For the first time ever, the SHIB token is also available on the Algorand network thanks to the Equito Bridge.
What is Equito?
Equito Bridge is an agnostic, cross-chain and open source protocol, providing modular software tools to enable communication and composability between various chains for applications and digital assets:
it received a USD 50,000 award from the Algorand Foundation for excellence in code development.
Today, EquitoBridge offers permissionless transactions between 18 assets across the Algorand, Ethereum and Binance blockchains with a finality of less than 30 seconds, making EquitoBridge the fastest bridge on the network.
To date, in fact, Equito is the most secure cross-chain solution on the market for CertiK: https://www.certik.com/projects/equito-finance
Shiba on Algorand
Equito for the first time on the Algorand network has created a bridge for SHIB Holders: it is based on a smart contract system that enables the conversion of SHIB tokens into tokens compatible with the Algorand network.
Once tokens are converted, SHIB Holders can use them to access decentralised services, provide liquidity on Tinyman (DEX) and benefit from the volume of transactions and fees due to liquidity provision.
Shiba holders’ funds are deposited in Vaults that only legitimate private key holders can access.
This solution is particularly interesting because as has already happened with other tokens that have benefited from large price increases (as recently happened with PEPE), choosing Algorand as a platform allows one to enjoy lower transaction costs, attracting even more investor interest.
Not only that, but one can benefit from higher transaction speeds compared to Ethereum and access more promising DeFi solutions with more attractive profit percentages.
How to use the Equito Bridge
- First of all, it is essential to have a compatible wallet on the Algorand network, Pera Wallet, which can be obtained at this link: https://web.perawallet.app/ Click on ‘Create an account’ to create a password (passcode) right away and then save the 25 passwords. We strongly suggest writing them down on a piece of paper and keeping them safe. Copying and pasting them into your computer is subject to possible risk of cyber attacks.You do not need to install applications or extensions on your browser, it is a web wallet only available in the browser with which you first registered. You will then need to use your password to log in and nothing more.
- Also from the same browser, you can connect to Equito’s bridge: https://bridge.equitofinance.com/bridge
and initially connect your Pera Wallet by selecting the Algorand network at the top, as shown below:
then connect the wallet by entering your passcode chosen during registration. - Once you have connected your Pera Wallet, you will need to click directly on the Ethereum network among the available networks at the top to then connect your Metamask and begin the bridge transfer:
TIP: start connecting as suggested first the Pera Wallet (Algorand) and then Metamask (Ethereum) to have everything already set up to transfer Shiba from the Ethereum network to the Algorand network without doing any further network steps. - In this way, the Equito bridge is ready to use: you will be able to exchange your SHIBs from the Ethereum network to the Algorand network of your Pera Wallet.
Immediately below the selected SHIB token we decide how many tokens to “bridge”(IMPORTANT: enter the total value of SHIBs as in the example below) and click on “Confirm Transaction”:
TIP: it is important to have Algorands (at least 10 ALGOs considering that each transaction costs just 0.001) and Ethereums (just a few euros in countervalue) in your wallet to carry out this step: you can send them using your favourite exchange (Binance, Kucoin, Bitget, etc.) or directly via other wallets. - After confirming all the steps, entering the password, confirming the transfer on Algorand, and signing the transaction on Metamask, we will see the passage of our SHIB tokens on the Algorand network within seconds:
The operation is indeed fast and without any particular waiting time. The SHIB token on the Algorand network has already been verified by Pera Wallet thanks to the requests of the Equito bridge, the token is in fact the same “entity” and holds the original values of the token on the Ethereum network, but with the advantages of the Algorand network that we mentioned.
Equito’s exclusive bridge on Algorand dedicated to the Shiba Holder represents a unique solution to obtain great advantages, a first concrete step to propose a secure, reliable bridge already projected on possible applications also for the future L2 Shibarium, the official Shiba Layer 2.
