What is SpaceGate?
Inspired by the idea of a powerful gate that connects 2 dimensions of space in the universe, we came up with this name for our Cross-chain Bridge. A cross-chain bridge that enables swapping and transfers across multiple networks.
Space Gate is first introduced in the form of an aggregator. Initially, the idea was to integrate many other bridges out there, such as Binance Bridge, WormHole, and Avalanche Bridge. The goal was to support as many chains and as many tokens as possible.
At the same time, Coin98 Labs is also developing its own infrastructure solution, which will contribute liquidity directly to SpaceGate. This promises to reduce gas fees as well as increase the speed a lot. The time to perform a cross-chain transaction can be less than 30 seconds! This is very promising, compared to many other solutions on the market, ranging from 10-30 minutes, 1-2 hours, or even a few days.
And why it matters
As multi-chain projects and interoperability become key, DeFi investors must understand how cross-chain bridges work and why it is so important. Most users use at least two chains and they may have different protocols, rules, and governance models, but a cross-chain bridge connects these disparate blockchains together by interoperating securely. SpaceGate is expected to bring:
- Lower gas costs with increased transaction speeds;
- Better user experience for multiple chains;
- Higher security and better privacy.
This system lets users add liquidity and they will earn tokens plus transaction fees as usual. What makes it different compared with other AMMs is the number of blockchains and tokens.
In AMM, you need to add liquidity as a pair (2 tokens) and on a single chain. For example, Uniswap on Ethereum or PancakeSwap on BSC. With SpaceGate, you can add liquidity with just one single token and on multiple chains.
The start of SpaceGate and its future
So now you basically get why we are building SpaceGate, what would be a better way to reveal the first phase of it by allowing users to convert “old” C98 (TRC21) to the current C98 (BEP20).
This will be our V1 of SpaceGate, where users can easily convert C98 from TomoChain to Binance Smart Chain. Our V2 will upgrade this to include Ethereum and Solana. And our V3, we will start to bring cross-chain transfer to stablecoin (USDC) and other assets.
V1: Convert C98 TRC21 (TomoChain) <> C98 BEP20 (BSC) (LIVE)
V2: Convert C98 ERC20 <> C98 BEP20 <> C98 SPL
V3: Convert USDC in different standards
Stablecoins have played a major role in blockchain and crypto space, and have also been issued on a variety of blockchains that operate balkanized from each other. Cross-chain transfer between stablecoins is currently enabled by mainly centralized intermediaries. The type of action is a path towards centralization of control, which is opposite to the decentralization ideology of blockchains. The inter-blockchain transfer between blockchains should try to be as trustless as the intra-blockchain transfer. And that’s why we would like to bring stablecoin to SpaceGate first, besides our native token C98.
Starting with Coin98 Wallet Ver 10.5.0, users can try SpaceGate V1. This marks our own chapter in the Cross-chain world.
How to get started
Step 1: Login, then select Swap, choose SpaceGate (Multi-chain).
Step 2: Choose blockchains & corresponding wallets.
Step 3: Input (or scroll) the amount you want to convert. Then, click Convert.
Step 4: After that, there will be Confirm, you need to select Done to execute your order, or you could Cancel.
When the order is completed successfully, you can check again at the Trade History icon or return to the main home to see the balance of Coin98 (BEP20).