Introducing Cross-Chain Deposits
Cross-chain deposits on Vertex have arrived! We’re excited to announce our partnership with Axelar to integrate Squid Router on the Vertex app.
Axelar stands at the forefront of secure cross-chain messaging protocols, empowering users and developers to seamlessly engage with over 50 blockchains through simple interactions. With a track record securing over $7 billion in transaction value, Axelar surpasses traditional bridging methods, offering versatile functionality for both general message transmission and universal asset transfers across blockchains.
Squid Router, a specialized liquidity and messaging router leveraging Axelar's infrastructure, streamlines multiple swaps and on-chain function executions for any asset, simplifying complex processes into a few straightforward steps.
Traders can now bridge and deposit from 8 different chains directly into their trading accounts. Seamless deposits within an average of 2 minutes, without ever leaving the Vertex app – backed by the security of the largest, most decentralized validator set in cross-chain.
Supported chains for cross-chain deposits initially include:
- Ethereum (L1)
- Optimism
- Binance Smart Chain (BSC)
- Polygon
- Base
- Avalanche
- Fantom
- Mantle
Save the time and headache of bridging through multiple interfaces and swapping assets before reaching your cross-chain destination.
In this blog, we will cover:
- The what and why of cross-chain deposits.
- How the Squid integration works on Vertex.
- A tutorial to get started.
What are Cross-Chain Deposits on Vertex?
Cross-chain deposits are a new way to deposit assets on Vertex.
Vertex is an orderbook DEX built on Arbitrum. Traders deposit Arbitrum-native assets into Vertex’s non-custodial smart contracts to trade with and use as margin. As the name suggests, cross-chain deposits empower traders to deposit assets from non-Arbitrum chains directly into Vertex.
Until now, moving assets from a non-Arbitrum chain to Arbitrum and depositing into Vertex required numerous steps, apps, and transactions. Additionally, if a trader didn’t have the Vertex-supported version of that asset (i.e., USDC.e vs USDC or wETH vs. ETH) they would also need to swap the assets before depositing.
Cross-chain deposits simplify this entire burdensome process, making it possible to bridge & deposit within minutes and without ever needing to leave the Vertex app.
Let’s run through an example of a cross-chain deposit on Vertex:
- Sally uses the Vertex app to trade.
- Sally wants to make a deposit but she only has USDC on Ethereum L1.
- She decides to initiate a cross-chain deposit on Vertex.
- If Sally’s preferred source chain is Ethereum, she simply selects Ethereum from the list of supported source chains, chooses USDC as the asset to bridge, and designates USDC.e as the asset to receive.
- Sally signs the transaction, receiving USDC.e into her Vertex account. On average, cross-chain deposits should settle in under a minute.
- Notably, Sally never had to leave Vertex to bridge from an external chain to Arbitrum and swap USDC for USDC.e – the multi-step process is simplified, requiring only a few clicks directly on Vertex.
Why are native cross-chain deposits important?
Delivering the best trading experience means untangling the complexity of the first step to trade on Vertex – the deposit. With the launch of cross-chain deposits, traders can now:
- Save Time: Users don’t need to leave the Vertex app to bridge and/or swap assets before depositing, nor do they need to sign multiple transactions on different apps.
- Easier Onboarding: The onboarding experience for Vertex newcomers from non-Arbitrum chains is vastly more accessible.
How do Vertex’s Cross-Chain Deposits Work?
Vertex’s cross-chain deposits are powered by Axelar’s bridge technology and Squid’s router protocol.
Squid Router enables an asset native to one chain (Chain A) to be swapped for an asset native to another chain (Chain B). Essentially, Squid acts as a cross-chain swap tapping into liquidity pools on both chains.
Vertex uses Squid’s Boost (GMP Express), a special feature of Axelar and Squid that reduces transaction time across chains to 5-30 seconds. In addition to the speed, Squid’s cross-chain swap design is especially impactful for Vertex users.
For example, Vertex currently supports 5 assets that can be deposited as collateral. Since some of the collateral assets have native and/or wrapped versions on other chains, the cross-chain swap enables traders to receive the Vertex-supported version (e.g., Arbitrum) without needing to navigate between multiple apps, wallets, and transaction signing.
The initial list of supported chains for cross-chain deposits includes:
- Ethereum (L1)
- Binanace Smart Chain (BSC)
- Optimism
- Polygon
- Avalanche
- Base Chain
- Mantle
- Fantom
Assets with supported liquidity pools on those chains can be selected as the asset to bridge and swap from source chain → Vertex (Arbitrum). Eventually, the list of supported source chains on Vertex will be expanded to include more chains from the full catalog of chains currently available via Squid Router.
For the full list, please refer here.
To learn more about Axelar and Squid:
Cross-Chain Deposit Tutorial
You can also find this tutorial with a video version in our docs.
Step 1. Initiate the cross-chain deposit.
Click on {Cross-Chain Deposit} in:
→ The sidebar.
→ Bottom of the regular deposit pop-up.
The cross-chain pop-up will open.
Step 2. Select the source chain.
Select the chain you want to originally bridge from → Vertex.
→ Click on {Select}.
→ Choose the source chain from the list.
Step 3. Switch to source network.
To proceed with the transaction, your wallet will need to be connected to the source chain’s network.
→ Press the main button which will say {Switch to Network}.
→ Sign the transaction once prompted.
Step 4. Select the asset to swap (Asset #1).
You will sell this asset on the source chain to receive the next step’s asset.
→ Click on the drop-down menu.
→ Select the asset.
→ Use the search function for quick navigation.
Step 5. Select the asset to receive and deposit into Vertex (Asset #2).
This is the asset that you will receive in your Vertex trading account.
→ Click on the drop-down menu.
→ Select from the list of Vertex-supported assets to deposit.
Step 6. Enter the amount.
You can only enter the amount of Asset #1.
→ Click on the input.
→ Enter how much you want to sell / bridge.
→ Or use the % shortcut buttons.
After entering the amount of Asset #1, you will see the Est. amount of Asset #2 you will receive.
You can also review the summary:
- Cross-chain swap details.
- Estimated time.
- Estimated gas.
- Estimated fee.
- Changes to account.
Step 7. Sign the transaction.
To complete the cross-chain deposit.
→ Press on [Cross-Chain Deposit].
→ Sign the transaction in your wallet.
*Please note: you may need to approve the asset before signing the transaction. Approvals are required for new assets and increasing max amounts.
After successfully signing the transaction, you will receive a notification.
✅ Cross-Chain Deposit Finished