Equalizer Enables Cross-chain Transfers Using $EQZ Bridge (ERC20-BEP20)
We’re happy to announce the production release of the Equalizer Bridge (https://bridge.equalizer.finance) that enables the transfer of EQZ tokens between the Ethereum and Binance Smart Chain (BSC) main networks in a secure and user-friendly way. In this document, we present the Equalizer Bridge and how to use it.
What is a bridge?
A cryptocurrency bridge is a trusted off-chain service that helps users to transfer tokens between two blockchains. A bridge is required as most blockchains cannot exchange information directly. In the diagram below, we present how a bridge works.
1.When Alice wants to transfer her EQZ tokens from Ethereum to BSC (or from BSC to Ethereum) she sends her EQZ token to the Equalizer Bridge smart contract via a user-friendly interface (bridge.equalizer.finance)
2. After the EQZ tokens are transferred to the Equalizer Bridge smart contract, the smart contract emits an event that is captured by the Equalizer Bridge service.
3. Equalizer Bridge service will wait for several block confirmations, to prevent potential attacks. The service sends a transaction to the Equalizer Bridge smart contract on the BSC main network that will transfer EQZ tokens to Alice’s address.
4. After the EQZ tokens are transferred, Alice can use her tokens on the BSC network.
The Equalizer bridge step-by-step guide
Today, the Equalizer token, EQZ, is available on two blockchains Ethereum Mainnet and Binance Smart Chain (BSC) Mainnet. The Equalizer team built and deployed a bridge, that enables a secure and user-friendly EQZ token transfer between the two blockchains. Here is how.
Visit the Equalizer Bridge web app (https://bridge.equalizer.finance). Always check that the URL matches https://bridge.equalizer.finance and beware of scammers and phishing websites. We suggest accessing the Equalizer Bridge web app from the official Equalizer website (https://equalizer.finance).
Next, in Metamask, select the blockchain network from which you like to transfer the EQZ tokens. In this example, we’ll transfer EQZ tokens from the Ethereum Mainnet to BSC Mainnet.
* To install Metamask see https://metamask.io/download
* To add Binance Smart Chain to Metamask see https://docs.binance.org/smart-chain/wallet/metamask.html
Click on Connect Wallet to connect your wallet via Metamask. Make sure that the URL displayed in Metamask is https://bridge.equalizer.finance.
Once your wallet is successfully connected, you will see your connected account information, as displayed below. To transfer EQZ tokens you need to own EQZ tokens and ETH or BNB for the transaction fee. You can buy EQZ tokens on KuCoin, UniSwap, PancakeSwap.
Next, set the address to which you want to transfer the EQZ tokens and the amount. After the transfer, the tokens are available at the specified address on the BSC network. Initiate the transfer by clicking Enable. This is a one-time action (per address) that will enable you to transact the funds via the Equalizer Bridge smart contract securely.
Confirm the transaction in Metamask. Please make sure that the URL in the Metamask is https://bridge.equalizer.finance
After the Equalizer Bridge smart contract gets the permission, you can transfer the funds, by clicking on the Transfer button.
Confirm the transaction in the Metamask. Please make sure that the URL in the Metamask is https://bridge.equalizer.finance Note that the transaction may take some time as the network can be congested.
After the tokens are successfully transferred to the bridge, you will see the following notification
The bridge will wait for:
- 7 block confirmations, if you are transferring from the Ethereum Network
- 15 block confirmations, if you are transferring from the BSC Network
After a sufficient number of confirmed blocks, the bridge will send a transaction, in our example, to the BSC Mainnet.
Once the transaction is processed, it will appear in the My Last Transactions menu.
The bridge needs to send a Blockchain transaction to transfer the funds. A small fee in EQZ tokens is incurred to cover the transaction costs (gas cost). The fee may change daily in the case of large price fluctuations of the ETH or BNB.
Congratulations! Your tokens are successfully transferred.
Equalizer is the first dedicated flash loan marketplace built on top of a scalable infrastructure that can handle the rising demand of decentralized lending and borrowing and that can boost the trading volume of any listed asset. It offers top benefits over the popular do-it-all DeFi protocols and sets itself a class apart by offering lower fees, a virtually unlimited choice of token vaults, high liquidity through yield farming, and multi-chain capabilities.