I'm sure we've all been in that situation where you hold an x amount of a coin on a blockchain, and want to exchange it for a token on a different blockchain. This can usually turn into bit of a laborious process, since you'll have to swap through a bunch of DEXs or Centralized exchanges to eventually get the token you need. You'll rack up some fees, take a lot of time and potentially make some mistakes on the way.
This is where the DEX comes into play. Rango is a platform that allows you to bridge into different blockchains all at the same place - it will find the best path for your transfer and execute it in the cheapest and most secure way. Currently, they have 27+ blockchains to swap with - so, you'll be able to connect your wallet and start swapping between 7000+ tokens on 27+ different blockchains without having to go through a complicated process.
It's a routing algorithm that uses 1INCH to find the best pathway for an inter-blockchain transfer, in fact they've described themselves as a 'universal 1Inch' that allows swaps between blockchains with the 'highest liquidity and lowest slippage'.
It's essentially a cross-chain DEX aggregator.
What does this mean?
is a regular DEX aggregator, which is a service that accumulates data from multiple decentralized exchanges and finds you the best path with the best prices to execute your trade. Instead of having to shop around multiple DEX's to find the best prices, 1Inch will calculate the whole process for you in a matter of seconds by aggregating the information from all the DEX's. This makes 1Inch a fantastic protocol for anyone who interacts with de-fi on a regular basis.
1Inch or any other DEX (Uniswap, Pancakeswap, Suchiswap etc) operates a blockchain only. So, I can only swap an Ethereum token for an Ethereum token - and not BAT (ERC-20) to CAKE (BSC) for example.
Rango is a multi-chain swapper that allows a user to swap between networks, it combines 1Inch (aggregator) with bridges to provide you with cheap and reliable routes to transfer your tokens from one network to another.
Here's an excerpt from their whitepaper;
"Rango is a super aggregator, which can perform complex and multi-step swaps by combining
all DEXs, bridges, and DEX aggregators around the DeFi world, including:
1. DEXs: Uniswap, Sushiswap, Bancor, etc.
2. DEX aggregators: 1inch, Matcha, etc.
3. Cross-Chain DEXs such as Thorchain.
4. Centralized/Decentralized Bridges: BINANCE Bridge, Terra Bridge, etc."
Therefore, it fills a pretty nice hole in the market, that will provide plenty of use case for a wide range of people. In the real world, aggregators are everywhere. You use them any time time when you buy a festival ticket, plane journey or hotel. So, it's an innovation that's bound to pick up in the crypto-sphere and de-fi as users grow.
Below is an image of the process as seen in the whitepaper;
Below I'll show an example of swapping wBNB on BSC into Atom on Osmosis.
1) First step is to connect your wallet(s) to the site;
2) You'll then need to select the transfer that you wish to execute - in this example wBNB>Atom;
3) It will then provide you with the fee and time estimate of the swap;
As you can see, it will show you the path of the transfer along with the fee and arrival time estimate. If you're happy with the proposed transfer, simply press 'Swap'. A few permissions later, and the Atom will have arrived safely in Osmosis. A very simple process that has worked well for me so far.
The wallets currently available to connect;
On their roadmap is implementing their own token, built on Terra. They also plan to integrate more blockchains and wallets, like Solana and Phantom. If you ever need to swap between blockchains in a simple and secure way, have a go with Rango Exchange:)
