Bridge between Avalanche (AVAX) and Ethereum (ETH)
A group of software developers developed a bridge between Avalanche (AVAX) and Ethereum (ETH).
New bridge are going to give a chance to transfer DeFi between 2 different system. Due to the Avalanche's low fees and timing, many users will able to make transactions on main network.
Avalanche CEO Emin Gun Sirer said that the bridge will enable cross-platform processing in the DeFi ecosystem New bridge will open the door to hundreds of Ethereum-based projects. The bridge was developed with different partners and blockchain development group, ChainSafe, Protofire, Hashquark, POA Network, Avascan, and Meter.io.
How can we use new bridge?
DeFi users must lock their Wrapped ETH (WETH), ERC-20 or ERC-721 tokens to the ChainBridge contract. A new related token s extract on Avalanche and kept at the desired address. After that, new tokens can be used in DeFi applications in Avalanche. Ava Labs announced that extracted tokens in Avalanche will directly locked with the ChainBridge Contract. In this way, Developers are planning to decrease fees for transactions and increase the usage of related coins. ConsenSys checked ChainBridge's contract.
Steps for using
- 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 'relayer' and consisting 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.
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