Wavelength: Transitioning assets from the old standard used previously to Multichain asset standard


Asset standard through Multichain: Wavelength has partnered with Multichain to resolve cross chain bridging challenges and incorporate a new standard of assets, in an effort to improve liquidity flows to the Velas DeFi ecosystem. Due to a change of asset class, users will be instructed to switch to Multichain assets. Wavelength assets are NOT compatible with prior protocols on Velas (Wagyuswap/Astroswap/BambooDeFi). 

With many active users on previously existing DEXs, there is a need to move old assets often labeled "lab" to new assets created following Multichain standards, labeled "any".

Although the possible scenarios are very different, everything is summarized in two large groups: Users with assets in Velas Chain but old standard and users in other chains who now want to take advantage of the new pools and options that Wavelength offers.

Migrating assets previous to Multichain partnership and Wavelength launch towards the new standard

There is currently no easy and short path, but we do have different alternatives, depending on our needs.

  • Condition A: Users currently holding tokens on the Velas Network, bought on Wagyuswap. For example: BUSD, USDT, USDC.

Option 1 - Trade back to $VLX: Use the original exchange where you obtained yours tokens, presumably Wagyuswap, to get back from $BUSD, $USDT, $USDC to $VLX. Velas is the main coin/token used in the whole network. After this, connect with Wavelength and trade $VLX for anyBUSD, anyUSDT or anyUSDC.

Option 2 - Double bridge: Currently, the Velas Wallet has an integrated bridge for BUSD "old" that allows funds to be swapped from Velas to BSC and vice versa. If you are trying to swap USDT or USDC to the new Multichain standard, the easiest way is trading to BUSD on Wagyuswap and then continue the process from BUSD.

Bridge 1 - From BUSD on Velas Chain to BUSD on BNB Chain (BEP-20) using the "Swap" button on wallet.velas.com. Once the bridge is complete, send your BUSD (BEP-20) to MetaMask.

Bridge 2 - From BUSD BEP-20 to anyBUSD on Velas Chain through Multichain.org. Choose "From" BNB Chain "To" Velas Mainnet.

Push approve and swap, then wait the process to be fully finalized.

  • Condition B: Users currently holding tokens on BNB Chain, Ethereum or any other EVM compatible blockchain.

If this is your situation, the best option is to directly use Multichain.org to switch from your current chain to Velas Chain.  

Multichain has a routing system that will allow you to easily switch from one chain to other using the liquidity provided in the pools.

More information about Multichain routing system: https://docs.multichain.org/getting-started/how-it-works/cross-chain-router

We hope this article has been helpful to you Velonians, if you like what we do, don't forget to delegate your $VLX with us, we are one of the oldest validators on Velas and big supporters like all of you!

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