What is a cross-chain bridge?
The demand for Web3 services is growing significantly, so interoperability between blockchains is becoming a vital issue. Also, one of the biggest challenges in the crypto world is the easy management of multiple currencies.
It is possible to move assets from one blockchain to another in the absence of a cross-chain bridge. Users can first exchange a crypto token in fiat, which involves fees and time consumption. Later, they exchange the money obtained in the other desired token, which again involves higher fees and time consumption. A smart solution is building a cross-chain bridge, which through a suite of smart contracts can ensure a two-way and decentralized transfer of assets, from one blockchain to another.
A blockchain bridge is a connection that allows the transfer of tokens and/or arbitrary data from one chain to another. Both chains can have different protocols, rules and governance models, but the bridge provides a compatible way to interoperate securely on both sides. An effective cross-chain bridge enables an exchange of information, smart contracts, cryptocurrency or NFTs from one blockchain network to another. Some popular bridges are Binance Bridge, Celer cBridge, Cross-Chain Bridge, Umbria Narni Bridge, Multichain and Wormhole. Transfers between bockchains can be made by several methods. One of the methods is token wrapping, and the second way is the bridge transfer using a liquidity pool.
The Elrond Ad Astra Portal features
The Elrond Ad Astra portal was recently launched, currently allowing free flow of assets between Elrond and Ethereum, and in the future will ensure this for more EVM compatible blockchains. It aims to lead to the growth of all parties involved and speed up the adoption of Web3 technologies. It is also a great achievement in terms of design, security and implementation, being a robust and resilient bridge.
Ad Astra is a secure and trusted bridge, its smart contracts being audited and battle tested with the community. It is conceived within a network of trust, which includes strategic ecosystem partners, such as Stake Capital, Everstake, P2P, Staking Agency and Istari Vision.
In order to ensure decentralization, a multisig smart contract is used. Specifically, there are a number of relayers who sign transactions. Everything is designed as a mini blockchain, meant to deal exclusively with cross-chain transfers. In order for the transfers to take place, the tokens are wrapped. Native tokens are locked into a smart contract and wrapped versions of them are generated.
In conclusion, using the Ad Astra cross-chain bridge you will no longer have to go through the exchange services and in the future it is intended to integrate all these functions in the Maiar application. In addition, all the work isn’t done by a single smart contract owner, but by a sum of reliable relayers. These relayers, as it’s specific to the Proof of Stake model, provide significant amounts of EGLD as collateral, so that in case of misbehavior they will lose these funds.
This video explains you how the Elrond Ad Astra Portal works: https://bit.ly/3NFljDp
The initial Ad Astra Portal facts sheet
Designed and developed by the Elrond Core team
Ethereum smart contract audit performed by Akira Tech
Elrond smart contract audit performed by RuntimeVerification
4 public “Battle of Yields” community testing rounds
Two way token bridge between Elrond and Ethereum
Will be expanded to include other EVM compatible chains
First asset listed in the bridge: USDC
More assets to be added in the next days and weeks
Ask for your token to be listed: https://form.typeform.com/to/BDzj83JZ
Initial limits: minimum 2,500 USDC, maximum 100,000 USDC per transfer, will be gradually increased
Requires authentication on both sides of the bridge: Maiar App, DeFi Wallet, Web Wallet or Ledger on Elrond; Metamask on Ethereum
Transactions are batched every 10 minutes for Gas efficiency
50 USDC fee for Elrond to Ethereum transfers to cover gas costs on Ethereum
10 standalone relayers (servers)
7/10 quorum required
5 relayers operated by Stake Capital, Everstake, P2P, Staking Agency and Istari Vision
5 relayers operated by the Elrond Foundation
- Useful links:
Ad Astra Portal: https://ad-astra.elrond.com
Request a new token to be added to the bridge: https://form.typeform.com/to/BDzj83JZ