When a new exchange enters the market it becomes quite important to learn about the same with the objective to commence trade through this platform. There are a lot of things associated with a single platform and when it comes to crypto trade and investment things seem quite tangled. Isn’t it?
Obviously yes. You might have heard of the newly launched crypto exchange Safuu, and maybe you have to dive into the same to learn more about it. But today with this piece of document, we will try to understand one of the trading techniques associated with it SafuuX
So, without any further delay, let’s begin to learn.
What is SafuuX Bridge and how it works?
It is not a small concept but this one covers a large section of the working of crypto trading and investment. As the name comprises the term Bridge, it somehow performs the same functions. This Bridge acts as the link that bridges the gap between the exchange’s chain and the Binance Smart chain to support the cross-chain transfers taking place. This transfer will give birth to the newly minted tokens of the particular blockchain which are known as the SFU-20.
In addition to this, there is a lot more than the users can do to continue the transaction smoothly and in an organized manner. Some of the basic functions performed by the users are deposit and withdrawal. The initial step that the users have to perform is to deposit the tokens by approving the contract to lock the number of funds they wish to bridge.
After the approval, the owner will interact with SafuuX’s contract to get a confirmation for completing the deposit transaction. The new tokens of the same asset will be then minted in the exchange’s chain, to be sent to the owner.
Other aspects related to the transfer
Withdrawal: It is done by burning the assets on the exchange’s chain and then getting the confirmation of the burned transaction for verification. The transaction is then validated, after multiple checkpoints to release the locked funds (in BSC) to the owner.
Swap service: Another feature related to it is swapping. This service keeps an eye on the events of swap requests on both chains. The server in turn checks the events to issue mirrored assets (tokens) on the exchange’s chain.
Taking a look at the BSC side, you’ll find a swap contract deployed on the BSC mainnet. And with this, the contract receives requests from the server to lock or unlock a number of BEP-20 tokens. It creates the possibility to collect fees.
The above read was crafted to give you an idea of the working of the SafuuX Bridge. We have covered only the fundamental part of this technique to illustrate its functioning. If you’ll do a comprehensive study of the same then you can get to know the events that take place on the exchange’s side and on the BSC’s side.