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The Rainbow Bridge is a trustless permission-less protocol for connecting blockchains. It is currently in Beta and using Rainbow Bridge users can bridge assets from Ethereum to NEAR and back again. It also features a multi chain bridge which connects mostly all EVM based blockchains. Using Ren Protocol you can bridge assets across any blockchain using smart contracts. It provides access to inter-blockchain liquidity for all decentralized applications.

Top Ten DeFi Hacks of 2022: Hackers Get More Daring – BeInCrypto

Top Ten DeFi Hacks of 2022: Hackers Get More Daring.

Posted: Fri, 23 Sep 2022 07:00:00 GMT [source]

To transfer from Ethereum and BSC you need to connect your Metamask wallet. If your source chain is Solana then connect your Solana SPL token wallet such as Sollet or Solflare. It offers same smart contract capability as of Ethereum but the fees on BSC are much cheaper and the transaction time is faster. For example if you want to swap tokens from BSC to Ethereum then ensure the Metamask network is selected to BSC. Likewise if you want to swap assets from Avalanche to BSC then connect your Metamask to the Avalanche network.

Ethereum Protocol

Its long term vision is to allow users to bridge any assets between any blockchain. So soon you can transfer any token between any blockchain for use in decentralized applications. Blockchain bridges work just like the bridges we know in the physical world. Just as a physical bridge connects two physical locations, a blockchain bridge connects two blockchain ecosystems. Bridges facilitate communication between blockchains through the transfer of information and assets.

list of blockchain bridges

You can basically bridge any any ERC-20 token onto NEAR – A developer friendly, low cost and infinitely scalable platform for decentralized applications. The goal is to bring more liquidity onto the network by enabling token holders to transfer their assets across the bridge to be used in decentralized applications in variety of circumstances. Furthermore, the best bridges will be the most secure, interconnected, fast, capital-efficient, cost-effective, and censorship-resistant. These are the properties that need to be maximized if we want to realize the vision of an “internet of blockchains”. SushiSwap also recently launched a cross-chain bridge that enables you to interact and facilitate transactions with other DeFi protocols. Arbitrum One Bridge is a side chain L1/L2 token bridge that connects Ethereum L1 and Arbitrum L2.

If you know any other DeFi cross chain bridges which is not listed here then make a mention in the comments below. Moonbeam project is an Ethereum compatible smart contract parachain on Polkadot network. A wrapped token will be created and the value will be bridged between both the chains.

To own native BTC, you would have to bridge your assets from Ethereum to Bitcoin using a bridge. Alternatively, you might own BTC and want to use it in Ethereum DeFi protocols. This would require bridging the other way, from BTC to WBTC which can then be used as an asset on Ethereum.

While bridges unlock innovation for the blockchain ecosystem, they also pose serious risks if teams cut corners with research & development. The Poly Network hack has demonstrated the potential economic magnitude of vulnerabilities & attacks, and I expect this to get worse before it gets better. While it is a highly fragmented and competitive landscape for bridge builders, teams should remain disciplined in prioritizing security over time-to-market.

After years of research & development, we are finally in a multi-chain market structure. There are over 100 active public blockchains, many of which have their own unique applications, users, geographies, security models, and design trade-offs. Despite what individual communities believe, the reality is that the universe tends towards entropy, and the number of these networks will likely continue to increase into the future. Using this tool you can interchange any assets across both the blockchains. It works by locking ERC20 tokens in an Ethereum smart contract and minting equivalent amount of corresponding SPL token on the Solana blockchain.

Blockchain Bridges

Now here goes the list of DeFi bridges that you can use to bridge assets across chain which is swap assets, earn yield & perform variety of DeFi activities on the network of your choice. So some of the bridges listed here only connects L1 and L2 that is connecting parent and child chain. This is typically a side chain bridge mostly connecting Ethereum mainnet to the Layer 2 allowing the transfer of tokens. XDAI Bridge is a token bridge providing multi-chain compatibility and interoperability. It connects the xDai chain to the Ethereum mainnet, allowing easy transfer of DAI into xDAI and xDAI back to DAI. Once you are ready NEAR Rainbow bridge allows you to freely migrate assets between the two chains.

Actors monitor events on the source chain and generate cryptographic inclusion proofs about past events that were recorded on that chain. There is a requirement for some actor to “relay” the block headers and proofs. While it is possible for a user to “self-relay” transactions, there does exist a liveness assumption that relayers will continuously forward data.

Bonus Defi Bridges:

Along with that we’ll also highlight top projects that are building bridges between chains. Using these tools you can potentially connect to any type of chain and in any direction allowing you to transfer assets in a permission less way. Web3 has evolved into an ecosystem of L1 blockchains and L2 scaling solutions, each designed with unique capabilities and trade-offs. As the number of blockchains protocols increases, so does the demand to move assets across chains.

  • If you know any other DeFi cross chain bridges which is not listed here then make a mention in the comments below.
  • There are also significant speed drawbacks in optimistic models that rely on fraud proofs, which could increase latency up to 4 hours.
  • Tezos wrap protocol is a decentralized bridge between Ethereum network and Tezos.
  • Now here goes the list of DeFi bridges that you can use to bridge assets across chain which is swap assets, earn yield & perform variety of DeFi activities on the network of your choice.
  • They are also strong with security because they do not require additional trust assumptions, although there is a liveness assumption because a relayer is still required to transmit the information.
  • There is no fee to perform cross chain swaps and the cross chain transfer will complete in few minutes.

