A few days ago I got into a little mess with liquidity pools that cost me a little above a hundred dollars if I'm not mistaken, but with crypto, you learn on the way up, and thankfully, because of a post like this one by @behiver, others stand protected. Apparently, as a newbie in that space of providing liquidity, I've never known the potential dangers associated with it. However, on some other topic, the polygon network has been experiencing some downtime, this has caused exchanges to pause transactions via that medium, that's deposits and withdrawals.
I crashed into the leofinance discord group, and there I bumped into a conversation about CUB, and it's recent dip, it looked like a good call, that despite the delima situated in the midst of buying cub or polycub, this dip was more than a sweet meal to finish up. I had some USDC laying around on polygon, but oops, I couldn't possibly move that out since there's a pause in transactions via exchanges to exchange to bnb or something else with a bsc tag, so the one stop medium to swap my USDC for BNB or USDC on bsc was screwed up, I gave up for a whole day, then returned with a solution to bypass this.
While Centralised exchanges sleep on the downtime, there are structures built out to help keep the system of trade going, and that is cross chain bridges, the Leo team happens to have one that enables you swap from ERC-20 to BEP 20 which is the all cool leobridge. And though there's been talks on getting one to pull assets from polygon, as per my findings, that's currently not out yet, so the search for alternatives…
Swapping From Polygon to Binance Smart Chain
Connext is the next paradigm shift for an interoperable Web3. Just as stated on the website, it works like magic. What I think I love about crypto is the fact that the system is quite interoperable, by design. The world is looking at a system built to sync data across blockchains, networks and protocols. What I thought I'd have to inevitably wait days to get polygon running smoothly and by then, to get that sweet dip would cost me more, happen to get sorted out in minutes. Without any more delays, this is how to use connext in case of any future downtimes across blockchains, or maybe you're probably currently in need to swap from polygon to bsc or other chains...
First thing first, you have to ensure you have enough funds for gas, it's not much money don't panic, you're looking at spending just a little of about $3 in total based on my own experiment, and this goes to miners on BSC, that's if you're swapping to bsc, you'll actually need funds on both sides, meaning if you're looking to swap USDC sitted on polygon network, to USDC on bsc like myself, you'll need both matic and bnb(bep 20) in your wallet, thankfully, they are both cheap chains...
Log on to connext bridge connect your wallet, choose the chains and tokens for swap, hit the swap button.
Now, looking at this screenshot, notice the network, when initiating the swap, make sure you're connected on the network the tokens are originally situated. But, of course, you'll have to reload the pay after confirming the transaction, but this time, you'll have to switch the network to that at the receiving end.
That means, after swap initiation of USDC(polygon) to USDC(bsc), change the network from polygon to bsc, then go here;
The transaction section, you'll find your transaction with a claim button, you have to claim it on that end(bsc) to receive it to your wallet. Boom, problem solved! Although there's an alternative to swap your USDC to pLeo, send(unwrap) to your hive engine wallet, sell off for hive, get it on a centralised exchange, swap to USDC(bsc), withdraw to private wallet, buy cub, but you'd agree that it's much easier with connext, 2 minutes and you're holding the same asset on another network.
DYOR