Plenty Bridge – a decentralized bridge between Ethereum and Tezos

Tezos

The new bridge enables the exchange of tokens between the Tezos blockchain and the Ethereum blockchain. The connection between the Ethereum blockchain and Cardano is also possible

Today, the team behind financial services firm Plenty, Tezsure, announced that the Plenty Bridge is now live. It is a connection between the Tezos and Ethereum blockchains. This allows token holders to conduct peer-to-peer token transactions on the blockchain without the intervention of a third party.

Growth of the Tezos ecosystem

The availability of this bridge means that the token transfer takes no longer than five minutes. This is significant as token transfers typically take up to an hour. Tezsure plans to set up corresponding bridges for other blockchains soon.

Initially, blockchains under consideration include Binance Smart Chain, Polygon, and Avalanche. Although the Plenty Bridge is a decentralized network, it has a strong, albeit still unknown, community that ensures its stability. The community is called “Signers Quorum”. Customers can receive tokens on the bridge, which are similar to the ERC20 tokens on the Tezos blockchain.

Subsequently, the holders can use these tokens on XTZ. However, the tokens have a similar value to the original tokens. A joint statement by the Tezsure founders read:

“The growth of the XTZ ecosystem depends on the Ethereum bridge and future bridges from other chains like BSC, Polygon and Avalanche. The larger the number of bridges, the easier it is for customers to migrate their assets to Tezos. So they can better explore the Tezos ecosystem.”

Das Signers Quorum

The Signers Quorum consists of trusted members of the XTZ community. Their main task is to ensure that the Plenty Bridge is always stable. These groups work with the Tezos and Ethereum blockchains. They use user activity to determine the number of bridge transactions they will create.

Seven teams make up the quorum members of the Plenty Bridge. They are Tezsure, Madfish, Integro Labs, Baking Bad, Codecrafting Labs, and MIDL Dev. All teams have proven their trustworthiness to the Tezos community.

Cardano Ethereum Bridge goes live

A cross-chain bridge powered by Lagon is now live. The new bridge is a tool that will enable a transition of the USDC stablecoin from Ethereum to the Cardano blockchain. However, the Milkomeda Protocol is critical to the success of this bridge. Users must bridge their USDC ERC-20 tokens on Milkomeda before transferring them to the Cardano blockchain as an ADA asset.

Bridging Milkomeda and Lagon tokens requires four milkAda tokens. Customers who do not have sufficient balance of Milkomeda tokens can convert their ADA tokens into an EVM wallet to complete their transactions. Customers can exchange their ERC-20 IAG tokens for ADA tokens and vice versa through this bridge.

The announcement comes at a time of distrust towards the Ethereum team. The community is upset about the potential delay in rolling out the merge. In contrast, Cardano’s DeFi ecosystem has expanded since the completion of the Alonzo upgrade. The addition of the USDC stablecoin to the Cardano blockchain gives the network’s DeFi ecosystem a new boost in expansion.

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