January 27, 2022
Gitbook: Cross-Chain Bridge | Litepaper - Cross-Chain Bridge
Launched as a side project early 2021, the success of it made us build and release a v2 in November 2021. The security-focused and more and more decentralized Cross-Chain Bridge supports EVM compatible chains by providing a bridging solution that uses liquidity pools. The goal is to allow almost any token to be bridged between the supported networks (currently: ETH, BSC & Polygon). For tokens that have the same contract address on different networks, the bridge is permissionless and projects can self-list their token - just like on a DEX. For different contract addresses across networks, a token mapping needs to be added to the Bridge to enable bridging.
Apart from the liquidity pools, the Cross-Chain Bridge offers an innovative fee-participation DeFi or yield farming scheme to attract the liquidity needed for its bridging transactions. The majority of the protocol incentive or bridging fees collected is circulated back to the communities and liquidity providers - into the Liquidity Mining Pools and Reward Pools. For certain tokens, Farms exist that act as an additional incentive to provide liquidity and eventually grant access to the higher reward-paying Reward Pools compared to the Liquidity Mining Pools. Farms get a certain part of the minted BRIDGE tokens.
In addition, the Cross-Chain Bridge supports NFT bridgings of whitelisted collections.
For more information on our Bridge functionality and security see our GitBook: Cross-Chain Bridge | Litepaper - Cross-Chain Bridge
- This year we plan to onboard 40-50+ new projects/tokens to the Cross-Chain Bridge which will, in turn, grant access to the Polygon Network. We plan to spend $12,500 to help support the onboarding process of new projects to our bridge and optimize the trustless self-listing process.
- Our next milestone is reaching over $50M in TVL on the Cross-Chain bridge as soon as possible. On our v2 we currently have over $8m in TVL, once all of our v1 partners migrate over to v2 we will have a combined TVL of over $38M. Please see our Dune Analytics page for data: Dune Analytics. With the added support from Polygon we look to grow our TVL this year by an additional $50M we would deploy the remaining $12,500 here to help support this growth.