About bridge.vet

Swap

bridge.vet is a service for cryptocurrency exchanges. The platform is specifically designed to swap tokens for usage in the VechainThor ecosystem. Swaps are executed using partners leveraging decentralized and centralized exchanges to convert tokens.

Wrap

Additionally bridge.vet makes handling cross-chain-tokens easier by creating equivalents for selected versions on Vechain. These tokens work just like any other tokens and represent a 1:1 version of their original.

In simple terms, it buys and sells tokens on BSC and reflects the balance on Vechain.

Minting

To mint a wrapped token, it needs to be purchased. VET is used to buy the original token at its current market value.

Here's what happens during minting:
  1. VET is sent to bridge.vet
  2. bridge.vet changes the received VET into the chosen token on Binance Smart Chain (BSC)
  3. The original token is locked on BSC, and an equivalent amount is minted in a contract on Vechain
  4. The minted amount is sent to the minter's wallet

Burning

To burn a wrapped token, it needs to be sold. The original token is sold at its current market value for VET.

Here's what happens during burning:
  1. The wrapped token is sent to bridge.vet
  2. bridge.vet changes the chosen token on Binance Smart Chain (BSC) into VET on Vechain
  3. The wrapped token is burned
  4. The VET is sent to the burner's wallet

coming soon: Burn by Redemption

You can burn a wrapped token by redeeming it on BSC. The original token will be moved to your BSC wallet and burned on Vechain.

Here's the process:
  1. Send the wrapped token and redemption address to bridge.vet
  2. bridge.vet burns the token on Vechain
  3. bridge.vet transfers the equivalent token on BSC to the redemption address