HAKKA on xDai on Binance Smart Chain
HAKKA Finance introduced Hakka on xDai on Binance Smart Chain via OmniBridge.
In brief, you can consider this so-called cross-chain bridge as a gateway of a CEX, but with a set of validators instead of one single backend server. When you deposit token from mainchain to sidechain, the validators will witness your mainchain transaction, and then mint the same amount of pegged token on sidechain. On the other hand, while you burn pegged tokens on sidechain, the validators will sign a message for you to retrieve token on mainnet.
In OmniBridge’s context, both Ethereum and BSC are considered as mainchains, and xDai is the sidechain. Depositing from mainchain to sidechain is free, all you need is transaction fee. However, when withdrawing tokens from sidechains to mainchain, OmniBridge will charge you a 0.05% ~ 0.1% service fee.
The address format of Ethereum, xDAI, and BSC are all the same and there’s no protection for sending funds to the wrong chain. Always double-check which network are you on before sending transactions. You may permanently lose funds if sending to a wrong address or wrong network.
What is HAKKA FINANCE?
Hakka Finance is a decentralized financial ecosystem with remarkable DeFi products administered by the governance token: HAKKA.
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