Arken Finance Review: Integrates a new cross-chain swapping feature

The biggest outcome of Blockchain technology is decentralization Finance (DeFi), and when it comes to DeFi, investors always prefer Decentralized Exchange (DEX) for their benefits like anonymity and market manipulation prevention. Arken Finance is a full package for the people who are looking for a decentralized exchange that offers privacy and security at the same time.

What is Arken Finance?

Arken Finance is a Decentralized Exchange that aims to offer solutions to the existing problems associated with crypto trading on different DEX platforms. New investors often face challenges like varying liquidity and intensively complex AMMs (automated market makers).

Arken Unique Features

Arken offers a variety of features, which not only solves existing issues, but are also unique.

The algorithm that offers the best possible price

With its complicated and smart algorithm, Arken Finance takes multiple factors into account while selecting the best exchange provider for any token swap to offer the best possible prices through split trades.

TxFlow™: Improved version of Arken’s Token price engine

Arken uses TxFlow™, an improved version of Arken’s Token price engine, which provides better scalability, speed, and stability to the users.

A diverse set of Tokens

Arken supports multiple ecosystems, including Binance Smart chain (BSC), Ethereum, Polygon, Avalanche, and Arbitrum.

Arken supported ecosystems

It has more than 266,000 tokens for trading from different spaces like GameFi, DeFi, Yield Farming, Memes, NFT, and Synthetic Assets. 

Find all coins on Arken

Investors can use Arken Finance to do research and choose the best projects on the platform.

Token performance comparison across chains on Arken

The statistical data of opted trading methods in the form of a comparison feature helps investors compare the statistical performance of 5 different tokens simultaneously across different chains.

Arken Token Comparison feature

Arken Comprehensive Charts

Arken’s trading platform has charts which offers variety of indicators for analysis. This ensures a precise and smooth trading experience, keeping its users ahead of all.

Comprehensive charts

Suez: Cross-chain and one stop service platform

But with the abundance of different blockchains with different protocols in DeFi, the conversion of one token to another becomes complex. The multi-chain project Arken Finance comes with a feature called Suez to ease your cross-chain swapping experience.

Arken Cross-chain swap

Why Do People Use Cross-Chain Bridges?

Cross-chain bridges enable users to tap into higher benefits across multiple blockchain platforms, as the same suggests. Moreover, the users of these bridges can easily trade one token on one chain to another token on another chain with great ease. 

Users can use the chain they’ve ever used right away since they can readily access protocols and projects from any other chain, resulting in a smaller barrier of entry.

It is notable that these bridges allow growth across multiple chains and increase the interoperability between them. As a result, the security and asset rendition is better. Without using cross-chain bridges, users will have to submit their tokens to different exchanges and pay higher fees.

Cross-chain bridges also prevent the following issues:

• Lower gas fees along with better transaction speeds.
• Users’ tokens can be freely interacted generating a better user experience.
• Enhanced productivity and utility of existing crypto assets.
• Higher security and better privacy.

Here are some scenarios where you can use cross-chain bridges with great ease:

• Transfer of assets between Ethereum and Layer 2 solutions, with assets interoperable across different blockchains. This allows faster and easier deposit, withdrawal, and exit times.
• Ethereum congestion.
• Single chains support a lower number of assets compared to cross-chain bridges.
• Investing in new chains to get to the head mine faster.
• Arbitrage trading across decentralized exchanges on Optimism, Arbitrum, Polygon, etc.

Problems associated with Cross-Chain Swapping

Higher the steps, biggest the fee

The process of changing one asset based on one chain to another asset based on another chain requires a lot of steps. For example, checking different exchanges and moving across different protocols. In these steps, the user is charged higher fees and loses a considerable amount.

Suppose you go into a grocery store and you want to buy a product. You will have to go through a number of different stores and a number of different brands to find the product that is cheap and the best. This is the concept used in cross-chain bridges.

Existing cross-chain bridges would require users to locate a DEX to exchange the tokens with a stablecoin. Thereafter, users will have to exchange the stablecoin with other tokens. Finally, users may return or find another exchange to trade the stablecoin from the destination chain to whatever token they want, making the entire process a huge burden.

