The EOS Network Foundation (ENF) has announced the beta launch of the EOS EVM mainnet, a significant milestone towards bridging the gap between two major blockchain ecosystems, Ethereum and EOS. The EOS EVM mainnet emulates Ethereum’s Virtual Machine (EVM) and enables developers to deploy decentralized applications (DApps) written in Solidity, the programming language used by the vast majority of web3 developers.
The ENF team has identified Ethereum’s scalability issues as a challenge for mass-scale DApp deployment, which is why they have launched the EOS EVM mainnet. The team aims to leverage the performance of the EOS Network to address this challenge, while also combining the resources of the Ethereum community. According to Yves La Rose, founder and CEO of the EOS Network Foundation, the launch of EOS EVM paves the way for an interoperable future. He emphasizes that EOS EVM is a significant milestone that represents the network’s commitment to a multi-chain future.
La Rose adds that the EOS EVM mainnet offers developers access to lower fees and faster transactions of the EOS network. This is an important development as the Ethereum network is expecting more adoption after the most recent Shapella upgrade. To keep up with this adoption, projects have been prioritizing the implementation of EVM compatibility within their networks. For example, Astar Network recently launched smart contracts that support two virtual machines, including EVM and the WebAssembly Virtual Machine. This allows for the creation of new multichain applications within their network.
In addition, Polygon’s zkEVM, a zero-knowledge rollup scaling solution, released its beta version on March 27. This technology mimics the transaction execution environment of the Ethereum mainnet, allowing DApps to scale with higher performance. With more and more blockchain projects prioritizing EVM compatibility, it’s clear that the future of interoperability between different blockchains will rely heavily on this technology.
In conclusion, the launch of EOS EVM mainnet is a significant step towards improving interoperability between EOS and Ethereum. By combining the resources of the Ethereum community with the performance of the EOS Network, developers can deploy Solidity-based DApps on a high-performance platform with lower fees and faster transactions. As other projects like Astar Network and Polygon also prioritize EVM compatibility, it’s clear that this technology is becoming an important part of the blockchain ecosystem.
The mounting need to tackle data breaches and information leaks is expected to thrust blockchain technology in the healthcare market to a compound annual growth rate (CAGR) of 68.3% between 2022 and 2030, according to a study by Market Research Future (MRFR).
Blockchain in the healthcare industry is speculated to hit $121 billion by 2030 due to the escalating urge for effective health data management systems. Per the report:
“Rapidly increasing cases of different diseases have led to the development of massive amounts of data, which augments the need for effective data management. Using blockchain technology in healthcare records ensures there is no alteration to the data, which in turn helps guarantee data integrity.”
Blockchain technology has endeared itself to the healthcare sector based on ideal solutions like fighting counterfeit drugs, enhancing patient safety, minimizing therapeutic errors, and enabling interoperability of medical records.
In addition, the technology has attracted eminent players like Microsoft, IBM, Hashed Health, Blockpharma, Farmatrust, Simplyvital Health, and Medicalchain, among others.
Enhanced research is also anticipated to drive more growth in this sector. The report noted:
“Owing to the escalating interest in the technology, multiple government bodies worldwide are investing in extensive research activities, which will undoubtedly enhance the market size.”
The study acknowledged that permission and permissionless blockchains were utilized in the healthcare sector. Nevertheless, medical practitioners’ lack of technical knowledge about blockchain technology emerged as the biggest stumbling block.
Per the report:
“Shortage of skilled medical professionals with technical expertise to work with blockchain technology in the healthcare sector can be a huge challenge for the worldwide market in the future. Blockchain technology is quite complex in nature and therefore, requires highly skilled workers that can manage and operate the task.”
Meanwhile, DEVITA, a blockchain-based health data platform, recently joined the Polygon network to maximize healthcare operations and processes through the latest innovations in the non-fungible token (NFT) and decentralized identification (DID) technologies.
The prospects of Ren (REN) continuing its ongoing rebound to fresh highs appear slim as a classic bearish reversal pattern begins to emerge.
Dubbed head and shoulders, the setup appears when the price forms three peaks, with the middle peak (called the head) longer than the other two peaks described as the left and right shoulders. The bottoms of these peaks are supported by a neckline.
