The post provides useful information to give you an insight into Bami Bridge and how it works to help you optimize your Defi income.
1. What is Bridge? Why do you need it?
Bridge is a feature that enables users to transfer tokens between different blockchains, for example, from Ethereum (ERC20 standard) to Binance Smart Chain (BEP20 standard) or vice versa.
2. How does Bami Bridge work?
- Phase 1: User deposit source chain tokens into the smart contract.
- Phase 2: The smart contract transfers the same number of tokens on the destination chain to the wallet address provided by the user.
These two phases are integrated into the Bridge feature and users only need to conduct one single transaction to transfer tokens to another network.
A user who wishes to transfer his/her ERC20 USDT to her BEP20 wallet will have to transfer the ERC20 USDT to the smart contract. The smart contract then transfers the same amount of BEP20 USDT to the user’s designated wallet address.
3. How can I earn profit from the Bridge feature?
The Bridge feature does not directly offer you profits. It works as a tool that helps you to switch between networks and earn the highest yields from multiple chains.
- Approach more Defi platforms that are built on different chains, optimize your benefits by farming, staking, lending, v.v. on multiple platforms;
- Transfer tokens to exchanges that doesn’t support multiple chains.
4. How is the Bridge transaction fee calculated?
The Bridge’s transaction fee includes:
- Gas fee payable by the user to the source chain to transfer the original tokens to the smart contract;
- Gas fee payable by the users for the smart contract to transfer the converted tokens to their destination wallet.
- A small fee for Bami Protocol.
5. Which chains are currently supported on Bami Bridge?
Bami Bridge currently supports converting between Binance Smart Chain and Ethereum. Polygon, Tron and KardiaChain will also be added soon.
6. What are the token currently supported by Bami Bridge?
The first supported token is USDT. The team will consider adding more assets based on the demand of users.
7. How will the Bridge feature benefit Bami Protocol?
Bami is currently one of the few Defi platforms supporting token bridge. The feature will minimize your dependence on centralized exchanges.
The Bridge will earn the Protocol incomes and improve interactions with worldwide users, catching the attention of the community and attracting them to try Bami’s upcoming products and features.