Fragmentation diminished: An introduction to Cougar Cross-chain bridge
After more than one year of construction and development, Cougar Ecosystem currently has a variety of products available in 8 chains, including Moonbeam, Cronos, Harmony, Arbitrum, BSC, Polygon, Avalanche & Fantom.
By constructing an all-inclusive ecosystem, Cougar’s users now have better access to means of generating passive income, such as yield farming, staking, vaults, and more. There’s an emerging difficulty, though — users cannot use these CGS native tokens in one network for the other as tokens in different blockchains are not compatible with each other
Let’s see this particular situation:
- You are a CGS Moonbeam holder
- There is a new CBank or farming pool for CGS Cronos with an insane high APR
- What can you do to take this earning opportunity?
Traditional way:
Step 1: Swap CGS Moonbeam → USDT (or other FIAT) in Moonbeam
Step 2: Bridge USDT (or other FIAT) in Moonbeam→ USDT (or other FIAT) in Cronos network
Step 3: Swap USDT (or other FIAT) in Cronos → CGS CRONOS
There are a total of 3 steps that need to be taken into account to have your desired CGS. There is certainly a substantial gas tax associated with this time-consuming process (2 transactions and 1 bridge). This process is costly in both fee and effort. Surely, the user experience is not optimized and inconvenient.
Cougar Local Bridge
To benefit the community within the Cougar ecosystem with better security, cheaper gas fees, faster transaction finality, and more. A LOCAL CROSS CHAIN BRIDGE will be implemented soon (right after finishing the migration of all networks) to provide users access to Cougar Ecosystem in different networks, allowing them to harness our best earning opportunities and optimize their profit and enjoy a better experience cross-blockchain.
Get back to our first example; by integrating the local CGS bridge, instead of 2 transactions and 1 bridge, users now just take 1 bridge right on Cougar’s website with certainly lower gas fees and higher speed to get CGS on your desired network and take advantage of earning opportunities on Cougar Ecosystem.
Equilibrium price
For the ease of transaction and to prevent arbitrage between networks, the price of CGS on different networks will be brought to an equilibrium price. As users, you may ask if this procedure of balancing CGS price affects our assets. The answer is definitely NO.
The equilibrium price will be taken as the mean of CGS price in all networks with the controlling of the number of tokens on networks. Based on this new price, our team will recalculate your number of CGS to ensure no change in your fund.
For example, if CGS price in the initial blockchain is 100 CGS = 1 USD
The CGS price in the final blockchain is 200 CGS = 1 USD
After the bridge, the number of your CGS will automatically double to ensure that your fund is of the same value in USD.
Conclusion
Transferring tokens between networks have become an indispensable utility for the development of a DeFi platform as well as better giving users a smooth experience and higher benefits for the community. Implementing a local cross-chain bridge represents a milestone turning point in the Cougar Ecosystem, one that will help us fulfill the long-term goal of becoming a leading platform.
Follow us to keep updated and enjoy the many earning opportunities offered by our ecosystem.
