Crypto assets can be sent and received between different blockchain networks.
- Through Multichain bridging service, assets can be moved from different networks.
- Low fees and quick transfers.
- Transfer your assets and wallet at the same time.
WEMIX.Fi utilizes the Multichain Bridge to send and receive crypto assets from different blockchains. Users can bridge their assets to WEMIX 3.0 with a small cross-chain fee and participate in various services provided by the ecosystem.
The SMPC (Secure Multi-Party Computation) network ensures the decentralization and security of the cross-chain bridge. The SMPC network consists of independent nodes, each holding a fraction of the private key generated by the distributed key generation algorithm.
When a user bridges their USDC from chain A to chain B, the asset on chain A gets locked up in a smart contract, and then a corresponding amount of asset gets minted on chain B. The reverse process sees the asset burned on chain B, and the asset in the smart contract gets released back to chain A.
The WEMIX.Fi bridge currently supports three mainnets and three crypto assets. WEMIX plans to support more blockchain networks and crypto assets in the future as the ecosystem expands.
The cross-chain bridge in WEMIX.Fi is an independent service provided and managed by Multichain. Detailed policies described in this document follow that of Multichain and you may find further information about the bridge in Multichain Docs.
WEMIX.Fi currently uses Multichain's bridge service, and the wallet supported by Multichain is Metamask. The wallets backed by each crypto asset are different, so check the details of the chain before you select the assets to convert. In the near future, we plan to support WEMIX Wallet.
Let's suppose Bob has ETH and USDC on the Ethereum mainnet and wants to use WEMIX.Fi. Bob discovers that a cross-chain bridge supports these two blockchain networks but only accepts USDC. Then, Bob can swap his ETH to USDC on a DEX and use the cross-chain bridge to transfer his crypto assets.
Let's suppose Alice has ETH and USDC on the Fantom mainnet and wants to use WEMIX.Fi, but the cross-chain bridge does not support these blockchain networks. So then, Alice has two options:
- Move the assets once bridging is available between Fantom and WEMIX 3.0 mainnet.
- Bridge the assets from Fantom to Ethereum mainnet first, and then bridge the assets from Ethereum to WEMIX 3.0 mainnet.
The list of mainnets and digital assets that can be connected and bridged to WEMIX 3.0 mainnet can be found in Bridge Contracts.