Everything You Should Know About Bungee Exchange

Updated on 1 September, 2022 5:52 PM
1 min read

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    What is Bungee Exchange?

    A bridge aggregator called Bungee which was formerly known as FundMovr has the primary goal to combine many DEXes. A user-friendly and seamless linking experience is essential for enabling users to participate in various chain ecosystems as big ecosystems start to form across all chains.

    Bungee acts as a bridge that links various DEXs in order to provide customers with easy, rapid, and efficient inter-chain transfer paths. We can simply say that the multi-chain world's equivalent of Google Maps is Bungee. Similar to Google Maps, Bungee enables users to find the greatest bridges and transfer their assets between chains using the most efficient path. The app displays the numerous paths when users choose a cross-chain transfer in its capacity as a bridge aggregator.

    There are numerous 'paths' that can be utilised to go across chains in a multi-chain environment with numerous bridges and DEXs. With Bungee, you may pick a token from Chain X and it will automatically determine the optimum path to transport it to Chain Y. There was no need to stress over manually switching tokens or locating the ideal bridge.

    Key Features of Bungee Exchange

    Users can choose their itineraries according to speed, cheap fuel cost, and high return. You can be certain that you are using Bungee to benefit from the most advantageous bridge travel routes. They also give users the option to base their route optimization on certain factors such as -target chain output at its highest level, minimum GAS rates, and shorter bridge times.

    The goal of Bungee is to have you fall in love with a bridge. Users need to gather all of their preferred bridges onto one platform before they set off on this voyage to make sure they can move through the chains as quickly as possible.

    How Does Bungee Exchange Work?

    When users choose a cross-chain transfer, the application acts as a bridge aggregator and displays all possible paths. Users can change their routes based on factors like performance, fuel economy, and recovery.

    The first thing to do is to visit the bridge section on Bungee and then users can connect their respective wallets there. The wallets that are supported by the platform are Dappradar and Wallet Connect. Now let us see how the bridge works.

    The bridge is still in the planning stages. It's highly conceivable that the transfer you're currently willing to do which is a pair of the source and destination networks as well as the desired token is not supported by the bridge. Moving on, to initiate a transfer users need to first designate the source network and destination network. After that, they need to mention the source token and destination token. Additionally, they need to specify the source token's value that you want to transfer.

    If there is no error in sending the token users can choose from the several routes that the app will display. Additionally, it displays the anticipated gas rate, the necessary completion time, as well as the expected token payout on the final network. Once approved by the users, they can initiate this transition which will then be carried out smoothly.

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