- Users can send and receive tokens from the Tezos blockchain to the Ethereum blockchain using the bridge.
- The new bridge allows users to bridge the Ethereum blockchain to Cardano.
Today, the team behind Plenty finance, Tezsure, revealed that its Plenty bridge launch is now live. The bridge is the link between the Tezos and Ethereum blockchains. Thus, token holders can perform peer-to-peer token transactions on the Tezos blockchain without the intervention of a third party.
Growing the Tezos ecosystem
The availability of this bridge means that token transfers can’t exceed five minutes. This is important given that token transfers usually take up to one hour. Tezsure plans to launch bridges for other blockchains soon.
Blockchains under consideration include Binance Smart Chain, Polygon, and Avalanche. Even though the Plenty bridge is a decentralized network, it has a strong community that ensures its stability. This community is known as the Signers Quorum. Users can receive tokens on the bridge using similar representations to the ERC20 tokens on the Tezos blockchain.
Then, holders can use these tokens on Tezos. However, these tokens have a similar value as the original tokens. A joint statement from Tezsure co-founders reads, “the growth of the Tezos ecosystem depends on the Ethereum bridge and future bridges from other chains such as BSC, Polygon, and Avalanche. The greater the number of bridges, the easier users can migrate their assets to Tezos. Hence, they can better explore the Tezos ecosystem.”
Related: Tezos revolutionizes its blockchain with new consensus mechanism
More about the Signers Quorum
The Signers Quorum are well-trusted members of the Tezos community. Their primary responsibility is to ensure that the Plenty bridge is always stable. These groups engage with the Tezos and Ethereum blockchain. They utilize user activity levels to determine the number of bridge transactions they would create.
Seven teams make up the Plenty bridge’s quorum members. They are Tezsure, Madfish, Integro Labs, Baking Bad, Codecrafting Labs, and MIDL Dev. However, all the teams have proved their trustworthiness to the Tezos community.
A Cardano-Ethereum bridge goes live
A Lagon-powered cross-chain bridge is now live. The new bridge is a tool that enables a bridge of the USDC stablecoin from Ethereum to the Cardano blockchain. However, the Milkomeda protocol is vital to the success of this bridge. Users will need to bridge their USDC ERC-20 tokens to Milkomeda before they can transfer them to the Cardano blockchain as an ADA asset.
Milkomeda and Lagon token bridge requires four milkAda tokens to complete the transfer. Users without enough Milkomeda token balance can convert their ADA tokens to an EVM wallet to complete their transactions. Users can swap their ERC-20 IAG tokens for ADA tokens through this bridge and vice versa.
The announcement comes at a time of distrust in the Ethereum team. The community is angry because of the possible delay in the launch of the Merge. In contrast, Cardano’s DeFi ecosystem has been expanding since the completion of the Alonzo upgrade. The addition of the USDC stablecoin into the Cardano blockchain provides a new expansion boost for the network’s DeFi ecosystem.
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