Wizard Bridge
This page describes the mechanics of Geeks Wizard Bridge and its integration with the Toll Rabbit NFTs.
Last updated
This page describes the mechanics of Geeks Wizard Bridge and its integration with the Toll Rabbit NFTs.
Last updated
The purpose of Geeks Wizard bridge is to allow traders within the Ecosystem to quickly and efficiently access arbitrage opportunities cross-chain.
Users will connect their wallet to the Geeks Wizard Bridge dApp, and choose which token they would like to transition chains, which chain they currently hold the asset on, and which chain they would like to move the asset to. A 1.5% fee is applied to the transaction, 1% goes to the Toll Rabbit NFTs, 0.5% goes to the Wizard Dev who built and maintains the Bridge.
The remaining 98.5% of tokens are burnt and the information containing the Trader's wallet address and the number of tokens that were burnt is relayed through a smart contract to a Daemon and then sent to the destination chain, where the token contract mints the same number of tokens that were burnt. 100% of the code operating this bridge is IP of Geeks Ecosystem and fully in the control of Geeks Ecosystem.
With a bridging fee of 1.5%, and taxes ranging from 3-5% depending on the asset, traders can profit on cross-chain arbitrage if the assets between the two chains differ in value by more than 7.5-11.5%. Initially, all four tokens will be integrated into the bridge and allow for interoperability between the Base and BSC Blockchains. As the Ecosystem begins to scale, each new token will be added to the bridge gradually increasing the passive income potential of each NFT.
Given that Geeks Ecosystem is EVM Agnostic, it will eventually scale to other EVMs increasing its accessibility, flexibility, and market reach while reducing the risk any one chain is exposed to. The Wizard Bridge was designed to seamlessly allow for any new chain or token to be added to the Ecosystem within 10 minutes. The video below demonstrates how and is a critical video to watch for understanding the depth of Geeks Ecosystems design.
The Smart Contract for the Bridge can be found below:
