Blockchain development group ChainSafe has created a “bridge” between Avalanche and Ethereum blockchains, giving DeFi users the ability to move cryptoassets between the two networks.
Protofire, Hashquark, POA Network, Avascan, and Meter.io provided bridge security as “repeaters.” Using the bridge, users will be able to move assets between blockchains, and developers of DeFi projects on Ethereum will be able to offer users an alternative platform for transactions.
Avalanche can be an attractive solution for both users and developers. Avalanche takes less than a second to process transactions and the fees are relatively low compared to other networks. As a reminder, Ava Labs launched the Avalanche mainnet in September 2020.
“Bridges play an important role in allowing DeFi to grow beyond a single network into additional ecosystems,” explained Emin Gün Sirer, CEO and co-founder of Ava Labs. “This bridge will open gateways to hundreds of Ethereum assets, including the largest DeFi assets such as WBTC, AAVE and others that will enter Avalanche, enabling decentralized exchanges, lending protocols and prediction markets.”
To use the new bridge, users will have to lock WETH, ERC-20, or ERC-721 tokens in the ChainBridge contract on Ethereum. The equivalent token will then be issued on Avalanche and deposited at the desired address. This asset can be used in DeFi applications on Avalanche.
A spokesman for Ava Labs noted that the tokens issued in Avalanche will be the same as those locked in the ChainBridge contract. At the same time, the equivalents on Avalanche are not stablecoins. These are the same assets that were transferred to Avalanche.
Recall that in November, the developers of the Avalanche blockchain presented a solution that allows you to economically move coins from the Ethereum blockchain to the Avalanche network and back.
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