Bondly’s First Core Product, BondSwap, is Here!

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As 2021 rolls in, we are excited to announce the launch of one of our core products, BondSwap!

BondSwap, also known as BSwap, aims to simplify the escrow process for digital or physical goods, all powered by DeFi.

With this launch, we believe we will fill a massive gap when it comes to providing on-chain OTC swap solutions.

Start Using BondSwap Today on Ethereum: https://bswap.app/swap

Start Using BondSwap Today on Binance Chain: https://bscswap.app

Part 1: About BondSwap

What is BondSwap?

BondSwap is an OTC Trading Portal that works directly on-chain. OTC (over-the-counter) trade requests can be sent and received via any chat app using different blockchains.

What Problem Does it Solve?

BondSwap solves several current problems in the crypto space.

  1. Liquidity, or the lack thereof, is an issue that currently plagues the industry with willing sellers not being matched with enough willing buyers or vice versa.
  2. Current AMM methods on Uniswap result in 5%+ slippage fees
  3. The digital asset market holds enormous potential with untapped value to the sum of $4 trillion lying dormant with no route to market.
  4. Fiat on and offramps have become increasingly challenging to navigate and trust.
  5. Swapping crypto assets usually requires using a reasonably complicated UI

With BSwap, you can:

  1. Sell a large order of a low liquidity token with no risk of slippage, person-to-person.
  2. Eliminate the AMM model inefficiencies, allowing you to avoid the costs associated with high slippage (usually upwards of 5%).
  3. Send a smart link, enabling crypto-asset swaps, to a contact in Telegram or your favorite Telegram group.
  4. Coming Soon: Become your own NFT marketplace: Mint your own NFT tokenized version of any asset, set your market price, or use our oracle provider, Chainlink, to assist in determining the fair market value of your digital asset, finally, share to your socials for your audience to buy.
  5. Coming Soon: Buy assets using Debit/Credit cards facilitated by PlasmaPay, our 3rd party fiat on and offramp.

How Does it Work?

Bondly is solving OTC crypto-asset swaps through the creation of a decentralized cross-chain architecture that is fully atomic. BondSwap allows parties to perform cryptographically-secure OTC trades of cryptocurrencies running on entirely different blockchains.

While atomic swaps across blockchains of differing native architecture have occurred, to-date, they have not scaled similarly with the DeFi movement due to the highly technical and specialized knowledge required to implement the infrastructure efficiently.

Furthermore, the current method of retaining atomicity between cryptocurrency pairs requires a particular interoperability topology. This infrastructure is unique to each implementation, and and Bondly has spent hundreds of hours behind the scenes working on all known potential variables to ensure maximum efficiency and simplicity.

BSwap provides simplified multi-chain interoperability by implementing Polkadot’s relay chain to listen in on blockchains of differing native architecture through Polkadot’s bridges.

For example, if Alice wishes to exchange her bitcoins with Bob’s Ether, she can send her bitcoin to an address supplied to or designated by BSwap. Meanwhile, Bob will send his Ether to the BSwap smart contract. BSwap verifies the bitcoin was received at the designated address, and releases the Ether held in the BSwap contract to Alice’s Ethereum wallet. Same-chain swaps are also performed efficiently and effortlessly by bypassing the relay chain and operating directly through smart contracts. All of this occurs in a programmatic, automated and decentralized manner.

To learn more details about how BondSwap works, please refer to our BondPaper.

Also, to learn more, watch CryptoSherpa’s Video Tutorial on BondSwap Here.

Start Using BondSwap Today on Ethereum: https://bswap.app/swap

Start Using BondSwap Today on Binance Chain: https://bscswap.app

How Does BondSwap Aid in the Adoption of DeFi?

As the vision of our main core products begin to expand, we believe BondSwap, especially when paired with our next product, BondProtect, will play an essential role in DeFi adoption.

As BondSwap expands, it can begin to be used in traditional marketplaces to make transactions simpler and easier. On marketplaces like Flippa.com, entrepreneurs buy and sell websites, social media accounts, and other digital businesses. For the seller to get paid and the buyer to receive his goods, these traditional marketplaces use escrow methods that are slow and costly!

With BondSwap, and eventually paired with BondProtect, buyers and sellers will be able to make these transactions happen faster and cheaper than ever before, while still using the traditional interface to allow users to feel comfortable during the process.

As a result, the slow and costly processes in traditional marketplaces will be revolutionized by innovative DeFi solutions.

Part 2: BondSwap and Our Partners

As a team, we not only want to deliver a product that is going to serve our community, but we also want to build one that benefits and unifies the collective DeFi ecosystem. This is why we, at Bondly, are focused on building real partnerships that allow the possibilities of DeFi to expand.