An illustration of the head and shoulders pattern. Source: Corporate Finance Institute
The pattern comes into play primarily when the price breaks below the neckline in a correction that follows the formation of the right shoulder. That prompts traders to open short entries below the neckline, with their ideal target at a length equal to the distance between the head’s high point and the neckline.
What’s behind REN’s current setup?
REN has been forming what appears to be an upward sloping head and shoulder pattern, supported by a rising neckline.
In detail, REN price rose and declined into a trough around mid-December 2021, forming the left shoulder. Later, it rebounded sharply to create a higher peak — above the highest level of the first shoulder — and then fell all over again.
REN has since rebounded again and is now in the process of forming its right shoulder, as shown in the chart below.
As a result, the price of REN may continue its rebound until it completes its right shoulder formation, which could be near the 50-day exponential moving average; the velvet wave, near $0.67. That is because of the wave’s recent history of limiting REN’s price rebounds.
Additional sell pressure could also come from the 0.618 Fib line near $0.633 due to its historical relevance as both support and resistance. Overall, a pullback looks likely to happen that would have REN make the right shoulder. Meanwhile, a correction towards the neckline, followed by a break below it, would confirm the head and shoulder setup.
In doing so, the move may shift REN’s downside target to $0.30, measured after adding the distance between the head’s high and the neckline to the breakout point. That is around 50% below the current trading price at $0.59.
The long-term outlook is still bullish
REN’s head and shoulder setup comes as a part of a wider price correction that has seen the token shed nearly 70% of its value from a record high near $1.92 in Feb. 2021.
On a longer-timeframe chart, REN appears to have been only consolidating inside a giant symmetrical triangle, suggesting that its correction toward $0.30 may end up causing a rebound toward $1.20.
REN/USD weekly price chart featuring a symmetrical triangle. Source: TradingView
Bullish cues for REN may also come from the growth of its backer of the same name. Ren’s core product, RenVM, brings interoperability to the decentralized finance ecosystem (DeFi). It holds users’ digital assets as they move between blockchains using zero-knowledge proofs over an sMPC based protocol.
Related: 3 reasons why REN price is up 340% from its July swing low
REN acts as a bond to run the so-called Darknodes that power RenVM’s sMPC network. Those who deposit 100,000 REN are able to run these Darknodes and as a result, are able to earn rewards in Bitcoin (BTC), Ether (ETH), Zcash (ZEC), and other tokens.
The total value locked (TVL) of the digital assets minted on all chains — which includes Ethereum, Binance Smart Chain, Solana, Polygon, Fantom, Avalanche, and Arbitrum — by RenVM came out to be $1.05 billion at press time compared to $6.6 million in June 2021.
Multi-year history of volume and total value locked in RenVM. Source: Highcharts.com
Meanwhile, the total amount of volume transacting through RenVM on all chains reached an all-time high of $8.89 billion on January 4th, 2022. That shows a steady increase in the Ren network’s adoption, thus boosting the upside prospects of REN token.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Cross chain DeFi hub Umee’s token sale on Coinlist has broken the record for user interest on the platform and concluded with nearly $32 million raised.
Coinlist reported that more than 922,000 Coinlist accounts had registered for options 1 and 2 of the UMME token sale, which is the highest number ever for a token sale on the platform. In the end around 63,000 accounts contributed.
A Medium post from the Umee team yesterday stated that funds will be used to expand the development and engineering teams. The Beta web app for the platform is set to launch “in the coming days,” and the mainnet is scheduled to ship by mid-February.
The $32 million raise is reportedly the fifth largest public raise on Coinlist all year. This also puts it among the top public token sale rounds this year with BitDAO (BIT) which raised over $43 million, GuildFi (GF) which raised over $139 million, and others.
It adds to the $6.3 million Umee raised in June in its first private funding round led by Polychain, Alameda Research, Coinbase, CMS Holdings, and others.
Umee is a decentralized platform which allows cross chain leverage trading and yield staking. Its website claims it can help users “discover new yield opportunities and explore DeFi applications intersecting networks in a seamless and trustless manner.”
It is led by Brent Xu, a contributor to Ethereum (ETH) and Cosmos (ATOM), who sees decentralized finance (DeFi) as “the most innovative concept in crypto.” The team wishes to expand on ideas and technology used by Tendermint on Cosmos that allow separate layer-one blockchains to become interoperable.
