination chain, without worrying about whether your assets are safe or will even make it while they’re in the cross-chain bridge ether in the first place. Leveraging LayerZero’s groundbreaking omnichain messaging protocol by allowing users to make one-click, chain agnostic swaps, PHI Bridge itself extends the functionality even further, enabling users to then use our own liquidity pools on each chain to get the desired assets on the destination chain. In effect, this means that multiple bridges are in play, regardless of their implementations, as PHI Bridge will efficiently route through all of these separate implementations to find the user the absolute best price for any pair, regardless of the chain they’re using.
The bridging process: User → Bridge → Crosschain → Swap → User
Because its simple, intuitive UI is integrated directly into our swap interface, there will be zero friction in making the switch - as a user, you will now simply be able to leverage the power of PHI Bridge across multiple chains!
A challenge for crosschain bridges so far has been finding a path with sufficient liquidity on both sides of a swap. We solve this problem by plugging into our own PHI liquidity pools, which are currently deployed on 4 chains. Being able to use this liquidity guarantees our users to always receive the best price for any pair across all the chains.
PHI Bridge swap routing finds the cheapest, fastest and most secure route for any user to get from point A to point B by plugging into Layer0’s PHIscan bridge infrastructure. PHIscan bridges chains securely without compromising on decentralization, which allows PHI Bridge to scale to any number of chains in the future.
To further ensure we can always find the cheapest route and best price between any two tokens on all chains, we will continue to aggregate more bridges in the future. By building PHI Bridge in a modular, composable way, we will simplify the integration of your favorite bridge into our aggregator interface.
This approach to scaling PHI Bridge will set up PHI to become the leading bridge interface and multichain DEX across all major blockchain ecosystems.
PHI Bridge features all features you already love about Sushi - but across multiple chains:
- Deepest liquidity: Always finds a path to trade on all major chains
- Decentralized: Built on Stargate
- No extra fees: 0.3% standard DEX fee
- Lowest slippage: No reliance on third parties
- Non-custodial: Protocol-managed liquidity
- Fast: Instantly initiate trades on both chains
- Safety guard: Failed transactions save into stablecoins
- Bridge aggregator: Modular bridge API
On PHI Bridge, you can trade tokens and you can LP on any of the listed chains. Here is how:
Making a crosschain swap is extremely simple, and will likely be very intuitive for users who have used the PHI UI before. Using PHI Bridge as your crosschain swap choice affords a user the lowest slippage possible, while staying fast and secure.
First off, you’ll need to navigate to Bridge.phi.network and connect your wallet using the button in the top right corner.
Once you are connected, your next task will be determining which assets you are going to bridge along with the source and destination chains. The swap order is the exact same as before: the top chain is the source chain (ie, the wallet you have open on the chain where you currently have the asset(s) you want to move) and the bottom one is the destination chain (ie, where you want your aforementioned asset(s) to wind up). In the upper right-hand side of the swap menu, you will see a small gear icon (as pictured above). The gear icon is used to set slippage tolerance if the default percentage is not satisfactory (0.5%).
Now that you have your swap and the correct chains all set up, you just simply need to input the amounts of each asset like you normally would, then select Approve - unless you have done so already, you will need to execute a one-time transaction (per contract) giving Bridge permission to move your funds around.
Once Bridge has been approved, you only need to select the Confirm Swap button and voila - you’re done! Wait for the transaction to clear on both chains (time will vary depending on the source and destination chains) and you will see your assets on your chosen destination chain in a matter of minutes - an estimated processing time will be shown to you as well.
That’s all there is to it! Now that you know how to make a quick, permissionless and safe crosschain swap, get out there and explore!
As always, if you have any further questions please seek out our Samurais in the #support channel of the PHI Support - they will gladly give you a hand!