ETH competitor Avalanche creates a new technology that will let you port tokens to and from ethereum, thanks to the new bridge of liquidity as we are reading more in the latest Ethereum news today.
The ETH competitor has its new Avalanche-Ethereum bridge in its final phase of testing while the mainnet was launched in September. Blockchain project Avalanche announced that they are one step closer to launching a new project that will tempt all those developers that built decentralized finance apps on Ethereum to switch alliances. One of the few blockchain networks that claim to be cheaper and faster and more capable than ETH, Avalanche announced the new bridge as a way to transfer ETH tokens between these blockchains.
A bridge connecting Avalanche and Ethereum enters its final phase of testing with @ChainSafeth, @protofire, @hashquark, @poanetwork, and @avascanexplorer. A new stream of liquidity will be unlocked: https://t.co/lezz6gE9kJ
— Avalanche (@avalancheavax) November 23, 2020
The software is in the final phase of testing according to an Avalanche blog post. The main selling point here is that it supports the ETH virtual machine which means that Ethereum developers will not have to redesign their software and to make it compatible with the Avalanche blockchain. The new bridge product is similar to other protocols and services that port assets between blockchains. They all work by depositing some asset from Blockchain A in a smart contract and the contract will issue an equal amount in the format of a Blockchain B token. The ported tokens will be of equal value to the original token and can be redeemed at any time. The bridge is powered by ChainSafe which is a blockchain interoperability protocol that is produced by ChainBrige.
ChainBridge built the bridge by using funds from the Avalanche-X grants program. The mainnet was launched in September after raising $60 million. Avalanche is produced by Ava Labs which is a software company that is run by Emin Gun Sirer, a professor from the Cornell University of computer science.
Speaking of ethereum, Analysts expect ETH to move higher in the days ahead as there are a number of technical and fundamental trends that will drive the coin higher like the imminent launch of ETH 2.0 and the growth of the Defi space. Also, there’s the fact that there’s little technical resistance to the $700 level. Analysts think that ETH will explode even higher when it breaks out of the macro range and goes past the macro resistance for the first time since 2018.
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