Related:DAO treasuries surged 40X in 2021: DeepDAO
According to Xu, Umee uses the Inter-Blockchain Communication (IBC) protocol from the Cosmos ecosystem so that assets from Ethereum Virtual Machine (EVM)-based blockchains can be used interoperably on other layer-one blockchain networks in DeFi apps. This is a similar design to Cosmos but Umee focuses on cross chain interest rates, multi-chain staking, and interchain leverage.
Chainlink announced that the node had gone live in a Tuesday press release. The node is expected to give blockchain developers access to weather data, including“current weather by geolocation… current temp, max temp, min temp, and precipitation.” This will allow for weather data to be used in smart contracts powering decentralized applications.
Weather data bridges could potentially allow for novel use cases such as dynamic NFT art or games that could change with the weather. The update also opens the door up to weather prediction, hedging markets, and other weather-based blockchain apps.
Kurt Fulepp, Chief Product Officer at AccuWeather, said of the update:
“We look forward to seeing how hybrid smart contracts using AccuWeather data create value for farmers, business, and humans all over the globe, ultimately fostering a lasting social impact across developed and emerging markets.”
AccuWeather is an American company that provides weather data, forecasts, and warnings to over a billion people globally every day in one way or another. In addition to its own native channels, it delivers weather updates to roughly 180,000 third-party websites. AccuWeather will now be able to use its Chainlink node to circulate data across multiple blockchains, and the data will have its own cryptographic signature proving that the data came from AccuWeather.
Chainlink is adecentralized oracle network that allows blockchains to access external data. It’s become a crucial part of the DeFi ecosystem. According to AccuWeather, Chainlink was chosen for its node because it is time-tested, widely adopted, and required “little integration work.” Chainlink is by far the most used oracle network in the crypto space today.
Chainlink establishes new partnerships rather often, and not only with crypto natives. In October, the project announced a partnership with Associated Press, allowing for the firm to provide data related toU.S. elections and business financials, among other topics. It also appointed Google’s former CEO Eric Schmidt to its advisory board last week.
Disclosure: At the time of writing, the author of this piece owned LINK and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Today, the inventor of Zcash, Electric Coin Company, announced it would bring its own wallet to Zcash.
Electric Coin Company will also focus on helping move Zcash from PoW to PoS and enhancing cross-chain interoperability.
These moves reflect ambitions to make Zcash highly prominent in Web3.
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Today, the Electric Coin Company (ECC), which invented Zcash ($ZEC), a privacy coin, has announced that it will be releasing an ECC wallet. It will also improve the interoperability of the Zcash protocol and further move its consensus model toward proof-of-stake (PoS).
Zcash Upgrades on the Horizon
Based on product roadmap planning that included industry research and analysis of community sentiment and market opportunity, ECC todaywrote:
“It has become clear that the best way for ECC to contribute to the #Zcash $ZEC community over the next three years is to release an official ECC wallet on top of a highly interoperable Zcash protocol that leverages proof-of-stake consensus.”
ECC’s statedgoalfor the wallet is to support governance features like staking and delegation, messaging, send/receive, and other features that developers in the ecosystem might bring forward (e.g. swaps or DeFi use cases). While these “other features” might not be the immediate focus of ECC moving forward, for now, the ECC team emphasized that others in the Zcash community should not abandon them in the long run. The wallet should allow ECC to engage directly withZECusers, and the official ECC wallet release date is 2022.
Another major move announced today was the move toward Proof-of-Stake. In ablog postfrom August, ECC CEO Zooko Wilcox had made many arguments in favor ofswitchingZcash from a proof-of-work consensus mechanism to proof-of-stake; however, he was also sure to note that it was not up to him or to ECC but rather the community. His arguments included that switching to PoS would both decrease downward price pressure on ZEC (i.e. from miners selling) and increase ZEC utility. Moreover, he expressed environmental concerns surrounding PoW shared by many, which could create barriers for Zcash adoption. Wilcox also purported that PoS would make ZEC “more decentralized, attack- and capture-resistant and egalitarian,” as well as strengthen security and improve performance.
Ultimately, the Zcash community overall supported a move to PoS, and ECC hopes to achieve it within three years.