Here are some of our collaborators and how BondSwap will propel DeFi forward with their support.

Chainlink:

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Chainlink and Bondly will be working together reciprocally. Bondly will utilize Chainlink as their premier data oracle. At the same time, Bondly will serve as Chainlink’s premier data provider for “unique digital assets’’ such as social media accounts, domain names, and online businesses.

Bondly’s new product solutions will incorporate Chainlink’s proprietary data network oracles into its stream of products and related ecosystem services. Bondly, best known for its market-leading DeFi products, will be working with Chainlink to normalize digital asset data standards across the industry. Chainlink’s oracles will play a foundational role in Bondly’s core product, BondSwap.

BondSwap will use Chainlink Price Feeds to access secure and reliable price data on assets held within our OTC pools. Accurate price data enables customers to make sound, fair-market decisions on OTC trades without ever leaving our app.

In addition to Bondly’s forthcoming DeFi offerings, Bondly will be working with Chainlink to create their own Oracle systems. These new Bondly Oracles will generate new ways to evaluate and track untapped digital assets and provide on-chain information to bridge the gap between crypto and the latent digital economy.

“We look forward to empowering Bondly with secure and reliable oracles so they can tap into the growing digital economy, and we look forward to exploring Bondly’s proprietary data on unlisted digital assets. By working together, we can reliably price digital assets and sell aggregated data across any blockchain, ultimately helping them bridge the gap between the digital economy and DeFi,” states Daniel Kochis, Head of Chainlink Business Development.

Binance Smart Chain:

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Both BSC and Bondly believe in the future of NFT and their ability to become a big driver for crypto-asset adoption. As demand for NFTs rises, Bondly believes there is a strong need for tools and assets to adopt this new technology, especially across chains. By partnering with BSC, Bondly believes the technological advances needed to reach adoption can happen quickly and smoothly. NFTs with utility are the future and Bondly is here to capture it.

Through Bondly’s core products, users of digital marketplaces will have the choice to finalize transactions (imagine selling a website or social media page) using cryptocurrencies instead of traditional payment methods. This will allow users to save time and fees on transactions by avoiding the middle man.

These transactions will also introduce the users of these traditional marketplaces to cryptocurrencies, Bondly, and the Binance Smart Chain community. Bondly will become a leader in driving adoption for Bitcoin and other cryptocurrencies by powering a real-world use case. This will allow for buyers and sellers on these digital marketplaces to experience the value of blockchain first-hand.

Bondly’s goal is to have these buyers and sellers become adopters of cryptocurrencies and BSC community members. Bondly understands that the world of crypto can be confusing for people beginning to learn about it. With the BSC communities support, we believe we can help educate and inform new users of this technology and, in turn, welcome them to the world of crypto. Also, we will add a differentiated new method for trading crypto OTC, similar to Binance OTC Trading Portal.

PlasmaPay

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PlasmaPay and Bondly aim to galvanize decentralized payments systems in 2021 and beyond, making crypto and DeFi accessible to a broader user base than ever before.

The partnership will allow Bondly to adopt PlasmaPay’s fiat on/off ramping service, while PlasmaPay utilizes Bondly’s proprietary products BondSwap and BondProtect on the Plasma network to empower escrow, recurring payments, and payment protection. The long term goal is to integrate blockchain payment solutions into multiple marketplaces seamlessly. This will allow cryptocurrencies to be used for any purchase with the same simplicity and ease of use as regular payment processors. Eventually, you will be able to buy assets using debit/credit cards facilitated by PlasmaPay as our 3rd party fiat on and offramp.

The partnership will also bring NFT storage and OTC trading capability to the PlasmaPay wallet and network. This will further boost PlasmaPay’s utility as it strives to push the sector further forward and bring DeFi to the masses.

In Conclusion

With the launch of our core product BondSwap, OTC transactions can happen safely, simply, and securely on-chain. As we integrate more with our current partners and expand our reach to new partnerships, we believe this technology will become a foundational element for the expansion of DeFi.

Start Using BondSwap Today on Ethereum: https://bswap.app/swap

Start Using BondSwap Today on Binance Chain: https://bscswap.app

Start Using BondSwap Today on Huobi Chain: https://hecoswap.app

About Bondly

Bondly is an interoperable, transparent, and portable swap protocol designed to revolutionize traditional escrow methods and make everyone into their own digital marketplace. Our family of trust-enabling DeFi products are designed to be a part of everyday buying and selling activities, giving peace of mind for swap or online purchases. Our product BProtect is a DeFi enabled eCommerce gateway specializing in integrating into your favorite online marketplaces very simply and easily with no integration fees, just staking tokens.

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