Tezsure launches Plenty Bridge, a decentralized bridge between Ethereum and Tezos

2022-6-2 17:19

Tezsure, the team behind Plenty, has today announced the launch of the Plenty Bridge, a decentralized bridge between Ethereum and Tezos blockchains. The bridge shall allow users to move tokens including USDC, BUSD, DAI, WETH, WBTC, MATIC, and LINK from Ethereum to Tezos or vice versa in a decentralized environment within five minutes.

Previously, moving crypto assets between Ethereum and Tezos took approximately one hour. The Plenty bridge will therefore reduce the time significantly.

Plenty Network aims at launching bridges to other networks like Polygon, Avalanche, and BNB Chain (formerly Binance Smart Chain) in the near future.

Commenting about the bridge, the Tezsure co-founders, Bernd Oostrum & Om Malviya, said:

“The Ethereum bridge and the upcoming bridges from chains like Polygon, Avalanche, & BSC are key for the growth of the entire Tezos ecosystem. More bridges enable users from other chains to easily migrate their assets and try out all the innovation happening on Tezos.”

The Plenty Bridge

The Plenty Bridge is a decentralized protocol that relies on the Singers Quorum, which is a strong group of trusted Tezos community members that guarantee the stability of the bridge.

When using the bridge, users will receive tokens in the format of <bridged_asset>.<source_chain>. This means that the bridged tokens will have the name of the original token and the name of the blockchain network it has originated from.

The Plenty bridge tokens will be ERC20 tokens that will run on the Tezos blockchain and they can be used on Tezos and their value is pegged on the original tokens.

What is Plenty?

Plenty is an all-in-one decentralized finance (DeFi) protocol built on Tezos blockchain. The plenty.network is currently in development and it shall feature a collection of AMMs, bridges, & robocoins.

The new Plenty AMM in development iterates on existing frameworks such as boosted rewards, bribes, and vote escrow (ve) tokens, first introduced by Curve. It solves issues around fee distribution, liquidity mining, and liquidity bootstrapping.

Plenty AMM users will be able to trade uncorrelated assets, and/or tightly correlated assets at low cost and near-zero slippage with Arthur’s flat curve.

The post Tezsure launches Plenty Bridge, a decentralized bridge between Ethereum and Tezos appeared first on Invezz.

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Tezsure is an innovative decentralized platform to provide personalized insurance solutions to users so that they can leverage the features of blockchain technology while functioning in a community driven insurance pool without involvement of any third element.