A cross-chain swap exchanges a coin on one blockchain for a coin on another, for example BTC for ETH. There are four main ways to do it: native swaps, bridges, wrapped tokens and centralized exchanges, and they differ in what you end up holding and who controls your coins along the way.
Why swapping across chains is hard
Blockchains are closed systems. The Bitcoin network knows nothing about Ethereum balances, and Ethereum cannot see Bitcoin transactions. Inside one chain a swap is easy, because a single transaction can move both tokens at once. Across chains there is no shared transaction, so something has to connect the two sides. Each method below answers that differently.
The four methods
Native swaps
A native swap takes the real coin on one chain and pays out the real coin on another. You never hold a substitute token. Swap routes do this in two main ways.
Some routes are liquidity networks that hold real coins on each chain they support. You send native BTC to the network's Bitcoin vault. The network observes the deposit, works out the price from the liquidity it holds and sends native ETH from its Ethereum vault to your address. THORChain and Maya work this way.
Other routes use solvers or market makers. You state what you want to swap, and a professional counterparty quotes a price and delivers the destination coin. NEAR Intents settles swaps through solvers, and Chainflip takes your coin through a deposit channel.
Bridges
A bridge moves value from chain A to chain B. The classic design locks your coins in a contract or custody account on chain A and issues the same amount of a representative token on chain B. Other designs keep liquidity on both sides and pay you out from it. A bridge on its own usually moves one asset between chains. To end up with a different asset, you add a trade on the destination chain.
Wrapped tokens
A wrapped token is what a lock-and-issue bridge produces: a token on one chain that represents a coin from another, such as a Bitcoin-backed token on Ethereum. It is useful because it lets that coin work inside applications on the other chain. But it is a claim, not the coin. Its value depends on the locked coins staying safe and on the issuer or contract honoring redemption.
Centralized exchanges
You deposit coin A to an exchange account, sell it on the order book for coin B and withdraw. The exchange supports many chains, so the cross-chain part happens inside its own ledger. Once your funds are deposited, this is often the fastest trade and can be the cheapest for large amounts. The price is custody: from deposit to withdrawal the exchange holds your coins, and you need an account with identity verification.
The trade-offs side by side
| Method | What you receive | Who holds the coins during the swap | Main downside |
|---|---|---|---|
| Native swap | The native coin on its own chain | The route that runs the swap, until it pays out | Waits for source-chain confirmations, price impact on large swaps |
| Bridge | Usually a representative token | The bridge contract or custodian | The locked funds are a single point of failure |
| Wrapped token | A claim on a coin held elsewhere | The issuer or contract | Value depends on backing and redemption |
| Centralized exchange | The native coin, after withdrawal | The exchange | Custody risk, account required, withdrawal limits |
No row is free of risk. Native swap routes also rely on code and on the operators, solvers or market makers who run them. The difference is what you hold afterwards. A native swap leaves you with the real coin and no ongoing dependency. A wrapped token keeps you exposed to the bridge for as long as you hold it.
When each one makes sense
- Native swap: you want to move between major coins on different chains, keep self-custody and end up with the real asset. Accept that it takes as long as the source chain needs to confirm.
- Bridge: you want to move the same asset between closely related networks, for example from Ethereum to one of its layer 2 networks. These routes are usually fast and cheap.
- Wrapped token: you specifically want to use a coin inside applications on another chain, and you understand what backs it.
- Centralized exchange: you trade very large size, need the deepest order book, or already keep funds on the exchange and accept custody.
What to check before any cross-chain swap
- The exact asset you will receive, including its network. A wrapped or bridged version has a different name or contract.
- The amount you receive after all fees, not the headline rate. See crypto swap fees explained.
- The minimum you accept if the price moves, and what happens if the swap cannot meet it.
- The destination address. It should be one you control.
- The expected time. Slow is normal for chains with long block times.
A swap you sign cannot be undone. Test a new route with a small amount first.
How THORWallet handles it
THORWallet is a self-custody wallet that uses native cross-chain swaps: real coin in, real coin out, no bridges and no wrapped tokens. It compares several routes on every swap and shows them to you. The routes are THORChain, Maya, Chainflip, NEAR Intents, 1inch and Harbor, and which ones answer depends on the pair and the amount.
THORChain and Maya are decentralized liquidity networks. NEAR Intents and Chainflip use solvers or market makers, 1inch is a DEX aggregator, used here for swaps on EVM chains, and Harbor covers further cross-chain routes. The downside from the table applies here too: a native swap waits for the source chain, so it can take longer than a centralized exchange. You can try a quote on the swap page.
How to do it in THORWallet
Step-by-step articles from the help center, checked against the current app.
- How swaps workHow a swap in THORWallet works from quote to payout, why there are several routes and what happens to your coins on the way.
- How to make a swapStep-by-step instructions for swapping one coin for another in the THORWallet app and in the web app.
- Swap routes comparedWhich swap routes THORWallet compares, how each one is labelled in the app, what it is used for and how to sort and pick a route.
- How to track a swapWhere to find a swap after you confirm it, what each status means and how to open the transaction in a block explorer.
Sources
- ethereum.org: introduction to blockchain bridges
- ethereum.org developer docs: bridge designs and risks
- WBTC: how wrapped Bitcoin is backed
- THORChain docs: native cross-chain swaps
- NEAR Intents docs: what intents are
- Chainflip docs: the JIT AMM protocol
Reviewed on 12 Nov 2026. Statements about THORWallet were checked against the help center, and the sources above were opened on that day. This guide explains how things work. It is not financial advice.