Transfer tokens from any bridge

TLDR: The hub allows you to convert anyMAI, relayMAI, and other variations of our bridged tokens into each blockchain‘s official MAI token. This helps reduce the liquidity fragmentation and offer a unified token experience on any chain. If you‘re an Anyswap (Multichain) user of Router then you don‘t have to interact with the hub! Unless you want to switch to a relaychain or other supported bridge.

Why we implemented the Hub

As DeFi users begin to have their assets distributed across multiple chains, it appears that a multi-chain world is imminent. With assets moving cross-chain, protocols will also need to look towards having their tokens and even protocols becoming multi-chain as well. Though a cross-chain world has been discussed within the crypto community for years, we have only recently started to see its full potential. Like with anything new there are bound to be hurdles/obstacles that rise. As a protocol, our cross-chain journey has encountered obstacles such as liquidity fragmentation, and a reliance on specific bridges.

The cross-chain issues

Most bridges work on a mint and burn system. You deposit a token into the bridge and they mint their version of that token on the other side of the bridge. For example bridging MAI from Polygon to Avalanche on ImaginationBridge (a fictional bridge): you deposit MAI on the Polygon side and out pops ImagineMIA on the Avalanche side. You can swap MAI and imagineMAI back and forth 1:1 between chains. This is great as it means assets can now go multichain. However, what if FantasyBridge decides they also want to allow bridging of MAI from Polygon to Avalanche we now run into an issue. Now we have both ImagineMAI and FantasyMAI on Avalanche. Both tokens represent 1 MAI but have different contract addresses. What does this mean? This means if farms such as Trader Joe or Pangolin want to add MAI pools, they will have to choose one of the versions of MAI or fragment the MAI liquidity on their DEX.

How the Hub solves these issues

To solve this issue the QiDao team has created what we call the Hub. The Hub will be on the website allowing MAI from various approved bridges to be swapped 1:1 for the official MAI for that chain. This means that farms and other partners can use the official MAI on their protocol and avoid any liquidity fragmentation issues. The hub also means QiDao is not reliant on any one bridge to be the defacto bridge for its assets.

Summary of Benefits

  • No reliance on any one bridge or DEX
  • Less fragmentation of MAI and Qi cross-chain, making partnerships and rewards much easier
  • Risk mitigation - if something were to happen to one of the approved bridges QiDao can halt the Hubs ability to swap that version of that bridges MAI
We are excited about our Hub as we see the future of DeFi is cross chain. To help create a better DeFi ecosystem we have made the Hub open source. Any protocol looking to go cross-chain or that is having similar issues with fragmentation of their tokens across chains can now implement the Hub. As we continue to make a cross-chain path for QiDao we want to help pave the way for the next set of protocols looking to make their own cross-chain path.