Elrond, the first and only Layer 1 Blockchain to fully implement sharding, has just opened up it’s NEW Etherum Bridge.
As stated in their Blog, …
“The Ad Astra Portal opens a compelling path for creative DeFi protocols and assets to take an important leap forward in terms of performance, efficiency and scalability. It also sets the premises for Elrond’s internet-scale blockchain technology to take a leading role in orchestrating the multi-chain foundation of the interoperable Web3 enabled virtual spaces that will collectively be known as The Metaverse.” said Beniamin Mincu, Elrond Network CEO.
“This is a historic moment for the Elrond ecosystem and the broader blockchain space. The robust, secure and decentralized setup that we are running in tandem with our strategic infrastructure partners will open a new era for the Elrond DeFi ecosystem and proliferation of internet-scale blockchain technology.” said Lucian Mincu, Elrond Network CIO.
As of right now, the new Bridge “only” replaces the old, now retired, Bridge.
What makes it special is the fact that this Bridge allows Bridging ANY Etherum ERC20 Token to Elrond ESDT and back, not just USDC like the old Bridge.
Currently, the new Bridge only supports USDC transfers, but very soon, the first ERC20 Token, namely Utrust ($UTK) will move over to the Elrond Network.
The Bridge will also be used to transfer over (wrapped) Bitcoin, and any other Token that wants to switch to Elrond.
Elrond is already working on making the Bridge compatible for every other EtherumVM compatible Blockchain.
Quick Facts about Elrond
First and so far only Blockchain Protocol to fully implement sharding network sharding transaction sharding state sharding (the hardest one to implement) Elrond already is, what Etherum 2.0 wants to become 6 Second Latency Currently, with 3 transaction shards, capable of 3×5400 = 16200 TPS Testnet: 50 shards led to over 250’000 TPS Pretty Cheap Transactions Very secure Proof of Stake consensus mechanism If 33% of Nodes were malicious, the chances for a successful network takeover are practically 0 (10^-211). Technical Q&A on why Elrond’s sPoS is so secure One of the most decentralized proof of stake blockchain networks More Nodes than Cardano, Solana, only Ethereum and Gnosis have more Nodes Third most decentralized proof of stake blockchain in existence Elrond has the most active developers (commits per week), right after Bitcoin (Someone on r/CryptoCurrency a few weeks back, asked, which Project has the most active developers, so i thought this might be interesting for you)
Roadmap (somewhat ordered from “soon” to “far away”):
UTK coming to Elrond Many huge community projects to go live soon Ashswap, Hatom Protocol (Lending/Borrowing), BHAT Launchpad, … Official NFT Marketplace (as an addition to the existing community made marketplaces) Staking Phase 4 Will remove “Legacy Staking”, which will make the chain 100% community owned – currently, 25% of Nodes are run by the Elrond Team Introduces slashing (in addition to the already existing “jailing”) New Launchpad Project On-Chain Governance Maiar Exchange Governance Elrond Stablecoins (not much information about them yet, but they will very likely be truly backed stables and not algorithmic stables)
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