DREP Crossing — the Ultimate Solution to NFT Cross-chain Swap & Multi Assets Circulation
DREP Crossing, the ultimate solution to NFT cross-chain swap & multi assets circulation, is already live on Ethereum, Binance Smart Chain (BSC), Huobi Eco Chain (Heco Chain) and Gate-Chain!
Check it out to expore how Crossing to be a game-changer for the industry: cross.network!
With the recent NFT craze catching on multiple sectors in the industry, multiple major ecosystems have been rapidly growing in their NFT trading volume and application size. In spite of ETH, numerous ecosystems such as BSC, Heco, and Polkadot, has each developed a relatively large-scale market for NFTs. However, the cross-chain interoperability of NFTs is still a critical pain point for its further expansion and development.
The interoperability of NFTs is determined by several factors. First of all, users of NFTs in different ecosystems are usually isolated from making connections with each other. The isolation has severely hindered the expansion of the NFT market. Moreover, the barriers of high transaction fee has also become one of the biggest challenge for NFT’s circulation. When the unit price of a single NFT asset costs several or dozens of dollars, the gas fee for an on-chain transaction may cost tens or even hundreds. However, the migration of the NFT asset to BSC or other chains with cheaper gas fees seems to be a technically insurmountable gap, as it seems extremely difficult to retain NFT’s uniqueness in cross-chain transactions.
To provide an effective and innovative solution for these barriers that hinder NFTs’ development, DREP is officially introducing our killer product: Crossing.network
Crossing is a trustworthy, transparent and convenient cross-chain swap solution for decentralized assets. It is committed towards combining NFT cross-chain circulation + multi-asset trading to simplify its transfer process, expand the current NFT market, accelerate NFT valuation/pricing by providing the trading board function, and provide more convenience to all NFT lovers.
It will be capable of solving almost all of the major painpoints in the current industry, such as the cross-chain swap of multiple assets including NFTs. For instance, with the cross-chain token mapping approach, DREP Crossing will be capable of achieving NFT swap across multiple chains effectively and efficiently. DREP Crossing’s solutions for the 5 major pain points are briefly demonstrated as follows:
After thorough research and repeated testing, we discovered the best approach to NFT swap for Crossing, that is, to map tokens according to the NFT assets. Instead of simply establishing a mapping relationship to achieve cross-chain swaps for NFTs, Crossing’s approach is applicable for both ERC-1155 and ERC-721 NFT types. Therefore, token mapping is the best operable solution to enhance interoperability of NFTs. By mapping a new token as the alternative for the NFT asset through DREP Crossing, users will be able to flexibly swap and transfer their “NFT” upon approval. This approach has removed the restrictions on NFT cross-chain swap and created greater value for the NFT market. To deliver the best user experience, we will be implementing this function in DREP Crossing after further optimization and testing.
Crossing’s Unique Features
- NFT Cross-chain Circulation: it supports the circulation of multiple token assets including NFTs on multiple Layer1 and Layer2 chains, including but not limited to ETH, BSC, Heco, Optimistic Rollup, and ZK Rollup, to solve the problem of high transaction fees and improve the liquidity of funds.
- Diverse token support: It will support a variety of assets including NFTs, and be open for community voting & token owner application to add type of assets. By minting tokens, setting your own price, and then posting it on your social media, let your audience buy it and become your own NFT market.
- Decentralized System: Crossing’s solution eliminates the need for counterparties and custodians to hold funds during cross-chain transactions. Anyone can participate in the ecosystem, and each node of the smart contract will be responsible for the processing of each transfer order, which enhances the security of cross-chain transfers and reduces the potential risks.
- NFT Trading Board：In the future version of Crossing, we will develop an NFT Trading Board that allows flexible trading between a variety of tokens and NFTs (token-token, NFT-NFT, token-NFT and vice versa). This function will greatly simplify the trading process and reduce the high gas fee. It will also provide a vast market for NFT sale by covering numerous types of tokens. Last but not least, the NFT Trading Board will facilitate the pricing of NFTs to provide future reference for potential buyers and sellers, as NFTs can be appraised and priced through the trading market on Crossing’s platform.
5. Rich Incentives: Users can obtain rich mining rewards by providing liquidity for Crossing. Tthe liquidity they provide will be automatically used to accept the swap requests of the specific type of token on the chain.
Crossing: Today and the Future
For the current version of Crossing, we chose to focus on some of the core functions including the cross-chain swap of multiple types of assets (with asset type application options) and liquidity pool incentives. The functions regarding NFT swap and trading are still under testing and will be launched in the near future. We have also been working on more exciting functions that integrates NFT with the DREP Crossing solutions, so stay tuned for that.
Following Crossing’s official launch, the DREP team plans to further introduce its features and development plans in more details for our community, establish more high-quality partnerships, and further expand its interoperability by adding more practical and innovative functions.
Welcome to join our community and explore more about Crossing today!