Hinting at potential airdrops, how to interact with L2 cross-chain bridge Owlto Finance?

2023-10-26 14:00

Read this article in 13 Minutes

AI summary

View the summary

Owlto Finance is a decentralized cross-rollup cross-chain bridge that focuses on Layer2, providing users with secure, fast, cost-effective, and convenient cross-chain services. Currently, it supports users to cross-chain between more than 15 L2 networks, including Ethereum mainnet, zkSync Era, Starknet, Arbitrum One, Arbitrum Nova, Optimism, Polygon zkEVM, Linea, Mantle, Base, Manta, OpBNB, Kroma, Zora, etc.

As a new product that only went online in June this year, Owlto Finance has emerged as a dark horse in everyone's field of vision. Its cross-chain amount and number of independent wallet addresses have developed rapidly, and users are said to be located in more than 100 countries around the world, achieving a leading position in the industry in a short period of time. It has even surpassed the industry leader Orbiter in many aspects such as network support and trading volume.

Today, in the flourishing L2 network, many users and studios are using cross-chain bridges to transfer funds to popular L2 networks such as zkSync, Starknet, and Linea for interaction, hoping to receive airdrops from L2. However, they often overlook the fact that during times of great excitement, shovels can be even more valuable than mines. So, why is Owlto Finance also a highly noteworthy airdrop project?

一. Background Strong, with close and good cooperative relationships with most L2 officials

Owlto Finance has successively settled in official ecosystems such as zkSync, Starknet, Arbitrum, Optimism, Linea, Base, Polygon, BNB Chain, Mantle, Scroll, Taiko, Manta, and Kroma since its launch, especially receiving recommendations and retweets from official Twitter accounts. Meanwhile, Owlto Finance is also one of the only three third-party cross-chain bridges recommended by Starknet's official website, as well as a key recommended cross-chain bridge for Linea Defi Voyage and Manta Fest. With such a strong background and close relationship with these L2 exchanges, if some L2 exchanges that have not yet issued coins announce airdrops in the future, addresses that have interacted with Owlto Finance will definitely not miss out on a luxurious feast.

二. 暂未发币，并且上线了积分体系

2. Not yet launched, and the points system has been launched

Although Owlto Finance has not yet announced its token plan and there is no specific information about the airdrop details, those who frequently interact with early projects know that previous cross-chain bridges have generally used usage frequency for airdrops, and Owlto is likely to be no exception. In addition, those who frequently use Owlto's cross-chain function should also notice that the "Rewards" page has a Point system, and each cross-chain transaction will earn corresponding points. As for the value of the points, the explanation also hints and expects that "airdrop may be one of the possible benefits".

Another important piece of information is that Owlto Finance has also been featured in the 7th edition of OKX's Cryptopedia. In the first phase of the 4 apps, Owlto Finance accounted for more than 85% of the total project participants. In the second phase, it was the only app to continue for 5 months. This is very rare and shows that the relationship between Owlto Finance and OKX is not ordinary. If they were to issue a coin in the future, the possibility of it being listed on a major exchange like OKX is almost certain.

Three. Security

For many people in the cryptocurrency industry, fund security is always the top priority when it comes to cross-chain transactions. On Owlto, asset transfers occur between two Externally Owned Account (EOA) addresses, which can help avoid risks such as 51% double-spending attacks. Additionally, Owlto places great emphasis on the security of its code and contracts, having passed dual audits from Beosin and CertiK. In particular, Certik's security rating has reached A-level, ranking in the top 10%, which is quite impressive.

Four. Fast Speed, Low Cost

Owlto Finance's cross-chain speed is very fast, taking only about 20 seconds for most networks. Compared to some official bridges that can take up to 7 days, and some third-party cross-chain bridges that can take several minutes to several hours, it can be said to be lightning-fast, greatly improving interaction efficiency. At the same time, compared to some cross-chain bridges that charge tens of dollars in fees, Owlto Finance charges less than $2 or even cheaper, which can greatly save interaction costs for multi-account users, especially studios.

Although the cross-chain operation of Owlto Finance is very simple and convenient, in order to take care of some novice users, here is a detailed interactive tutorial.

Specific operations are as follows:

1. Log in to https://owlto.finance and connect your wallet.

Select the source chain and target chain, then enter the quantity. Owlto currently supports four types of tokens: ETH, USDC, USDT, and BNB. Taking ETH as an example, the minimum amount is 0.0035 ETH, so the wallet needs to have at least 0.0035 ETH and some gas needs to be reserved on the chain.

Cross-chain fees: As shown in "Fee saved", owlto currently only charges the target chain sending fee (DTC). Compared to other cross-chain bridges that charge fees ranging from 0.0016 ETH to 0.0074 + 0.01% to 1% * cross-chain amount, it must be said that this is very kind. Therefore, when there is a cross-chain demand, the author strongly recommends owlto.

On the confirmation page, you can see that owlto only charges a target chain fee of 0.001ETH. Click "send".

The transfer was successful. I personally tested that the funds arrived within 15 seconds. Depending on network fluctuations, the transfer time may not always be this fast, but it definitely impressed me.

For the general L2 cross-chain interaction, there are some differences with Starknet, so let's discuss it separately.

Starknet Cross-Chain Operations

1. Log in to https://owlto.finance and connect your wallet.

Select the source and target chains Starknet, then connect your wallet (I'm using Metamask and Braavos wallets here), and enter the amount.

Confirm the cross-chain quantity and click send.

The waiting time for the StarkNet network will be longer, around 2 minutes.

Rewards

Click on the Rewards page and you will see a Points section. Every time you cross a chain, your points will increase. This is very likely to be one of the weights for future airdrops.

You can see below that inviting friends will also reward some ETH, which is a real monetary reward, unlike many projects that only offer points or tokens as incentives.