DeFi platform Tezsure has officially launched a decentralized bridge between ethereum Y Tezosmaking the transfer of tokens between the two blockchains a seamless and user-friendly experience.
Dubbed ‘Plenty bridge’, users can now move their USDC, DAI, USDT, BUSD, WBTC, WETH, LINK and/or MATIC tokens to the Tezos blockchain and vice versa in a decentralized manner. Eventually, Plenty will also launch Avalanche, Polygon, and Binance Smart Chain bridges to Tezos in the near future, allowing the solution to primarily serve as a tool for liquidity migration between different blockchains.
The developer team behind Plenty says that the new bridge reduces token transfer time to just 5 minutes compared to nearly an hour now. The need for such a tool arose as a reaction to the growth and expansion of the DeFi market in the tezos ecosystem.
“The Ethereum bridge and upcoming chain bridges like Polygon, Avalanche and BSC are key to the growth of the entire Tezos ecosystem. More bridges allow users from other chains to easily migrate their assets and try out all the innovation happening on Tezos,” said Bernd Oostrum & Om Malviya, co-founders of Tezsure.
The Plenty Bridge is controlled by an off-chain federation called the Signers Quorum, which ensures stability as the protocol ensures issued FA2-wrapped tokens are fully compliant with locked ERC20 tokens.
Acting as an oracle in the protocol, the federation signs transactions and verifies that the number of tokens locked matches the number of tokens wrapped. However, the Tezsure team assumes the leadership and management of the governance of the Wrap protocol, including the Signers Quorum.
Through the bridge, users receive tokens in the format
The bridge starts with seven quorum members: Integro Labs, Codecrafting Labs, MIDL.dev, Baking Bad, Madfish, Tezos Ukraine, and Tezsure. All teams are accredited members of the Tezos community.
Plenty Network aims to provide a comprehensive DeFi platform on Tezos for farming, trading, XTZ cTez wrapper token, and bridging.
Tezos is a highly scalable platform that supports the functionality of smart contracts and the development of decentralized applications (Dapps). It uses a variant of the proof-of-stake protocol that offers token holders the opportunity to delegate their assets to a validator and earn staking rewards.
Tezos also applies a governance model that evolves and updates automatically to ensure stability. Among blockchain projects, the Tezos consensus mechanism is touted as one of the most energy efficient and technically sound platforms.
As FinanceFeeds recently covered, Tezos in April launched the most significant update to its proof-of-stake protocol to date. Codenamed “Ithaca 2,” the ninth major update introduces a new consensus mechanism, Tenderbake, which brings several improvements. This includes so-called “near-instant finality,” which offers absolute certainty that transactions cannot be reversed after two blocks.