Lack of transparency

Cross-chain bridges lack transparency, and new users might be unaware that utilizing a cross-chain bridge takes longer than transferring tokens on the same chain. Users might believe that their money might be lost during the transaction.

What Does Arken Have to Offer to Make it Better?

With Arken’s Best Rate Cross-Chain Swap feature, users won’t have to look for another website or platform. Arken has a straightforward transaction process by combining all steps on the platform. Transferring between chains and exchanging services are all integrated into a single platform.

All a user has to do is confirm the source token and the destination address. On the other hand, the rest of the process is conducted by Arken, which includes: detecting which chain the destination token is in, swapping, and bridging. Moreover, the first version of Best Rate Cross-Chain Swap will support swapping between Ethereum, BSC, and Polygon.

Why Use the ‘Best Rate Cross-Chain Swap’ on Arken?

Easier/Simpler/Better Experience

It is very easy to use the Best Rate Cross-Chain Swap on Arken. The cross-chain bridge handles the entire process and all a user has to do is confirm the source token and the address. The tokens will be transferred by just a few clicks, allowing users to enjoy a simple experience. 

The process is simplified to such an extent that cross-chain transfers and conversion have become as easy as buying/selling tokens. The Cross-Chain Swap has been integrated on the market page, which further simplifies the users’ experience as everything can be done in one flow.

The Best Rate Engine has the capability to automatically seek the best rate when swapping to stablecoins (from original token to stablecoins and from stablecoins to the designated token). 

Users will no longer have to worry about where to swap and where to bridge since all of the cross-chain transfers and swapping services are delivered in one flow (Best rate swap and Optimal cross-chain). 

Less Transaction Cost

The assets possessed by the user will always be in their wallet since the cross-chain bridge is implemented via a smart contract, which eliminates the need to move assets in and out of the wallet. As a result, the transaction cost decreases by a huge amount. 

Transparency

Arken always clears the gas fee during each transaction, which means that there are no hidden charges that the user might incur. Moreover, users can see the transparent transaction time for each step along with the transparent profit along the way, allowing them to track their profits.

That’s Not All…

Moreover, users can have the following benefits too:

• Having multiple bridge transactions simultaneously.
• Arken Finance will display the history of a user’s bridge transactions which allows them to track their previous performance.
• Before completing a transaction, the in-between process will be confirmed by the user to allow full transparency and also allow the user to stop the transaction if they change their mind.

Interesting tokens to trade on cross-chain platform

As mentioned above, the high liquidity and complex algorithms provides best trading experience to the users on Arken Finance. Here are some of the most promising tokens available for trading on cross-chain platform:

Ethereum (ETH)

The most widely used blockchain in existence, Ethereum, is central to existing and emerging areas like DeFi, smart contracts, and NFTs. The native token ETH is the second-largest cryptocurrency globally, with a market cap of $350 billion.

Ethereum Chart

Avalanche (AVAX)

Avalanche, the decentralized, open-source blockchain with smart contract functionality, has AVAX as its native token, which has a market cap of over $20 billion.

Avalanche Chart

Polygon (MATIC)

Polygon (MATIC), an Ethereum token that powers the Polygon Network — a protocol for building and connecting Ethereum-compatible blockchain networks, has a market cap of over $12 billion and is predicted to rise by over 500% this bull run, by many market analysts.

MATIC Chart

$ARKEN Token

The platform plans to bring a native token, $ARKEN, which is yet to be released. $ARKEN token offers the following use-cases on the platform:

$ARKEN Use cases

The platform is targeting to mint 10,000,000,000 ARKEN and 1% (100,000,000 $ARKEN) will be allocated for all Airdrop campaigns.

Conclusion

Cross-chain bridges have become more common than regular exchanges as the DeFi sector has grown. They serve project owners, multiple blockchains, and investors by enabling interoperability and mutual integration of blockchain applications.

Arken Finance intends to provide investors in DEXs with a faster, more stable, and scalable solution. With a low transaction cost, Arken’s new Cross-chain swap feature provides a simple, smooth, and transparent experience.