Cross-chain bridge; technology has advanced significantly in recent months, and users can now exchange assets across a wide range of networks. Today, between eight different bridges there’s a total value of $7.6 billion locked across these platforms. Cross-Chain Bridges technology now connecting 5 Different blockchains to ethereum.
Cross-Chain Bridges
There are a good number of cross-chain blockchain bridges available these days; allowing users to perform a variety of different decentralized finance (defi) techniques. Surprisingly, many bridges connect to the Ethereum (ETH) network because they support the Ethereum Virtual Machine (EVM).
Since these connections have been made; a significant amount of value has flowed between a plethora of chains and the Ethereum blockchain. The following post discusses a number of bridges that cryptocurrency users can use to perform cross-chain swaps.
Tezos Wrap Protocol Bridge
Tezos (XTZ) is a proof-of-stake (PoS) blockchain network that makes use of validating nodes known as bakers. XTZ ;users have the ability to bridge with the ETH blockchain as a team called Bender Labs developed called; the Wrap Protocol.
Essentially; the Wrap Protocol developed by Bender allows people to wrap ERC20; and ERC721 tokens in order to use them with various defi applications.
Binance Smart Chain Bridge
The Binance Smart Chain (BSC) is another Ethereum-compatible blockchain. BSC provides the same smart contract capacity as Ethereum, but the fees on the BSC chain are much lower. Users of the Binance Chain (BNB) can switch from the BNB chain to the BSC chain using the BEP20 standard; and a cross-chain bridge.
The Binance wallet is an extension wallet that can perform BNB-to-BSC cross-chain swaps. In addition, users can use the Binance Bridge to handle cross-chain transactions. Users in the United States and; a few other countries may need to use a VPN to access the Binance Bridge.
Solana’s Wormhole Bridge
Solana (SOL); also has a bridge as well and the launch of the Wormhole network’s ethereum-Solana bridge was revealing on September 17. The Wormhole Token Bridge connects Ethereum and Solana, allowing users to transfer assets between the two blockchains.
“The portal is open,” according to the website wormholenetwork.com. “Wormhole opens up previously siloed blockchains to new communication channels.” According to Dune Analytics’ current Wormhole statistics;the Solana Wormhole has a total value of $382,471,804 locked.
Avalanche Bridge
Avalanche (AVAX), a proof-of-stake (PoS) blockchain, is another Ethereum-compatible chain. AVAX participants can use the Avalanche wallet’s cross-chain capabilities to connect AVAX assets to Ethereum.
Users of this wallet can exchange their AVAX for a small fee between the Avalanche and Ethereum networks. After a cross-chain swap is settling onto the Ethereum blockchains ; participants, as long as they configure Metamask to the Avalanche Network.
Bitcoin Cash Smartbch Bridge
Bitcoin Cash (BCH) is yet another chain that, thanks to the Smartbch network, is now compatible with Ethereum. As a result, bitcoin cash (BCH) can wrapped and used for decentralized finance. There are currently only one Smartbch bridge, which is powered by the crypto-asset exchange Coinflex.
Users can access Coinflex through Metamask rather than registering with an email address; and they can exchange their BCH for Smartbch almost instantly after confirmation times. At withdrawal, a user simply deposits BCH and sends out Smartbch using the SEP20 token protocol standard. Following the configuration of a Metamask wallet to the Smartbch network, Metamask users can leverage wrapped bitcoin cash.
Guides for Research on the use of bridges before they cross
When it comes to crosshair exchanges; the list above simply scratches out the surface; since bridges from blockchains such as Cosmos, Fantom, Polygon, Terra, Harmony, Near, Optimism, and Harmony are found.
Users of the cosmos can connect to Ethereum via Emeris and via a Keplr wallet. The NEAR Rainbow Bridge can enable nearby parties to cooperate with Ethereum. Near participants can collaborate with Ethereum via the NEAR Rainbow Bridge. Fantom users can swap with spookyswap or multichain.xyz and Polygon network participants are able to cross-chain swap via the Polygon Bridge. Terra assets can swapped back and forth between Ethereum and Terra through bridge.terra.money.
However, it takes some time and prior knowledge from storytelling and step-by-step instructions on how to exploit blockchain bridges. Funds can get lost if errors occur; therefore users should be careful when utilising cross-chain bridges or decentralised finance applications (defi) in general.
Source: Bitcoin.com
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