This Crypto Altcoin Is a Sleeping Giant

Bridges. We need them. And we often have a love/hate relationship with them. But our favorite bridge, it’s only love. We are talking about Wanchain.

And they have a huge new update that will affect all of us bridge users and those in the Wanchain community. The best is getting even better. Want to learn more? Then let’s check more about this altcoin.

Bridge Fees Are Coming and This is GOOD

So if you read our website, you know what we think about Wanchain. It is simply the best, safest, and often the fastest bridge around. They are the original cross-chain bridge protocol.

We swear by them and many of us at Altcoin Buzz use their bridges regularly. Their security is top-notch. Their Storeman nodes and rotation system mean that even the node itself does not know which transactions it will bridge. It’s the most secure, decentralized bridge in the market. Hands down. And some changes are coming that will make their bridges even better and stronger in the future.

New Bridge Fees

The big change is the new bridge fees. Now I know you are thinking that paying more for the same service doesn’t seem like good news. But in this case, it is. Up until now, the only fees you paid to Wanchain were to cover gas on the source chain. So if you bridged USDC from BNB Smart Chain to Optimism, your fee would be something very small like 0.0004 BNB or ~30 cents.

Source: X

But that’s now changing. Wanchain is going to charge a bridge fee. But I promise you, this is good. It will give the Wanchain team the money to maintain top security and add value to its ecosystem. The fee is in 2 parts:

1. Service Fee.
2. Network Fee.

The service fee is typically a small fee for gas on the destination chain.

How New Fees Affect A Typical Bridge Transaction

Notice in the above example, you only paid in BNB for BNB Smart Chain gas. The service fee will now cover the gas on Optimism which you are receiving too. And you know depending on conditions and costs, that could be either in ETH or in OP.

So that’s one change, and it’s not that big a deal. Given the interaction with 2 smart contracts, we expect 2 gas fees. And most of the time this fee is low. But it is more than what we’ve paid on Wanchain before.

Source: X

Then we have the Network Fee. This is a % fee based on the volume of your transaction. The initial base fee will be at 0.2%. That means 20 cents for every $100 you bridge. Again, this is very low although market conditions can change what this network fee will be.

Better Security Against Spam Attacks

For security purposes, this is a smart move. The network fee will have upper and lower limits. The upper limit is to not punish large transactions and to stay competitive in pricing with other quality bridges. But the smart thinking here is in the lower fee range.

The lower end of the fee range is designed against DDoS attacks or spamming transactions to the network. Spamming tons of tiny transactions to a low-fee network is the reason for Solana’s last outage. Because the cost for a spammer or hacker to do this is so low when transaction fees are low.

Source: X

It also happened in January to Manta Network. This minimum transaction charge in the Network Fee makes spamming the network or planning a DDoS attack A LOT more expensive. So this is a great security measure by the Team.

Benefits to $WAN Holders

These new bridge fees will help make the most secure bridge even MORE secure. And now there are more direct benefits for Wanchain’s native token $WAN holders. The Service fee, which again is a very small percentage of the bridge volume, will be automatically converted into $WAN.

When that happens, the Storeman Bridge Nodes will get 10% of the Service Fee. Another 10% goes to the regular Proof of Stake Nodes on the Wanchain network. Many run nodes for both so those that keep the bridge safe will earn a little more. But that’s only 20% of the fee:

• 40% of the Fee goes to the Community Treasury to pay out for various rewards and programs
• AND 30% goes to development funding for continuous improvements to the Wanchain Bridge.

So that’s only 90%. What about the last 10%?

Wanchain’s Burn Program

Burn, baby burn. This altcoin is starting a burn program for $WAN. And 10% of the Service Fee we pay to bridge will convert to $WAN and that $WAN will burn.

Source: X

We expect this to have a real effect on the total supply of $WAN and reduce the supply over time. It will make this altcoin more valuable for existing holders. And we LOVE burn programs.

Discounted Bridge Fees

Aside from the burn program and community benefits of converting the Service Fee to $WAN, $WAN token holders get another big benefit. Reduced bridge fees.

If you have at least 10,000 $WAN, which at today’s price is $2300 worth, then you qualify for tiered discounts on your bridge fees. Again, this makes sense to give back to those who contribute most to your community.

Why Add These Fees Now?

This altcoin for many years has been the top bridge. It’s never had a hack and never lost its users’ money. So why change now? You can see from what we’ve talked about today that the big idea is threefold:

1. Improve Security and Maintain Bridge Leadership Position.
2. Reward $WAN holders for their loyalty to the community.
3. Show all the rest of us why $WAN is a token worth adding to our portfolios.

We use the Wanchain Bridge early and often and we love it. And we love the idea of paying just a little bit more to ensure that the bridge will be there for us in the future. We need trustless, decentralized bridges like Wanchain. Linking bridge fees to the $WAN token is a great idea too. In the last 12 months, $WAN is up 35%. A very respectable ROI and better than most alts in this market.

Source: X

Over the last 90 days, it’s down 20% and in the last 30 days, it’s down 3.7%. After a nice performance over the last year, it’s taken a little breather. Then as you can see here, the Team has been teasing some news on their X account about this update and people are responding. This is what happens when a project has credibility and doesn’t overhype itself.

We think these new bridge fees will add a ton of value to Wanchain holders. So you should check out the $WAN token and the Wanchain Bridge. More than $1 billion worth of bridge volume swears by Wanchain. Go try it and see why.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Wanchain. Copyright Altcoin Buzz Pte Ltd.

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