A new bridge was established between the Avalanche project and Ethereum, which came to life in September 2020. Built by ChainSafe, the bridge will allow DeFi users to switch from one blockchain to another.
A link was established between the competing Avalanche and Ethereum networks. ERC-20 or ERC-721 compatible tokens can be used in Avalanche-based applications thanks to this bridge. The announcement of the project was made in November 2020.
Featuring names such as Emin Gün Sirer, Kevin Sekniqi and Maofan Yin in the cast, Avalanche’s own coin AVAX was valued five times in a month.
‘It will look almost exactly the same’
The name of the project, briefly introduced as AEB, was announced as Avalanche Ethereum Bridge. Protofire, Hashquark, POA Network, Avascan and Meter.io supported the development work led by ChainSafe.
ERC-20 or ERC-721 compliant tokens and Wrapped ETHs created on the Ethereum network can be ‘locked’ into the contract called ChainBridge. Almost the same token created here will be reflected in the Avalanche network. With The Block’s transfer, “A ChainLink (LINK) token will appear on Avalanche as it looks in Ethereum.” Security check of ChainBridge agreement was done by ConsenSys Diligence.
AVA Labs COO Kevin Sekniqi answered the question of what this bridge does, saying, “Avalanche will look almost identical to Ethereum.”
Promises high speed and low cost
It will be possible to switch from the Ethereum network to the Avalanche network by performing a maximum of two transactions. AVA Labs listed the stages of this process as follows:
- The Bridge contract in the Ethereum network will be authorized to spend the token to be used,
- The token to be used will be locked on the Bridge contract,
- This process will be directed to the organization known as the ‘relayer’, which consists of Protofire, Hashquark, POA Network, Avascan,
- A new draft will be created in the Avalanche based Bridge contract,
- Other relayers on the network will compare and confirm data from the Avalanche and Ethereum network,
- The token will be reflected in the Avalanche network upon approval.
“Avalanche and Ethereum projects that share almost exactly the same DNA,” said Emin Gün Sirer, CEO of Ava Labs. A new connection has been established between… ”and said the following about this bridge he introduced:
“Assets such as WBTC, AAVE in Ethereum can now be transferred to Avalanche. … People will be able to switch between the two ecosystems depending on the price and speed of transactions. To Avalanche when transaction fees in Ethereum rise; … If there is not enough liquidity in Avalanche, they can switch to Ethereum. “