BOMB Chain Asset Bridge

Thanks for your interest in the BOMB Chain Network Asset Bridge!

This page aims to explain our approach to bridging networks, and the numerous benefits available while using our network.

BOMB Chain Network Mission and Purpose

BOMB ChainNetwork Asset Bridge aims to be the easiest and safest way to bridge assets between networks. This includes full decentralisation, and governance by BOMB Chain Network asset holders.

A different approach to network bridging.

Normally, the less steps required to perform some operation would be seen as a better approach. At BOMB Chain , we feel that bridging assets between networks can greatly benefit from introducing 1 additional step. Lets explore:

BOMB Chain Network Asset BridgeCurrent Bridges
On ramping assetSimply transfer funds to specific wallet as per our instructions. Asset will be available on BOMB Chain NetworkTypically requires connecting wallet of source network. Can be confusing for users
Convert/exchange asset to asset compatible with 2nd networkUse BOMB Chain built in exchange based on current spot pricing to exchange your assets to ideal asset based on where you wish to off ramp your assetsTypically no ability to convert asset to “ideal” asset
Earn yield on your assetsWhile assets are on BOMB Chain Network, you can earn yield, providing a safe and profitable store of assets while in transitionThis step does not normally exist for current bridges
Off ramping to network of your choiceOnce you have wrapped version of the appropriate asset for network to off ramp to, simply specify the address on the network and assets will be transferred there after paying minimal fee.Off ramp happens at same time of performing initial bridge transaction. This may or may not be with an asset that is supported or ideal for the network you are transferring to.

Comparison Example: Move BTC to Ethereum network

Let’s explore how you would move Bitcoin (BTC) to Ethereum network using BOMB Chain Network Asset Bridge vs current bridge solutions.

BOMB Chain Network

  1. Transfer Bitcoin (BTC) to BOMB Chain BTC wallet, which will provide wrapped BTC on BOMB Chain Network
  2. Exchange BTC to ETH using exchange(s) on BOMB Chain Network
  3. Transfer ETH to Ethereum address of your choice

Other Bridges

  1. Hope a bridge exists between BTC and ETH
  2. Likely you would receive some wrapped BTC ERC20 Ethereum token on the Ethereum network
  3. Hopefully your Ethereum wallet has ETH, or you will be stuck with an Ethereum wallet with wrapped BTC, but no ETH to pay transaction fees to do anything with it.

Conclusion

This simple example demonstrates the challenges of having a single step bridge between networks. It is complicated, bridges may not exist for the assets/networks you wish to utilise, and if transferring to create a new wallet on destination network, you will likely not have any native asset for fees and your funds will be un-usable.