Thread by @0xPolygonNews

Cross-chain Deposits: A unique feature that allows traders to deposit assets on one chain and use them as collateral on the other without going through a centralized exchange or the hassle of swapping their tokens from one chain to another.

A thread (🧵)

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For example, if you have assets on #Terra that you want to use as collateral on @0xPolygon, you could do so without bridging your assets over.

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Is it possible today?

Yes, via Wormhole, a generic message-passing protocol that connects to multiple chains, including #Polygon, #Terra, #Ethereum, etc. @wormholecrypto Portal Bridge enables tokens to be transferred across different chains.

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How will it be beneficial to the DEXes on @0xPolygon?

Firstly, this will benefit any protocol that wants to accept UST or aUST as collateral and attract the Lunatic community from #Terra.

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Secondly, outside of Terra, UST is wrapped primarily using Wormhole’s Portal portalbridge.com/#/stats.

There is about $1-1.5B UST cross-chain via
Portal-wrapped UST on #Polygon.

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So users can send their UST from any chain to any chain without worrying about double wrapping

This would enable hassle-free cross-chain bridging, liquidity, and trade-to-flow on #Polygon.

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How can it be done?

Here is a thread that explains in simple terms how to integrate:

https://twitter.com/ryu_sigma/status/1506461640358834189

If you are a DEX and you want to integrate, feel free to let us know.

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