How Octus Bridge transfers work
Mechanics of Octus Bridge transfers
Octus Bridge revolutionizes cross-chain asset transfers, ensuring secure and seamless movement between diverse blockchain networks. By understanding the distinctive pathways for native and non-native tokens, we unravel the intricate process behind Octus Bridge transfers.
When initiating a transfer with Octus Bridge, assets undergo a fascinating transformation. For native tokens, like EVER created within Everscale, they are locked within Everscale and minted in other networks. Conversely, for non-native tokens such as USDT, originating externally, they are locked on the EVM-compatible sidechain and minted within Everscale. It's important to note that these tokens are not newly created; they are sourced from the vaults that we manage. This means that if a transfer exceeds available funds in the vaults, additional steps may be required to facilitate the transfer. In such cases, we recommend reaching out to our support team via our Telegram chat, where our dedicated team will be happy to assist you. This encapsulates the essence of Octus Bridge transfers, enabling tokens to bridge the divide seamlessly.
The journey continues as users redeem their assets. With native tokens, they are burned within Everscale and minted anew in the source blockchain. Meanwhile, for non-native tokens, redemption involves burning the tokens on Everscale and unlocking them on the EVM-compatible sidechain. This dynamic process of locking, minting, burning and unlocking ensures a seamless transfer experience.
At the core of Octus Bridge's prowess lies its two-way binding system. This mechanism maintains token equivalence across blockchains, preserving the intrinsic value during transfers. Whether traversing Everscale or external EVM networks, the tokens remain inherently linked to their original value, fostering effortless asset movement.
To embark on a transfer journey, users engage with Octus Bridge's interface or smart contract. This prompts the temporary lock of source assets and the creation of wrapped counterparts on the destination network. User confirmation finalizes the transaction, ushering in accessibility to the wrapped assets in the recipient blockchain.
Octus Bridge introduces transfer fees, intricately structured based on token origin and transfer direction. Native tokens within Everscale and EVM networks traverse freely, devoid of transfer fees. In contrast, external network-to-Everscale/EVM transfers incur a modest 0.5% fee. Notably, select tokens such as $USDC, $USDT, $DAI, $WBTC and $WETH bear a distinct 0.08% withdrawal fee from Everscale.
On Octus Bridge, even in the face of transfer interruptions, assets remain safeguarded on their source blockchain. Octus Bridge embraces a trustless framework, guaranteeing asset integrity until transfers achieve fruition. Users possess the liberty to retry transfers or seek assistance, fortified by the knowledge that their assets remain secure and retrievable. With Octus Bridge, the future of cross-chain transfers is both visionary and resilient.
Last modified 12d ago