The final major announcement today surrounds cross-chain interoperability, which should be made more accessible with the move to PoS. One example given today by ECC’s Josh Swihart would be the use of platforms like Cosmos stack, which could support PoS and allow ZEC to be increasingly movable across chains, as well as make it easier for developers and organizations to innovate via this well-known stack.
With lofty goals such as making ZEC “a critical element of the newly emerging internet,” Swihartwrote, “In the Web 3 world, $ZEC will live everywhere.”
The major moves announced today for the Zcash ecosystem might further lend support to the growing narrative and excitement around zero-knowledge proofs called zk-SNARKs, which can shield users’ transactions, providing anonymity.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
This news was brought to you by Phemex, our preferred Derivatives Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Cosmos is one of the fastest-growing blockchain networks. Crypto Briefing interviewed Peng Zhong, who oversees the Tendermint team incubating the Cosmos ecosystem.
Cosmos is currently moving toward connecting more blockchains with the IBC Protocol and deploying new dApps.
Besides educating developers on Cosmos, Tendermint is focusing on leading projects like Gravity DEX and Emeris.
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Crypto Briefing catches up with Tendermint CEO Peng Zhong, who oversees the core development team that built the critical components of the Cosmos blockchain.
Insights on the Cosmos Ecosystem
While Ethereum is currently the world’s most used blockchain, its widely-documented scalability issues have helped other networks surge in recent months. Cosmos is one of the networks to have seen increased adoption and market value. Its ecosystem has also seen rapid growth over the last few months.
Cosmos is a fast-growing network that describes itself as “the Internet of blockchains.” It is arguably one the most developed blockchains aside from Ethereum, currently securing more than $177 billion worth of digital assets.
The project’s roadmap dates back to 2015, long before most other leading blockchains on the market today had launched. It was developed by the software architects Jae Kwon and Ethan Buchman. Their idea was to enable the transfer of assets and information between blockchains that are isolated from one other.
Kwon and Buchman were the two founders of Tendermint, the core team responsible for developing the software architecture for what they described as an Internet of interoperable, application-specific blockchains. Over the next few years, Tendermint wrote the critical systems for the Cosmos network. They included the Cosmos consensus engine Tendermint Core and the software development kit (SDK), a framework for building application-specific blockchains.
In 2019, Tendermint launched their interoperable blockchain on mainnet working alongside a host of top contributors, including Althea, ChainSafe, Informal Systems, Interchain, Iqlusion, IRIS, Regen, and Sikka. However, it wasn’t until two years later that the network started to realize its goal of achieving cross-chain interoperability. In March 2021, Cosmos launched its biggest update to date: Inter-Blockchain Communication (IBC).
With IBC, Cosmos is fulfilling its vision of being “the Internet of blockchains” by authenticating cross-chain communication. Thanks to IBC, blockchains like Terra, Kava, Thorchain, Juno, and Secret Network, which all use the Cosmos SDK, can securely exchange tokens and data with one another.
To date, Cosmos has integrated 22 separate blockchains, with many more planned in the coming months. As the project expands its ecosystem of cross-chain interoperable networks, Tendermint continues to play a key role in the project’s development. One of Tendermint’s key figures is the Chief Executive Officer Peng Zhong. Crypto Briefing sat down with Zhong to learn more about the fast-expanding Cosmos ecosystem its major developments on the horizon.
Crypto Briefing: What have been the most notable developments in the Cosmos network to date?
Peng Zhong: We have been building the Cosmos network for a long time. The whitepaper was released in 2016, and development started the following year. However, the Cosmos Hub didn’t launch until 2019, and I would say that activity did not pick up until the launch of the IBC protocol on the Cosmos Hub in March 2021. A few months later, there are now 18 projects that support the IBC protocol, the latest being Terra. These are all projects with tens to hundreds of millions of dollars secured on their respective blockchains. After IBC, assets from all these chains can flow across each other seamlessly. Many other projects will be integrating IBC in the next few months. That should double the amount of IBC-connected blockchains from 18 to over 40.
CB: Given that so many contributors have come forward in the last few years, what is the Tendermint’s specific role in the Cosmos ecosystem?
PZ: We do everything from base-level infrastructure to building consumer-end applications for everyday use. You can compare us to Consensys, one of the largest companies in Ethereum, which also does all sorts of things for the blockchain. We lead engineering teams for some of the most promising dApps building on Cosmos like Gravity DEX, Emeris, and Starport. In addition to our core building strengths, we are focusing on marketing efforts. We are trying to bring as many developers as possible to the Cosmos ecosystem.
