Over the past few months, cross-chain bridge technology has grown exponentially and users can now exchange resources across a myriad of networks. Today, eight different bridges are locked across these platforms with a total value of 7.6 billion.
Cross-chain blockchain bridges have a decent amount and allow users to perform a variety of decentralized money (defi) strategies. Interestingly, many bridges are connected to the Ethereum (ETH) network because they have Ethereum Virtual Machine (EVM) compatibility.
Since these connections have been made, a lot of value is flowing between the numerous chains and the Ethereum blockchain. The following post mentions how many bridges cryptocurrency participants can use to achieve cross-chain swaps.
Tejos Wrap Protocol Bridge
The Tezos (XTZ) blockchain is a proof-of-stack (PoS) blockchain network whose validation nodes are often referred to as unemployed. XTZ users have the ability to bridge the Ethereum blockchain because a team called Bender Labs has created a bridge called a wrapping protocol.
Basically, the wrapper protocol developed by Bender gives people the ability to wrap ERC20 and ERC721 tokens with a variety of defy applications.
Benson Smart Chain Bridge
The Binance Smart Chain (BSC) is another blockchain that is compatible with Ethereum. BSc offers the same smart contract power but fees in BSc chain are much cheaper. Benefit Chain (BNB) users can access the BSC from the BNB chain via the BEP20 standard and a cross-chain bridge.
The Beyonc ওয় Wallet is an extension wallet that can cross-chain swap from BNB to BSC. In addition, users can use the Benson Bridge to manage cross-chain transactions. U.S. users and a few other countries may need to use VPNs to access the Benin Bridge.
Solana Wormhole Bridge
Solana (SOL) also has a bridge and the Ethereum-Solana bridge in the wormhole network was released on 17 September. The wormhole token bridge connects Etherium and Solana and allows users to exchange resources across both blockchains.
“The portal is open,” the website wormholenetwork.com details. “Wormholes provide new communication channels within previously sealed blockchains.” Current wormhole statistics from Dun Analytics indicate that the total value of the Solana wormhole is $ 382,471,804.
Another chain that is compatible with Ethereum is the Avalanche (AVAX), Proof-of-Stack (POS) blockchain. AVAX participants can bridge the AVAX resource in the atherium using the cross-chain capabilities provided by the Avalanche Wallet.
Users of this wallet can exchange their AVAX backwards between the Avalanche network and the Ethereum network for a small fee. Once a cross-chain swap is settled in the etherium chain, participants can send funds to the wallet like a metamask, as long as they configure the metamask on the Avalanche network.
Bitcoin Cash Smartbatch Bridge
Bitcoin Cash (BCH) is another chain that is now compatible with Ethereum through the SmartBatch network. This means Bitcoin can be used for cash (BCH) wrapping and decentralized money purposes. Currently, there is only one Smartbatch Bridge powered by crypto-asset exchange CoinFlex.
Users can access CoinFlex instead of registering for an email via Maymask, and users can often exchange on their BCH smartbatch immediately after confirmation times. Basically a user simply submits the BCH and sends the smartbatch by lifting the SEB20 token protocol standard. From here, after configuring the Metamask wallet on the Smartbatch network, Metamask users can receive wrapped bitcoin cash.
Research guidelines on how to use bridges before crossing them
In the case of cross-chain swaps, the above list only scratches the surface because there are bridges arising from blockchains such as Cosmos, Phantom, Polygon, Terra, Harmony, Nearby, Optimism and Harmony.
Cosmos users can connect to Kepler Wallet and connect to Ethereum via Emeris. Nearby participants can collaborate with Ethereum via the nearby Rainbow Bridge. Phantom users can swap with spookyswap or multichain.xyz, and polygon network participants are able to cross-chain swap through polygon bridges. Terra’s resources can be exchanged backwards through the bridge.Tera.Muni between Ethereum and Terra.
However, using cross-chain bridges takes some patience and some prior knowledge from walkthrough articles and step-by-step instructions on how to use blockchain bridges. Funds can be lost in the event of an error, and users should always work hard before accessing any cross-chain bridges or decentralized finance (DFI) applications in general.
What do you think about the five cross-chain bridges mentioned in this article? Let us know what you think about this in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Smartbch, AVAX Wallet, Blender, Binance, Wormhole,
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