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From Cosmos to Binance Smart Chain: All the Bridging and Swapping

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@xabi
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Evening

So today I needed to perform some cross chain swap. And it turned out that they are not easy/fun, especially if you are trying to stay off the radar by avoiding centralized services.

I needed some BUSD in my BSC wallet as my local p2p exchanger prefers BSC. And as it turned out I had some Atoms tucked away on Cosmos. Btw, I transferred Atoms from BSC to Cosmos back in the days when Binance Bridge was still active).

And here comes my last hour swapping and bridging story:

  • I used Rango Exchange to transfer and swap Atom(Cosmos) to UST(Terra). Rango transferred Atom to Osmosis and did a swap to UST and then transferred those UST to Terra chain. It took around 2 minutes for the whole process. Easy peasy! But actually not.

  • Since swapping and transfer on Osmosis needs Osmo as fee, so I had to purchase Osmo beforehand in my Cosmos wallet using Emeris and transfer them to Osmosis wallet via IBC transfer on Keplr wallet.

  • Once I had UST in my Terra wallet, I simply used Terra Bridge to get to the BSC.

  • And on BSC, I easily swapped UST to BUSD using Pancakeswap.

The whole above exercise took me some time, as I was doing this for first time and I had to be extra careful not to make any mistake. And even if I wasn't doing this for the first time, still it is painstaking to use multiple bridges and perform multiple swaps just to have your desired token on desired chain.

I could have simply used a centralized exchange like Binance to do the whole process in cost effective and efficient way. It would all have been so easy and quick i.e. depositing Atoms to the exchange wallet, swapping them to BUSD and again withdrawing them to BSC wallet.

But since I am not a huge fan of KYC, so I did went for the harder route keeping my freedom intact. All the time spent, risk taken and fees paid are worth it!

Like @neoxian have said,

"Freedom isn't easy. If you want easy, then don't even come to crypto, just stay in the nice fiat world and serve your masters."

The above mentioned bridging and swapping might not be the ideal and most efficient way as some other fast, efficient and economical way might exist that I am unaware of! So, you are welcome to enlighten me of the alternative.

Posted Using LeoFinance Beta