One of the most important things about crypto is ease of use.
One problem I recently had was trying to swap my DOT into BNC.
I can XCM my DOT into DOT (wrapped on Bifrost) but I still have no way of buying BNC without paying the transaction fees in BNC.
So currently the only solution is to use another DEX to buy BNC first.
Example:
If you wanted to transfer assets from ACA to BNC (without a HMRP).
You would have to go from ACA > DOT > DOT (mainchain) > DOT (wrapped on another chain) > BNC (wrapped) > BNC (mainchain).
(6 transactions)
The transactions can be reduced if we allow people to pay their fees in any token.
ACA > DOT > DOT (wrapped on Bifrost) > BNC.
(4 transactions)
Technically this is not a simple task but this is a proposal to help discuss implementation.
SubSquare's post talks about making it easier to use cryptocurrency for transactions. They discuss a problem they faced when trying to swap one type of cryptocurrency for another. They explain that currently, they have to go through multiple steps to make the swap, which can be time-consuming and expensive. They propose a solution to reduce the number of steps involved in the process by allowing people to pay their fees in any token. This would make it easier and faster to make transactions using cryptocurrency.
Hi @dJou...owg1
I voted YESfor the idea of course.
But your reflexion is not full.
We already have flexible fees on Bifrost: https://docs.bifrost.finance/quick-start-and-tutorials/wallet/set-the-default-gas-fee-token
On Bifrost-Polkadot side:
BNC
DOT
MANTA
On Bifrost-Kusama side:
BNC
KSM
vBNC
ZLK
USDT
So if you don't have DOT to mint vDOT, just use your DOT as fees.
There is no extra step required for the user here. Just keep some DOT for fees.
Moreover, here ACA is a very bad example: they don't have any pools outside their ecosystem.
I would argue that they should put some ACA liquidity in the HydraDX omnipool like other main parachains in the ecosystem.
Just swap ACA to DOT that's it > 1 tx
The omnipool tends to be the liquidity hub (main DEX), so you should push other parachaisn teams to get their Treasury tokens in the omnipool.
Edited