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Blockchain protocol Avalanche has launched a new bridge aimed at facilitating cross-chain interoperability.
Avalanche Bridge To Replace Avalanche-Ethereum Bridge (AEB)
According to Emin Gün Sirer, creator of the Avalanche protocol, the new Avalanche Bridge (AB) would replace the existing Avalanche-Ethereum Bridge (AEB). Sirer said the new bridge provides a faster user experience alongside stronger security and lower fees than the AEB bridge. Users will be able to merge Avalanche Bridge seamlessly with other basic applications of Avalanche like the Avalanche Wallet and Avalanche Explorer. This bridge was built using Intel SGX Enclave technology, a software program that enables all operations in an environment to be secure. Currently, the Avalanche Bridge will support only the Avalanche and Ethereum blockchain. However, the firm plans to rapidly expand the bridge to other new chains across the decentralized finance (DeFi) community. Sirer is optimistic that the new Avalanche bridge will encourage users to explore the Avalanche blockchain and the DeFi sector more. He stated,
“Day-by-day I see incredible innovation happening across the Avalanche Community. This bridge will unlock a vast amount of opportunities for builders who get their start on $AVAX, as well as projects who have been waiting to expand to Avalanche.”
DeFi Protocols Migrating To Avalanche Network
Avalanche is an open-source platform for launching decentralized applications. Since its mainnet launch in September 2020, the platform has been focused on solving the speed and scalability problems of other blockchain platforms, especially Ethereum. The platform claims to be an interoperable and highly scalable ecosystem that can process more than 4,500 transactions per second. Avalanche is similar to other base-layer blockchains like Solana and Binance Smart Chain. However, Avalanche has declared itself as the best smart contracts compatibility network. Avalanche has been actively integrating other protocols on its blockchain recently. DeFi Yield farming platform, known as DYP, announced its expansion to Avalanche earlier this month. The platform revealed that three of its products, DYP Farming, DYP Tools, and DYP NFTs, would be live on Avalanche. Before the DYP integration, Onomy, a crypto lender, also integrated its FX marketplace DEX called Onomy Exchange with Avalanche. The implementation of this partnership will be completed in Q3 2021. Tenderly, a developer platform, also recently expanded to the Avalanche blockchain. This integration allows developers to use Tenderly’s toolkit to facilitate building on Avalanche. According to Tenderly, the toolkit allows for stressless bug fixing and testing different scenarios without spending any gas fees. Avalanche has also been pushing its native token, AVAX. A few days ago, AVAX was launched on the digital asset trading platform BitMart. The tokens are now available for trading on the platform. Users would also be able to transfer AVAX tokens between their Avalanche Wallet and BitMart Account.