CB: Now that Terra has enabled IBC, what kind of synergy goes on between the network and Cosmos?
PZ: Terra’s recent integration of IBC has allowed Cosmos users to transact with Terra. In return, Terra dApps can use assets from a broader Cosmos ecosystem. You can go to Gravity DEX or Osmosis to exchange ATOM for LUNA or swap Cosmos tokens for UST stable coins. It’s a great way for Terra to acquire new users. The user base of Terra can use Cosmos infrastructure like wallets and so on.
CB: Binance and Crypto.com have both created their own Tendermint-based blockchains. How is Cosmos integrating with these large-scale crypto exchanges?
PZ: Binance runs a large blockchain built on the Cosmos SDK. It’s valuable, widely used and hosts BNB, one of the top crypto assets, along with hundreds of other assets. But Binance does their own thing. We would love them to upgrade the Binance Chain to support IBC. This would allow BNB to start flowing through Cosmos or Terra. But they have their priorities at play. As far as Crypto.com goes, they are heavily invested. Their exchange token Crypto.com coin is IBC-enabled and available with a Gravity DEX or Osmosis to trade. They are also developing their own EVM-compatible Cosmos blockchain called Cronos.
CB: Are there plans to implement the Inter-Blockchain communication (IBC) protocol outside Cosmos?
Peng Zhong: The development of IBC has always targeted blockchain agnosticism. For now, IBC implementation is meant for Cosmos SDK-based blockchains. But there are efforts to deploy IBC between Cosmos and Polkadot chains, between Cosmos and Avalanche chains, as well as integrating the protocol on Solana. It will certainly be compelling for other networks to access the value of all the other chains connected with IBC, which means tens of billions of dollars of liquidity.
CB: What are some of the most notable Cosmos-based projects Tendermint has incubated?
PZ: Some of our most important projects include Gravity DEX and Emeris—the first cross-chain token transfer interface for Cosmos. Gravity is similar to Uniswap. As a liquidity provider, you deposit two tokens and earn swap fees. Gravity V2, which is currently in development, will have multiple token pools, limit order features, and an interface that will display order books. The team has also planned a farming module to earn extra yield. Emeris is another important ecosystem component. Emeris is intended to be the portal to the Cosmos ecosystem and enables end-users to interact with Cosmos. The platform aggregates the various Cosmos dApps in one place.
CB: As Osmosis is currently the leading decentralized exchange on Cosmos, how would you compare it the Gravity DEX?
PZ: The Gravity DEX is secured by more than $10 billion on the Cosmos Hub, whereas Osmosis is secured by less than that—as much as ten times less. Everything on the Cosmos Hub goes through rigorous testing and audits as there is so much value at stake. Upgrades and new features take a long time. Gravity DEX was launched without farming incentives or multi-token pools. These features will only come into play toward the end of the year. As Osmosis can move faster, it already supports these features. But its security is arguably lower than the Cosmos Hub. There is healthy competition between the two, but they are not targeting the same market. They both do different things.
CB: One of the most notable developments of the year has been the NFT boom. What’s happening in the NFT niche on Cosmos?
PZ: There are many ongoing efforts when it comes to NFTs on Cosmos. There are NFTs on Terra’s Juno Project as well as many other blockchains on the network. There’s even a blockchain dedicated to NFTs. It’s called Pylons and was incubated at Tendermint. While it is still heavily in development, Pylons is expected to be the native NFT engine for Cosmos. The dApp essentially allows you to start building NFT marketplaces without requiring programming skills.
Disclosure: At the time of writing, the author of this feature owned ETH, SOL, and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Wormhole has integrated Polygon to its multi-chain bridging solution.
Multi-Chain Bridge Adds Polygon
Wormhole, a popular multi-chain bridge protocol, has announced support for a new bridge to Polygon—the top sidechain on Ethereum.
On Tuesday, the Wormhole team revealed that starting today users will be able to transfer assets between Polygon and other Layer 1 blockchains like Solana, Ethereum, Binance Smart Chain (BSC), and Terra Network. Polygon is the first sidechain added to Wormhole.
