Octus Bridge is a cross-chain bridge developed by Broxus, the core contributor to the Everscale ecosystem. It is an ultimate solution for transferring digital assets between different blockchains. This DeFi application works as follows: the crypto bridge locks tokens on the initial blockchain and issues wrapped (copies of the asset with an identical value) tokens on the other network against their collateral accordingly. As of October 2023, using Octus Bridge, it is possible to transfer crypto assets between 7 networks using Octus Bridge, with numerous currencies being whitelisted.
Users of the Octus Bridge can use the app not only to transfer liquidity between networks, but also to generate revenue by staking BRIDGE tokens (available on FlatQube DEX). All staking tools can be found in the "Staking" tab in the upper left corner of the home page.
What you need to make a cross-chain transfer in Octus Bridge
As it is decentralized in nature, there are no permissions needed to use Octus Bridge. Only cryptocurrency wallets with a positive balance are required for transferring assets between networks.
Let’s take a closer look at the process of transferring USDT tokens from the Binance Smart Chain to the Everscale.
First, we need to connect a web3 wallet to Octus Bridge, where USDTs are stored. In this case, we will use MetaMask, the most popular browser wallet among cryptocurrency uers.
To issue EVERs, we also connect the EVER Wallet:
The detailed Octus Bridge application requires only four steps to transfer USDT tokens from the BSC network to the Everscale blockchain. Below, you can read about each step in details.
Step 1: select networks
In the corresponding field of the application, select one network from which you plan to transfer tokens. In our case, it is the BNB Chain:
Next, choose a network where you want to have the asset you transfer. We select Everscale:
Click the "Next" button and proceed to the second stage.
Step 2: specify the crypto asset for a cross-chain transfer
On the second step, you will need to pick a digital asset from the suggested list and specify the amount you want to transfer.
To make a transaction, the user must have a certain amount of USDT in his BNB Chain (BSC) wallet and some Everscale native coins (EVER) needed to pay for gas (transaction fee) when executing Octus Bridge smart contracts.
In Octus Bridge, it is possible to pay for gas on the Everscale network with the token you transfer, even if you don’t have EVER tokens. So let’s use this option and pay the transfer fee to Everscale with USDT tokens.
Step 3: give Octus Bridge permission to access the wallet balance
If you use Octus Bridge to transfer tokens for the first time, then at the third step the system will display the following window:
Here, the app gives you the option to select your preferred fee payment.
By selecting the first option, the user gives Octus Bridge permission to withdraw USDT tokens from his wallet as a fee each time he transfers tokens. The advantage of this option is the one-time fee for this permission.
Note: while this option offers extra convenience, it requires an increased level of trust in app developers.
Using the second option, the user gives permission to withdraw only a specific number of coins and only once. But the fee for this permission will have to be paid for each transfer of tokens.
Select your preferred choice (in our example, the first) and click "Confirm".
Step 4: execute a cross-chain transfer in Octus Bridge
Now, it is time to proceed to the actual transfer of tokens. To do this, click "Transfer" and wait.
This screen shows the transfer of tokens between blockchains is complete.
To see wrapped USDT tokens in the Everscale blockchain wallet, you need to enable displaying this particular asset USDT in the EVER Wallet's UI.
To do this, click the "Select assets" button in the wallet, and then use the toggle and the "Save" button. From now on, your EVER wallet will show the balance for your wrapped USDTs.
As you can see on a screenshot below, both EVER and USDT from the BSC are now displayed on EVER Wallet.
Thanks to the Octus Bridge app, now anyone can easily manage their coins and tokens from multiple other blockchain using the Everscale network. What to do next? Exchanging, farming, and many more user-friendly DeFi tools are all available on FlatQube, which is known for its low fees and high yields.
