Paraswap - A DeFi Protocol That Allows Users To Trade On Multiple Blockchain

Just today, I tried to convert some BNB to HFT via the Pancakeswap platform, however I was unable to do so due to access issues. Funny how you begin to consider various answers when you have an issue. I haven't considered utilizing any other means of swapping since I started using Pancakeswap. However, I had to pause today and ponder before recalling a YouTube video I had seen in which the presenter discussed building a bridge between two blockchains.

This gave me the chance to learn more about Paraswap, and it was only then that I realized how much I had been restricting my options by using pancake swap. Since pancake swap only runs on the Binance smart chain, you cannot conduct any other transactions outside of it; therefore, if you want to use other chains, you must find other dapps that will support them. The 7 chains that paraswap supports, however, are Ethereum, Polygon, BSC, Avalanche, Fantom, Arbitrum, and Optimism. That's wonderful, since you don't have to continually switching between dapps when you want to do a transaction from one of these several chains.

You can trade any of the supported blockchain tokens using paraswap. In the past, I've used PancakeSwap for BSC transactions, SunSwap for TRX transactions, and UniSwap for my ETH transactions. However, I can interact on multiple chains using paraswap. In addition to having its own coin, Paraswap also provides information on where users can farm, stake, and participate in liquidity pools. Variety is great because it allows you to expand your options.

The first step is to connect your wallet to the platform. There are many wallet options, including Coinbase wallet, ledger (a hardware wallet), and many more. The screenshot below shows the list of wallet options.

You can now trade any of your tokens once your wallet has been successfully connected. The process of exchanging your tokens or any bridged token on Paraswap is essentially the same. Simply go to the trade area and change the network to the desired network; for example, if you want to trade BEP20, change it to Binance Smart Chain; for ERC20, change it to Ethereum; and for POLYGON, change it to Polygon Network. The smart contract address for the coin you're intending to trade on paraswap should then be entered or you can input the name of the coin as well.

After importing or entering the token you intend to trade to, you can now confirm your orders and engage in trading. You just need to learn how to find your way around, which is really simple.