First of all, we release a cross-chain stableswap consisting of a pool of 3 stablecoins on 3 different chains:
USDT on BSC
USDT on HECO Chain
KUSDT on Klaytn
As the actual cross-chain bridging happens through stablecoin swaps, users will be able to easily move their assets from chain to chain with low impermanent loss and slippage, and without going to centralized exchanges. To accomplish this, we are utilizing Orbit Chain and its Orbit Bridge, a decentralized cross-chain bridging protocol, to facilitate the cross-chain swap aspect.
Belt’s new cross-chain stableswap system also makes it possible to connect to existing liquidity-based DEX’s to make it possible for users to essentially swap any token to any other token on any of the connected chains (BSC, HECO, Klaytn). We’ve launched this in close cooperation and connection with the top DEX protocols available on those respective chains. This connection will expand the liquidity of each of these connected protocols to cover each other. The swap and aforementioned partnerships mean that our cross-chain stableswap will be the backbone of all cross-chain transactions made through these DEX protocols. We started off by connecting PancakeSwap and MDEX to cover the top DEX’s with the highest liquidity on BSC and HECO. We’ve also connected to KLAYswap, the largest DeFi protocol on the Klaytn chain. The amalgamation of us and these new partners will create a Belt cross-chain DeFi behemoth of more than $7B in liquidity and hundreds of thousands of unique users that are unrivaled in size and influence. All platforms need scalability in terms of liquidity and users to avoid stagnation. Belt’s new cross-chain swap will be the liquidity infrastructure to allow the expandability of swap protocols on these chains.
Going forward, we will be adding more chains and connecting new DEX protocols to allow for even more liquidity, more transaction volume, and efficient swaps. While our current focus is on stablecoins, we will eventually expand to allow cross-chain swaps of major assets like BTC and ETH so users will be able to more efficiently utilize these assets in our vaults and by extension, all top DeFi protocols on all our connected chains. We are currently talking with different protocol teams and public chain foundations to make this happen in the near future.
This cross-chain swap will be powered by a new cross-chain pool consisting of the aforementioned 3 tokens, USDT on BSC, USDT on HECO, and KUSDT on Klaytn. Collectively, this pool will be called the 3Tether pool. Users will be able to deposit on any of these and contribute to 3Tether LP and receive trading fee rewards and BELT rewards. The LP will be created on Orbit Chain and as such, swaps within the LP will be done on Orbit Chain.
A main function of Belt.fi is being a lending aggregator. Funds are automatically shifted between strategy protocols as interest rates change between these protocols. Belt.fi completely optimizes the interest accrual process for end-users to ensure they are always obtaining the highest interest rates among our connected platforms. Earns from each beltStrategy contract are automatically added and compounded to your deposit every 6 hours.