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Avalanche, the highly scalable open source platform for launching decentralized finance (DeFi) applications, has begun the final stage of testing a bridge to connect its ecosystem to Ethereum, it said in a shared release with CryptoSlate.
Once deployed on the core network, the bridge will open a gateway for simple and secure transfers of resources between Avalanche and Ethereum.
A bridge connecting Avalanche and Ethereum enters its final phase of testing with @ChainSafeth, @protofire, @hashquark, @poanetwork, is @avascanexplorer. A new cash flow will be unlocked: https://t.co/lezz6gE9kJ
– Avalanche (@avalancheavax) November 23, 2020
More agricultural yield for Avalanche and Ethereum users
The bridge has been in the works for a long time and uses ChainSafe’s ChainBridge to connect the Contract Chain of Avalanche (“C-Chain”) and Ethereum. The C-Chain is an Ethereum virtual machine instance that is compatible with Ethereum’s tools and token standards, while offering faster purpose, higher transaction throughput, and lower fees.
“Bridges will play an increasingly important role in the evolution of DeFi and the emergence of the first wave of DeFi applications and resources that work across chains,” Kevin Sekniqi of Ava Labs said in a statement.
Sekniqi added that with the launch of the bridge, the market can expect new and familiar assets moving between the Avalanche and Ethereum ecosystems, in turn providing users with more “choice and opportunities for returns”.
The testnet implementation of the Bridge will be ensured by Avalanche Protofire partners, Hashquark, POA Network and Avascan, who will function as “Relayer”. Relays will approve and reject transfers based on a vote using Gnosis Safe Multisig. If the vote exceeds a certain threshold, the token transfer is approved and facilitated.
How to use ETH on the Avalanche bridge
Bridge users will be able to use ETH within decentralized applications on Avalanche by blocking WETH (ETH wrapped) in the ChainBridge contract, and an equivalent token will be minted on Avalanche.
The Bridge can be used by interacting with the apps that integrate the Bridge or with an Avalanche-Ethereum resource exchange app.
Ava Labs, the team behind Avalanche, is also releasing the Avalanche-Ethereum Bridge open source code on its GitHub, so community members can manage their own bridges if interested.
Since the launch of the mainnet on September 21, Avalanche has over 600 full validators producing blocks that participate in network consensus and another 2,500 delegators that participate in staking. Collectively, they account for over $ 1 billion in AVAX staked to secure the network.
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