The bridge swap from external blockchain networks to MAGMA (MoltenChain) is a very simple yet complex implementation. The information on this document is theoretical and may change.
When a user wants to conduct a bridge swap from another network to MoltenChain a couple of things need to happen. Below is an example of how this will work.
Bob has 1 Bitcoin and wants to get 1 BTC worth in MAGMA, the Volcanic Wallet has a bridge swap built into it's features.
Bob will have to pay the additional fees associated with the bridge swap for the Bitcoin transaction.
Bob goes to the Volcanic Wallet, and creates a wallet.
Bob selects the SWAP tab, and selects SWAP FROM AN EXTERNAL NETWORK.
Bob selects Bitcoin, then the amount he would like to swap.
The Volcanic Wallet calculates how much MAGMA Bob will receive, and the fees associated with the transaction.
Bob accepts, and gets prompted to send an exact amount of BTC to the Volcanic Wallet’s bridge address.
After 7 confirmations, the Volcanic Wallet will send Bob the amount of MAGMA to his wallet address as given in step 4.
Once the BTC transaction is completed, the Volcanic Wallet will automatically send the BTC to a MAGMA/BTC liquidity pool wallet address. This is where all incoming bridge swapped BTC will go, and where outgoing MAGMA to BTC bridge swaps will get the BTC from.
This will be the same for approximately 40 other cryptocurrencies.
Pre-funded Bridge Swap LP
(LP between bridges)
BTC - $500,000
ETH - $500,000
USDC - $500,000
DOGE - $500,000
MANA - $500,000
EUROC - $500,000
CRO - $500,000
MATIC - $500,000
DOT - $500,000
MATIC - $500,000
ALGO - $500,000
ADA - $500,000
XLM - $500,000
ICP - $500,000
SOL - $500,000
AMP - $500,000
DAI - $500,000
SAND - $500,000
GRT - $500,000
BNB - $500,000
XRP - $500,000
USDT - $500,000
AVAX - $500,000
TRX - $500,000
LINK - $500,000
LTC - $500,000
COSMOS - $500,000
BCH - $500,000
NEAR - $500,000
OP - $500,000
NANO - $500,000
EOS - $500,000
ENJ - $500,000
IOTA - $500,000
XTZ - $500,000
EGLD - $500,000
ZIL - $500,000
COMP - $500,000
WAVES - $500,000
MOVR - $500,000
A total of $20,000,000 in liquidity for bridge swaps, this will not be launched at all at once. We will release a batch of new bridge swap origins and destinations every 3 months.
The primary LP for MAGMA will be setup with USDC from Circle, we are working with Circle to release a USDC token on MoltenChain, USDC-MC or mcUSDC.
In addition we are working on a solution for the future to allow fiat purchases of MAGMA.
MoltenChain is truly going to provide nextgen features and stability never seen before.
Our Volcanic Wallet is truly a nextgen wallet.
As the development continues we are constantly thinking outside of the box, bringing new ideas, features, and experiences in a single package.
