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Crypto Game-Changer: Send Money for Free Across Ethereum and Solana

In a significant advancement for cryptocurrency enthusiasts, Key App rolled out a feature that facilitates the seamless transfer of tokens between the Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) networks.

In an effort to address the prevalent issues of hefty Ethereum gas fees, the app will bear the cost for transfers exceeding $50.

Expressing his enthusiasm regarding the new offering, Egor Danilov, general manager of Key App, emphasized the potential of this breakthrough in mitigating issues of high transaction fees and enhancing the overall user experience, extending beyond just crypto-savvy individuals to include the general public.

Bridges in the cryptocurrency world, pivotal for transactions between different networks, currently encapsulate about $42 billion in total locked value (TVL).

The continuing expansion of this volume elucidates the persistent user demand for cross-chain transactions, despite the exorbitant costs associated with it.

But, there is a glaring deficit of feasible solutions that can simplify the process. Presently, the procedure of bridging assets includes several friction points, making it cumbersome for users who are required to connect their crypto wallet to a web browser, navigate to a bridge portal, authorize the transaction and receive a gas fee.

Ethereum and Solana, constructed as isolated chains, have nevertheless demonstrated significant interest in bridging.

Leveraging Wormhole's bridging technology, Key App stated that it optimized the user interface to simplify the transfer of tokens between the Ethereum and Solana networks, reducing the complexity of the process for users irrespective of their technical proficiency.

Users are provided with an Ethereum address on Key App, enabling them to directly transfer tokens from Ethereum to Solana without the need to connect a third wallet, as Key App handles the complexities.

Furthermore, users can withdraw funds from Solana to Ethereum and pay the fee in the same token being transferred, offering greater flexibility and convenience.

Key App offers storage and transaction services for more than 800 tokens using usernames, links or public addresses, eliminating the burden of gas fees.

© 2023 Benzinga does not provide investment advice. All rights reserved.

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