oPortal FAQs (for users)
What features will oPortal provide?
oPortal is a platform, developed by BoringDAO, for users to instantly transfer tokens across various blockchain networks. It serves as a cross-chain bridge that allows users to obtain access to the various blockchains that support the cryptocurrency that they are holding, thereby enabling the use of their digital assets in the Defi world.
What is a Two-Way Bridge?
The oPortal Two-Way Bridge allows users to move their assets between different chains directly rather than moving between chains through CEXs.
Currently, our oPortal USDT bridge (Beta version) is live and users can transfer their Tether (USDT) among 15 blockchains, including Ethereum, BSC, Polygon, Avalanche, Fantom, Harmony, xDai, OEC, HECO, Optimistic, Arbitrum, Boba, Metis, Aurora, and KCC. We are continuously expanding our partnership with many other L1s and L2s.
More USD-pegged tokens, BTC-pegged tokens and oToken assets will be added to the list in the near future.
Why do we need the oPortal Two-way Bridge？
More single-chain tokens will become multi-chain tokens such as $USDT, $USDC, and $ETH. The market needs a fast, easy and most importantly, safe, cross-chain protocol to support the prosperity of a multi-chain universe.
What is the cross-chain fee for oPortal Two-way Bridge?
The cross-chain fee includes:
- 1.Network fee: 2 $USDT / 2 $USDC / 0.0006 $ETH
- 2.Transaction fee with a floating rate depending on the liquidity of the destination chain. In most cases, for a destination chain with sufficient liquidity (> 500K USD), you will be charged with a 0.05% fee! (Doesn’t it feel like it costs nothing?) Sometimes, if the destination chain has a liquidity of > 100K USD but < 500K USD, a 0.3% fee will be charged. However, if the destination chain has a severely low liquidity (< 100K USD), usually not the case, then you will be charged with a 1% fee.
Currently, there is a 50% fee discount for all cross-chain transactions to KCC via oPortal two-way bridge in the first month. And bridge to Metis is for free now (zero transaction fee).
All transaction fees we collect will either be given to the LPs or used to burn $BORING tokens.
Is it safe to transfer assets through the oPortal bridge?
Yes! Powered by Nash Equilibrium Lock (NEL), oPortal is secure and fully open-sourced with all code currently being audited.
What is a Native Bridge?
With the oPortal Native Bridge, BORING tokens can be transferred to any chain that BoringDAO supports. BoringDAO is open and willing to cooperate with any project developers. BoringDAO will design an optimised bridge for each token, allowing them to transfer between different blockchains in the safest and fastest way.
What is the cross-chain fee for oPortal Native Bridge?
For each transfer, oPortal Native Bridge charges a 0.5% cross-chain transaction fee and 100% of the fees collected will be rewarded to liquidity providers (LP).
How long does it take to transfer assets across chains?
This depends on how big the transaction is. For most cases, it will usually take 2-10 minutes. One hour is quite possible though when the network is in congestion. For large asset exchanges it may take up to 24 hours to bridge. This depends upon the network traffic of the target blockchain.
How can I track the bridging process?
The transaction status can be tracked on the oPortal bridge page. No need to panic when you make cross-chain transfers.
Also there's a History page which tracks all the transaction history. You can also use the respective blockchain explorers to track all your transactions.
Why is there a high risk of using the "official bridge" provided by CEX?
It is highly risky for a decentralized project to use the bridge provided by the CEX, because the right to mint and burn tokens is in hands of the CEX. The downsides to centralized exchanges include the downsides to any centralized service that requires trust. If BoringDAO and the project team 2/2 jointly run the smart contract of the oPortal Bridge, it will prevent malicious third party participants.
How to participate in the oPortal farms?
5 simple steps:
1. pick a chain and deposit $USDT/$USDC/$ETH to your wallet;
2. add liquidity into the pool https://oportal.boringdao.com/twoway?tab=1;
3. choose a farm according to the chain from the list https://oportal.boringdao.com/farm;
4. unlock your wallet, approve the contract, and then stake;
5. you’re all set! Starting now, you’ll be getting $BORING tokens as rewards
What can I earn as a liquidity provider?
In total, earnings for LPs will consist of a 100% share of bridge fee charged for every transaction plus the $BORING token rewards from the farms.
You can become a liquidity provider and your supplied liquidity may be used by other cross-chain users. In return, you will receive oToken on the relay chain (Polygon), and you can farm on oPortal with stable daily APRs. The rewards include $BORING reward plus up to 35% of the transaction fees generated, which means the more users cross chains every day, the more rewards you can get.
This is not the only way you can earn! Now we are providing EXTRA BONUS under certain conditions. If you add liquidity to chains with less than 100,000 $USDT/$USDC or 25 $ETH, we will offer a 0.5% extra bonus straight away. For chains with less than 500,000 $USDT/$USDC or 250 $ETH in liquidity, you will receive a 0.15% extra bonus instantly.
There is a bonus calculator on the “Add Liquidity” page which lists out the estimated bonus reward for every chain upon current liquidity condition. So after you choose the specific asset you want to add, liquidity and estimated bonus will be shown for each chain individually on the bottom of the page.
How to remove liquidity?
In the 2.0 version of the oPortal, you can pick your destination chain when removing liquidity, and a transaction fee will be charged based on the liquidity condition of the destination chain (high liquidity - 0.05%, medium liquidity - 0.3%, low liquidity - 1%). We will notify you of the relatively high cost when you try to withdraw to a chain with low liquidity.