Wormhole’s cross-chain wrapping protocol allows users to send cryptocurrencies and non-fungible tokens across different chains. The project has $540 million in total value locked in wrapped assets, the team claims.
According to Hendrik Hofstadt, the lead contributor to Wormhole, the project has been executing its “vision of bridging together a more decentralized and resilient network.” Further commenting on Polygon’s integration with Wormhole, Hofstadt said:
“The addition of Polygon brings a diverse set of users and applications to Wormhole, and we’re excited to see how the synergies play out.”
Several interoperability bridges have taken off over the last six months, accompanying the rise of the multi-chain era.
Notably, Wormhole is one of the most widely used solutions for bridging crypto assets to Solana. By supporting a high-value chain like Polygon, it has expanded its capability to connect Solana with a rapidly-growing ecosystem.
The sidechain has over $5.22 billion in total value locked, and hosts some of the top dApps on Ethereum, including Aave, OpenSea, Curve, Balancer, and many more. Since its mainnet launch in May 2020, Polygon has seen over a billion total transactions on its network.
Disclosure: The author owns ETH, MATIC, and SOL.
This news was brought to you by ANKR, our preferred DeFi Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Wormhole has integrated Polygon to its multi-chain bridging solution.
Multi-Chain Bridge Adds Polygon
Wormhole, a popular multi-chain bridge protocol, has announced support for a new bridge to Polygon—the top sidechain on Ethereum.
On Tuesday, the Wormhole team revealed that starting today users will be able to transfer assets between Polygon and other Layer 1 blockchains like Solana, Ethereum, Binance Smart Chain (BSC), and Terra Network. Polygon is the first sidechain added to Wormhole.
Wormhole’s cross-chain wrapping protocol allows users to send cryptocurrencies and non-fungible tokens across different chains. The project has $540 million in total value locked in wrapped assets, the team claims.
According to Hendrik Hofstadt, the lead contributor to Wormhole, the project has been executing its “vision of bridging together a more decentralized and resilient network.” Further commenting on Polygon’s integration with Wormhole, Hofstadt said:
“The addition of Polygon brings a diverse set of users and applications to Wormhole, and we’re excited to see how the synergies play out.”
Several interoperability bridges have taken off over the last six months, accompanying the rise of the multi-chain era.
Notably, Wormhole is one of the most widely used solutions for bridging crypto assets to Solana. By supporting a high-value chain like Polygon, it has expanded its capability to connect Solana with a rapidly-growing ecosystem.
The sidechain has over $5.22 billion in total value locked, and hosts some of the top dApps on Ethereum, including Aave, OpenSea, Curve, Balancer, and many more. Since its mainnet launch in May 2020, Polygon has seen over a billion total transactions on its network.
Disclosure: The author owns ETH, MATIC, and SOL.
This news was brought to you by ANKR, our preferred DeFi Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
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Cross-chain bridges on Ethereum have taken off with the rise of the multi-chain era.
There are already multiple bridge services offering a way to migrate tokens between Ethereum and other networks.
As bridges develop, cross-chain interoperability is likely to become an important theme in crypto.
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Bridges offer a way to migrate assets between blockchains. Crypto Briefing unpacks some of the top bridges offering interoperability between Ethereum and other chains.
Ethereum Bridges Usher in Multi-Chain Era
Since crypto’s fabled “DeFi summer” of 2020, cross-chain bridges on Ethereum have exploded in popularity. Fueled by the growing number of DeFi options across various Layer 1 networks and the rising costs of using Ethereum mainnet, the use of bridges to move assets from one network to another has soared.
Today, the leading cross-chain bridges allow Ethereum users to migrate ERC-20 tokens to other networks.
Bridges are permissionless applications that allow users to send tokens and arbitrary data between blockchain networks. By deploying bridge connections, various competing or complementary networks have attempted to capture a portion of the value generated on Ethereum, the most used blockchain for DeFi and NFTs.
Ethereum bridges offer a way to send assets to EVM-compatible networks like Binance Smart Chain, Avalanche, and Fantom, as well as non-EVM-compatible networks like Solana and Terra. Ethereum Layer 2 solutions and sidechains also boast interoperability with Ethereum via several bridges.
