Blockchain and crypto have evolved aggressively. Many unique chains have come up offering a great User Experience and features. There is still one problem that hasn't been resolved. It is the cross-chain transfer of assets; though bridges have come up, finding the optimized route is still tricky and has a bad UX. Many users must explore various Applications and compare the factors like gas fee, processing time, and bridge fee. Also, many people face low-security issues by choosing the wrong route. And that's what the developers at Socket realized and launched Bungee.
What is Bungee?
Imagine Bungee as the google maps for web3 space that helps you find the optimum path to move your assets from one chain to another. Bungee offers some of the best routes available between two different chains based on various factors given below.
- Minimum Gas Fee
- Less processing time
- Bridge Fee
- Security (Soon-to-be-launched)
Why do we need it?
Suppose you want to transfer Matic tokens From the Polygon chain to Arbitrum Chain.
There are various routes and Bridges that you can use, as given below.
- Route 1
Use Polygon Bridge to transfer your Matic tokens to the Ethereum chain. And then transfer from Ethereum Chain to Arbitrum by using Arbitrum Bridge.
- Route 2
Use Anyswap to transfer your Matic Tokens directly from Polygon Chain to the Arbitrum Chain.
Choosing the optimum route is quite difficult. There are numerous factors such as bridging fee, Gas Fee, Risk, and total processing time that you need to find out before making a cross-chain transfer. People's funds often get stuck due to security reasons, or a high bridging fee is charged.
With Bungee, you don't need to do any calculations, as Bungee will do this for you and provide the best or optimized route list in no time from all the possible choices.
How does it work?
Bungee currently supports networks like Avalanche, Aurora, BSC, Ethereum, Optimism, Fantom, Gnosis, and Polygon. Soon they will add more chains. Let's see how to use Bungee to transfer your assets from one chain to another.
You will see the below UI. You have to select from and to chain, select the token and amount you want to transfer.
The Bungee will run algorithms to find the best routes for the transfer that you can choose per your requirements. Here is an example of how it will show the route.
As you can check in the diagram, it displays the complete route and steps that it will follow. On the top left corner, you find out about the gas fee cost and time to process the transaction for the specific route.
Refuel: A Key Feature of Bungee Exchange
Bungee is a bridge aggregator that can be integrated with different decentralized exchanges and provide users with the optimum route. Also, it offers one exciting feature, the Refuel.
Refuel is a tool that allows you to get the gas fee on various chains like Polygon, Arbitrum, or Starknet.
Let's say you want to use a DeFi Application on Arbitrum but don't have the gas fee to pay on the Arbitrum chain. As shown in the image below, you can choose a source chain (the chain where you have funds) and a destination Chain (the chain where you have funds). Further, you can enter the amount tokens you would like to swap for the Arbitrum Eth.
Refuel v1 would act like a faucet that a user can use to get the gas fee by selecting the source and destination chain on the application. Users can click on the "Refuel" Button on the Homepage header if they want to use this feature.
In a Nutshell, Bungee is a protocol that helps you find the optimum path to move your assets from one chain to another. There are numerous factors such as bridging fee, Gas Fee, Risk, and total processing time that one needs to find out before making a cross-chain transfer. Bungee is a bridge aggregator that can be integrated with different decentralized exchanges and provide users with the optimum route. It currently supports networks like Avalanche, Aurora, BSC, Ethereum, Optimism, Fantom, Gnosis, and Polygon.
To Use Bungee, check out the link.