The Avalanche Protocol is about to launch the Avalanche-Ethereum Chain Bridge, and it has entered the final stage of testing
On November 24, Avalanche announced the completion of the Avalanche-Ethereum chain bridge (two-way chain bridge), which supports users to transfer between Avalanche and Ethereum based on ERC20 and ERC-721 assets.
According to Avalanche, the Avalanche-Ethereum chain bridge was developed by ChainSafe (a Canadian technology company) and supported by the Avalanche-X grants program. It has entered the final stage of testing and will then enter the main network.
Through the Avalanche-Ethereum chain bridge, users can use Ethereum on Avalanche. Simply put, the user locks WETH on the ChainBridge contract, and then the equivalent ETH will be created on Avalanche. This chain bridge can be used through an app integrated with the chain bridge, or with the Avalanche-Ethereum asset exchange application (coming soon). (Note: ChainBridge is a modular bridge launched by the aforementioned Canadian technology company ChainSafe, which allows data and value transfer between any number of blockchains)
How to realize asset transfer? Avalanche pointed out that users of the link bridge only need to send two transactions to transfer assets from one blockchain to another, and enumerate the following steps:
1. Allow chain bridge contracts to use assets on Ethereum (through the “Approve” function);
2. Deposit and lock the approved assets in the chain bridge contract (through the “transferFrom” function);
3. The mortgage is successful, and the relevant message is sent to the repeater (Protofire, Hashquark, POA Network, Avascan);
4. A proposal will be created on Avalanche with different statuses: invalid, valid, completed and transferred. The new proposal is marked as valid and contains a hash of the transferred data, thus preventing the deposit data from being exposed before it is approved on Avalanche;
5. Other repeaters will check the hash and compare the data in Ethereum with Avalanche, and vote on the accuracy of the provided data;
6. If the vote is approved, the asset will be minted on Avalanche (using the “executeDeposit” function).
By analogy, the Avalanche-Ethereum Bridge is equivalent to other protocols and services for transferring assets between blockchains. Take Wrapped Bitcoin, which transfers Bitcoin to Ethereum. Decrypt pointed out that the basic working principle of these protocols is basic: deposit some assets from blockchain A in the smart contract, and the contract will issue equivalent assets in the format of blockchain B tokens. The value of the transferred token is the same as the original token value and can be exchanged at any time.
Public information shows that Avalanche is an open source platform launched by Ava Labs, a software company run by Cornell University Computer Science Professor Emin Gün Sirer. In September of this year, the Avalanche mainnet was officially launched. Prior to this, it raised $60 million, of which $42.5 million came from the sale of public tokens (AVAX).
