iSwap Launches With 3-Second Cross-Chain Transactions

iSwap, a cross-chain transaction platform backed by Huobi Ventures, announced it has officially launched today. According to a press release published on 5 September, the platform has added support for 3 additional channels — Polygon, Ethereum, and OKExChain — in addition to its previous coverage of Binance Smart Chain (BSC) and Huobi Eco Chain (HECO). 

The platform opened its public beta on 2 August and managed to complete cross-chain transactions in around 7 seconds on average. During its beta phase, the fastest the network managed to complete the transactions was 3 seconds. 

To achieve this speed, iSwap’s cross-chain protocol deploys aggregators and maintains USDT holdings on each of its supported chains. This enables the platform to use a layering approach to record the amount available in each chain and then use a third-party market maker to re-balance those positions accordingly. All of the cross-chain funds are provided by the iSwap team, which eliminates the risk of users’ assets being stolen.

“In the ever-evolving blockchain landscape, time is money and it’s more important than ever that digital asset transactions are not only safe and secure but also efficient,” said Ross O’Donovan, product director of iSwap. “With our platform now available on Ethereum, HECO, BSC, OKExChain, and Polygon, we look forward to welcoming hundreds of thousands of users to a new, faster way to power cross-chain transactions.”