These are also the most capital-efficient bridges because they do not require any capital lockup whatsoever. For each chain pair, developers must deploy a new light client smart contract on both the source and destination chain, which is somewhere between O and O complexity . There are also significant speed drawbacks in optimistic models that rely on fraud proofs, which could increase latency up to 4 hours. This is akin to a peer-to-peer network https://xcritical.com/ where each node acts as a “router” that holds an “inventory” of assets of both the source and destination chain. These networks usually leverage the security of the underlying blockchain; through the use of locking and dispute mechanisms, users are guaranteed that routers cannot run away with user funds. Because of this, liquidity networks like Connext are likely a safer option for users who are transferring large amounts of value.

Heres Why You Should Monetize Your Data Over The Blockchain

Evo DeFi is another cross chain token bridge that is simple and easy to use. You can use this to swap tokens between ETH, BSC, Polygon, Fantom, HECO, Avalanche, Arbitrum as well as Solana. Currently It is a BSC to Ethereum cross-chain bridge that allows you to transfer native $UMB tokens across Binance Smart Chain and Ethereum. As of now Rainbow bridge only connects between Ethereum and NEAR network.

However it is important to keep in mind that the features and the underlying technology behind these protocols are still in the early beta stage. You need to conduct your own research and you should understand the DeFi risksbefore using these platforms. Binance bridge is a bridge solution by Binance which users can use to swap BEP20 tokens from BSC to ERC20 on Ethereumand ERC20 to BEP20. One recent hack was Solana’s Wormhole bridge, where 120k wETH ($325 million USD) was stolen during the hack.

The trade-off is with statefulness because while they can pass around calldata, they are limited in functionality. Light clients & relays are also strong with statefulness because header relay systems could pass around any kind of data. They are also strong with security because they do not require additional trust assumptions, although there is a liveness assumption because a relayer is still required to transmit the information.

Transfer Assets Between Blockchains

Only if you understand you should access these cross-chain bridges or any decentralized finance applications in general. Multichain.xyz Multichain swap; as the name suggest it is a cross chain bridge enabling bi-directional token transfers across multiple blockchains. Other than protocols with bridging solutions there are also exchanges both CEX and DEX providing cross chain swap functionality which you can use to swap assets between a myriad of networks.

list of blockchain bridges

Let’s say you have ETH on Ethereum Mainnet but want cheaper transaction fees to explore different dapps. By bridging your ETH from the Mainnet to an Ethereum L2 rollup, you can enjoy lower transaction fees.

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Configure your Metamask to Arbitrum network so you can switch tokens between L1 and L2 anytime. Coin Guides is a fast-growing cryptocurrency publication that helps users to understand the Blockchain Technology and Crypto Currency. We publish latest crypto news, coin mining guides, wallet setups, reviews, token guides, trading tips, online security and various other aspects of cryptocurrencies. Using deBridge you can bridge any arbitrary assets, scale What is a Blockchain Bridge up your protocol, and build new types of cross-chain interoperability applications on top of a truly decentralized infrastructure. Moonbeam uses Chainsafe’s Chain Bridge – It is a multi-directional bridge that can interact with multiple networks like Ethereum, EVM chains and substrate based chains like Moonbeam. Solana wormhole token bridge is a portal that allows you to seamlessly transfer tokenized assets across Ethereum and Solana network.

It allows users to access variety of decentralized finance applications across various networks. You can use these bridges not only to perform cross chain token swaps. Once the assets are transferred you can use them to stake, earn yield and perform variety of DeFi activities on the network of your choice. DeBridge is a decentralized standard for cross-chain interoperability and liquidity transfers. DeBridge is a cross chain bridge that uses Oracles to broadcast transactions across the chain.

To get started you need Metamask wallet connected to Ethereum account ready. Also before bridging assets be sure to setup a NEAR wallet where you can securely store and stake your NEAR tokens. Using this wrap protocol bridge by Tezos XTZ users have the ability to bridge with Ethereum network. You can wrap and transfer ERC20 and ERC721 tokens from Ethereum to Tezos and from Tezos to Ethereum blockchain in a decentralized way. This cross chain bridge is safe, fast and the most secure way to bring cross-chain assets to Binance chains.

Self check-in is similar to a trustless model as it removes the operator’s role and uses technology for its operations. Users always remain in control of their data and don’t have to trust a third party with their private information. Manual checkpoints are similar to a trusted model as it depends upon a third party, i.e., the officials, for its operations.

StakerDAO is the cross chain asset factory enabling the vibrant future of decentralized finance. They have developed the StakerBridge – An open source protocol and a bi-directional bridge that allows users to move assets from one chain to another. First of all most of the bridges listed here all function the same.

Spooky Swap

For wrapping that is to transfer from ETH to XTZ you need Metamask. For unwrapping that is to transfer back from XTZ to ETH network you need to have extensions such as Temple Wallet, Spire or a mobile AirGap Wallet. Other than Binance Smart Chain network and Ethereum network it also supports Solana, TRX and OMNI network.

However, unless your funds are already on an exchange, it would involve multiple steps, and you’d likely be better off using a bridge. Token network fund with the thesis of embedding cryptoeconomic incentives into everything; transactions, computation, storage, prediction, power. If you are using Cosmos network then you can connect to Ethereum via Emeris. To use Emeris all you have to do is install the Keplr browser extension and connect the Keplr wallet. Smart BCH is a sidechain of Bitcoin Cash that is compatible with Ethereum’s EVM and Web3 API. Users of Bitcoin Cash can now now wrap BCH and use it for decentralized finance purpose. In future Umbrella Bridge has plans to enable cross-chain integration with Avalanche, Cardano, Polygon and Solana.

October 18, 2022

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