In the past few days, I've been looking for some of the best platforms to exchange BEP-20 tokens to ERC-20 ones and vice-versa. I came across a few of the promising offerings including Hashbon Rocket. In this blog, we'll take a look at the same.
What is Hashbon?
Hashbon is originally a European-based company that aims to provide a fully-fledged crypto payment gateway and wallet for accepting, transferring and exchanging cryptocurrency payments globally. In 2021, they expanded to the crypto ecosystem via Hashbon FiRe, aiming to FInancially REvolute both Centralized Finance (CeFi) and Decentralized Finance (DeFi) crypto markets. Key products by Hashbon are:
- Hashbon Rocket CDEX is the cross-chain token exchange and DeFi ecosystem
- Hashbon React is a payment gateway that allows merchants to accept payments in 30+ cryptocurrencies with 0% commission (to learn more about how Hashbon's payment gateway compares with rest of the offerings, check out this blog that I published previously)
- Hashbon Quant Wallet for secure reception and transmission of crypto
There is their native utility and governance token, HASH, in the heart of the ecosystem. Since its launch in February 2021, token’s price has risen more than x20 and is currently most advantageous at Hashbon’s Pre-Sale. As for use cases, for example, HASH empowers its holders with an arbiter's role inside the newly built DeFi platform Hashbon Rocket.
Hashbon Rocket CDEX
Hashbon has recently launched its CDEX Platform, Hashbon Rocket, that lets users connect Ethereum and Binance Smart Chain and exchange ERC-20 and BEP-20 tokens. Let's take a deeper look into the product.
The Hashbon Rocket CDEX platform uses Proof of Stake (PoS) consensus mechanism. Arbitrators (or judges) make decisions, and their strength depends on the share of HASH tokens. So the platform uses the HASH token as fuel that empowers the participants, including liquidity providers, arbitrators, and even organizers of crowdsales.
Hashbon Rocket is the first ever cross-chain decentralized exchange to connect Ethereum and BSC blockchains by allowing users to quickly and easily exchange DeFi crypto tokens from one ecosystem to another. This is an important development for the DeFi sector because every other decentralized exchange (or DEX) has been supporting only intra-chain swaps. Which means that, if you go to Uniswap, you can only exchange ERC-20 tokens for other ERC-20 tokens, or Ethereum itself. The same is true with Binance Smart Chain’s most popular exchange, PancakeSwap, which only offers BNB and BEP-20 tokens, but not a single one from Ethereum’s ecosystem.
To sum it all up, here's how Hashbon Rocket works, in a nutshell:
- Supports EVM-compatible blockchains; currently, Ethereum and Binance Smart Chain (with support for Ethereum Classic, Cardano, Tron, Fantom, etc. coming in the future)
- Uses HASH Token as the cornerstone of Hashbon Rocket, for covering arbitrage fees and staking
- Swap fairness is insured by single-step decentralised arbitrage
- Empowers HASH token holders to take part as an arbitrator
Walkdown
Now, let me quickly walk you down on how I got the whole ecosystem set-up.
Firstly, make sure you have HASH tokens in your MetaMask wallet. To setup a wallet with HASH tokens, check out this link. Once you've done that, simply visit this informative handbook that Hashbon has put up, here. Once I followed the steps over there, I got the following results having exchanged my BEP-20 to ERC-20 tokens:
And that's how easy it is to get started with Hashbon's ecosystem! If you want to learn how to create a pool over Hashbon Rocket platform, check out this part in the handbook.
Here are some other useful links you might want to explore:
Media Coverage:
The Hashbon Rocket project has also been covered by some of the leading media websites in the crypto industry, including:
- Investing.com: "Hashbon (HASH) to Launch the First CDEX Platform in DeFi; Price Surge Soon?"
- NewsBTC: "Hashbon Moves to DeFi to Launch CDEX Platform and Connect Ethereum and Binance Smart Chains"
- CoinGape: "Blockchain Interoperability – Connecting Ethereum and Binance Smart Chain. Why is Cross-Chain Technology Important?"
- Bitcoinist: "Hashbon Launches its Rocket to The DeFi Space: Hashbon Rocket CDEX-Platform is Officially Live"
- Cryptodaily: "Hashbon Expands Into DeFi Space With Rocket CDEX Platform"
- Coinspeaker: "HASH-powered Cross-chain DEX on Ethereum and Beyond"
Conclusion
Hashbon Rocket is a top-of-the-line offering by Hashbon which lets the users exchange ERC-20 and BEP-20 tokens, seamlessly. What makes it unique is the whole ecosystem support: starting from EVM compatibility, cross-chain and power to HASH token holders to name a few. While I feel there's still a long way to go for the ecosystem to have proper support and members, it's really good to see the effort Hashbon team is putting into the product.
Disclaimer: This blog is meant for educational purposes only. No content from this blog should be considered as a financial advice. Please do your own research before investing.
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