To bridge tokens from Ethereum to other networks, users deposit assets into a bridge contract deployed on Ethereum mainnet. The same amount of the asset is then minted on the other network. The tokens get burned when the assets are moved back to mainnet, and are then made available on the network.
In theory, all Layer 1 and Layer 2 networks could have a mechanism to send and receive assets from Ethereum to other networks. Sending funds to an EVM-compatible network is a simpler process; users can connect through an Ethereum-based wallet like MetaMask.
When migrating Ethereum-native assets to a non-EVM-compatible chain like Solana, the bridge connecting the two networks uses two different wallet addresses and token standards. This means that users have to connect both an Ethereum and Solana-compatible wallet, such as MetaMask and Phantom.
As the race to capture DeFi and NFT activity has intensified in recent months, multi-chain bridges have begun to play a crucial role in the crypto ecosystem. Solutions like Hop Protocol and Celer Network have proven popular by deploying Ethereum smart contracts that let users transfer assets from mainnet multiple Layer 1 and 2s.
Binance Bridge Binance Bridge is a popular point of entry from Ethereum to Binance Smart Chain, an EVM-compatible blockchain developed by the world’s largest crypto exchange. Through the bridge, ERC-20 tokens are wrapped into BEP-20 assets for use on Binance Smart Chain applications like PancakeSwap, Venus Protocol, MDEX, and Alpaca Finance. Ethereum users can access the bridge by adding Binance Smart Chain to their MetaMask or alternative Web3 wallet. There is currently over$5.78 billionlocked in the Binance Bridge.
Avalanche Bridge
Avalanche is one of Ethereum’s top challengers. It boasts high throughput and offers EVM compatibility with support for Aave, Curve, and Sushi, along with a host of native dApps.
The best way to transfer ERC-20 tokens from Ethereum Avalanche is through the Avalanche Bridge. Similar to Binance Bridge, the Avalanche Bridge can be accessed through MetaMask. Once the assets are bridged, tokens are appended with the symbol “.e.” For example, the bridged USDC token is called USDC.e.
All transfers across the bridge must be approved by three of four trusted partners of the Avalanche Foundation, also known as wardens. There’s currently around $4.8 billion locked into the bridge contract. The Avalanche bridge does not support ERC-721 tokens, so it’s not possible to move NFTs onto the network.
Solana Bridges: Wormhole, Sollet and Allbridge
Solana is arguably the strongest competition to Ethereum’s dominance today. Solana is faster and cheaper than Avalanche, with block times of around half a second. Those who want to send ERC-20 tokens to Solana can use two primary bridges: Sollet and Wormhole.
Tokens sent from Ethereum to Solana are wrapped and minted to the SPL token standard via Wormhole and Sollet, which allows them to be used across Solana dApps. About $265 million is locked in Wormhole, and $217 million in Sollet.
It’s worth noting that tokens that bridge to Solana using Sollet or Wormhole will not be compatible with each other because Sollet-wrapped tokens are different from Wormhole-wrapped versions of the same ERC-20 tokens.
Wormhole is the more popular of the two bridges. Unlike Sollet, it also lets users transfer NFT tokens, whether they were minted as an ERC-721 token on Ethereum or an SPL token on Solana.While the two bridges charge less than a cent for a single cross-chain transaction, Ethereum gas fees are significantly higher.
In addition to Sollet and Wormhole, a multi-chain bridge solution called Allbridge recebtky launched. Using liquidity pools containing more than $1.5 billion in value locked, Allbridge enables token transfers to Solana from Ethereum and other blockchains like Binance Smart Chain, Avalanche, and others.
Fantom’s AnySwap Bridge
Fantom is another top contender in the Layer 1 race. Like Avalanche, it operates an EVM-compatible network called Opera that is faster and cheaper than Ethereum mainnet.
Fantom is perhaps the only chain that does not use a 1:1 standalone direct bridge service with Ethereum. Instead, it predominantly uses a multi-chain solution called AnySwap to execute cross-chain transfers across multiple EVM networks. The FantomAnySwap bridge is currently the go-to solution to send tokens from Ethereum to Fantom and vice versa.
As a multi-chain liquidity solution, AnySwap uses pools consisting of specific tokens deployed across multiple chains for bridging. This system allows for tokens to be sent to Fantom from Ethereum, Avalanche, Polygon, and Binance Smart Chain.AnySwap’s Ethereum-Fantom bridge currently holds about $2.1 billion in value locked.
