Liquidity begets liquidity. Over the last few quarters, our team developed multiple initiatives to not only optimize the experience for developers building decentralized applications but also to forge connections between established sources of crypto liquidity.
We started with mainnet launch this past September, alongside tightly-coordinated partnerships with leading global exchanges like Binance, Bitfinex, and FTX. Meanwhile, we continued to run full speed ahead on developing core capabilities, ecosystem partners, and innovations only possible with Avalanche’s technology.
Many of these initiatives will go-live in the coming months, but today, we’re excited to announce Avalanche’s first cross-chain Ethereum bridge. The Avalanche-Ethereum bridge, developed by ChainSafe through the Avalanche-X grants program, is in the final phase of testing before deploying to mainnet and opening the gates for simple, secure transfer of assets between Avalanche and Ethereum.
The Avalanche-Ethereum Bridge, using ChainBridge*, is a two-way token bridge that enables seamless ERC-20 and ERC-721 transfers between Avalanche (via the C-Chain) and Ethereum. If you want to use ETH within decentralized applications on Avalanche, you will be able to lock WETH (wrapped ETH) in the ChainBridge contract, and an equivalent token on Avalanche will be minted. The Bridge can be used either by interacting with apps that integrate the Bridge or with an Avalanche-Ethereum asset swap app (coming soon).
The testnet implementation of the Bridge will be secured by our partners Protofire, Hashquark, POA Network, and Avascan. Relayers will approve and reject transfers based on a vote made by all relayers. If the vote passes a certain threshold, the token transfer is approved.
*ChainBridge’s contracts have been audited by ConsenSys Diligence.