The new Avalanche Bridge (AB) has launched with support for Avalanche and Ethereum
Emin Gün Sirer, Founder and CEO of Ava Labs, announced the good news for Avalanche and Ethereum communities. Specifically, the new Avalanche Bridge (AB) has been launched, providing the fast, secure, and cheap cross-chain interoperability that crypto communities have been waiting for.
Avalanche ?? ? Ethereum
The new Avalanche Bridge (AB) is here, and it’s feature-packed:
? ~5X cheaper than AEB
? Secured by breakthrough tech
⛓️ Going Multi-chain to put Avalanche at the center of DeFi
Get to know the AB and start using it today: https://t.co/amGqSJgGd8
— Avalanche (@avalancheavax) July 29, 2021
Avalanche vs Ethereum: The new Avalanche Bridge (AB) is here
The AB replaces the existing Avalanche-Ethereum Bridge (AEB) launched in February. It is estimated to be 5x cheaper than the AEB, with a better user experience than any cross-blockchain bridges launched to date. AB launches with support for Avalanche and Ethereum, but will rapidly expand to new chains to position Avalanche as the HUB for DeFi activity across communities.
“The new Avalanche Bridge is a leap forward in bridging technology, but most importantly, it is a dramatic improvement in experience for users and developers across the Avalanche community,” said Emin Gün Sirer, Founder and CEO of Ava Labs. “It will be a growth engine for the next phase of growth on Avalanche, and set a new standard for secure and efficient cross-chain interoperability.”
According to the statement, the AB was designed to satisfy the following requirements:
- Secure: The bridge must be audited and built with security-first technologies
- Cost-Effective: The cost for bridging assets should be as low as possible
- Fast: The transaction should take the least amount of time possible
- Transparent: users should be informed of the transfer status at every step of the process
- Intuitive: users new to crypto asset transfers can easily understand the steps necessary to use the bridge
- Ecosystem-supportive: Upon crossing the bridge, users should understand all of the capabilities of the Avalanche ecosystem and experience minimal friction in seizing opportunities
- Multi-chain: The bridge will support a growing number of blockchains in the future to center Avalanche as a core hub of DeFi
Later, Sirer also mentioned the underlying technology that makes the AB so far ahead of other bridging technology: Intel SGX Enclave. SGX is a breakthrough in secure computing. It facilitates all operations in a closed, tamper-proof environment.
“Day-by-day I see incredible innovation happening across the Avalanche Community. This bridge will unlock a vast amount of opportunities for builders who get their start on AVAX, as well as projects who have been waiting to expand to Avalanche. The result will be a leap forward in user experience that gives new users from TradFi the confidence to seize the opportunities created by DeFi,” he concluded.
The Avalanche Bridge is now accessible for both users and developers. Projects across the Avalanche ecosystem can now start preparing their integration to update DeFi applications and liquidity pools to the new token standards. At press time, Avalanche (AVAX) price is trading around $12.47, while ETH is changing hands at $2,417, up 5% over the past 24 hours.
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