There are currently three other platforms for bridging tokens to Fantom from Ethereum and other chains: multichain.xyz, SpiritSwap, and SpookySwap. These solutions use AnySwap as their backend but have gained popularity by offering user-friendly web interfaces.
Polygon Bridges
Many bridge solutions have also been created to allow for moving ERC-20 tokens to and from Ethereum sidechains like Polygon.
Polygon is the biggest sidechain network that runs parallel to Ethereum. It has experienced parabolic growth over the last year, helped by several Ethereum-native DeFi projects expanding to the network. It currently holds more than $9 billion in total value locked.
The main entry point from Ethereum is via the Polygon POS Bridge. Users can deposit ETH or any other ERC-20 token to Polygon and then send them back to Ethereum mainnet. Deposits typically take a few minutes, while withdrawals back to mainnet take about an hour.
Polygon operates another bridge with Ethereum called Plasma, which is primarily used for withdrawing ETH to mainnet. However, the drawback is that all ETH withdrawals get locked for up to seven days before they can be redeemed on mainnet.
Besides Polygon’s own bridges, Hop Network also allows for bridging ETH and other assets to Polygon. It uses liquidity pools to transfer tokens and has gained traction thanks to its quick deposits and withdrawal times. It usually takes no more than 10 minutes to deposit and withdraw to the bridge.
Layer 2: Rollup Bridges
Optimistic Rollups are off-chain protocols managed by an on-chain Ethereum contract, allowing for cheaper and faster transactions than on Ethereum mainnet. Rollups compute off-chain, but they publish proofs on-chain, so the data can be rolled back to mainnet if there is an issue.
The two leading Optimistic Rollups are Optimism and Arbitrum, which have a combined total value locked of over 2.5 billion. The Layer 2 solutions have soared in popularity as DeFi projects like Uniswap and Sushi have announced plans to launch on the networks.
To access Layer 2, users have to deposit funds into a bridge deployed on Ethereum mainnet, which credits the same funds on the rollup at the same specified address. While deposits to Layer 2 Rollups are finalized in a matter of 15 to 20 minutes, withdrawals have a seven day waiting period.
Thousands of users have already moved funds from Ethereum mainnet to Arbitrum via the Arbitrum Bridge. Moving tokens to Optimism requires using a bridge called Optimism Gateway. The requests for deposits and withdrawals to these Layer 2 rollups can be made through a MetaMask wallet.
As an alternative to the official bridge platforms, multi-chain liquidity solutions like Hop Network and Celer can also be used to make deposits and withdrawals to Arbitrum and Optimismm, with much faster withdrawal times.Both solutions can also make it possible to bridge ERC-20 tokens between two Layer 2 networks without moving to mainnet.
Terra’s Shuttle Bridge
Terra is a rising DeFi hub built using the Cosmos SDK. Popular Terra dApps include Mirror Finance and Anchor Protocol. Terra operates a bi-directional bridge with Ethereum called Shuttle.
The bridge was designed to move Terra-based assets to Ethereum via wrapping, but not the other way around. For this reason, onlywhitelistedassets can be moved back and forth between the two chains. To move funds from Ethereum, users must first convert ETH to Terra-based ERC-20 tokens such as wrapped UST.
As shuttle does not support ETH, there is no way for users to bridge the asset directly onto Terra. However, users can stake ETH on Lido Finance and get staked ETH (stETH), which can be bridged to Terra through Lido’s interface on Anchor Protocol. stETH is wrapped to bETH, which can be used to earn rewards on Anchor.
Other Bridges in Development
Other non-EVM networks like Polkadot and Cosmos are building bridges, but most of them are at a very early stage of development. Cosmos will offer bridge services with the soon-to-launch Gravity Bridge, and there is another bridge being developed by Evmos. Similarly, ChainBridge plans to connect Ethereum to Polkadot’s Moonbeam parachain.
There are many more bridge solutions running or in development. As more Layer 1 and Layer 2 networks hoping to capture some of Ethereum’s market share see their ecosystems develop, bridges look set to make composable interoperability a reality over the coming years.
Disclosure: At the time of writing, the author of this feature owned ETH and SOL.
This news was brought to you by ANKR, our preferred DeFi Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
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