Tezsure, a team of developers have announced the launch of their newest brainchild, “Plenty bridge”, a decentralized Ethereum-Tezos bridge. The new bridge is a game-changer for both Ethereum and Tezos users alike.
It ensures that users can transfer their tokens such as USDC, DAI, USDT, BUSD, WBTC, WETH, LINK, and/or MATIC tokens to the Tezos blockchain and back in a purely decentralized manner. Prior to this time, the token transfer took about an hour, but now it just takes 5 minutes thanks to the rapid completion of Tezos’ latest upgrade. Furthermore, bridges from Avalanche, Polygon, and Binance Smart Chain will all launch in the near future too.
🌉The Plenty bridge is live! 🎉
— Plenty (@plenty_network) June 1, 2022
Bridges in the blockchain space connect two chains together and allow users to share data and cryptocurrencies together. The Plenty bridge is out to offer a unique experience to crypto users. It is supported by a robust federation (the Signers Quorum) that ensures the bridge’s stability. Via the Plenty bridge, users will receive tokens in the format bridged asset>. source chain> (bridge tokens). These are Tezos blockchain representations of ERC20 tokens. So, these tokens have the same value as the original tokens.
Speaking on the motive behind this launch, Bernd Oostrum & Om Malviya, Tezsure co-founders highlighted the importance of bridges for the Tezos ecosystem. A statement from the co-founders read, “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 Team Behind Plenty
The Plenty bridge has an experienced group of Tezos community members ensuring it stays stable and reliable. The Signers Quorum, a group of reputable Tezos community members is solidly behind Plenty, ensuring it fulfills its promise of a faster bridging between chains. Members of the Quorum interact with both the Ethereum and Tezos blockchains, generating bridge transactions based on user activity.
The first seven members of the quorum include;
- Integro Labs,
- Codecrafting Labs,
- Baking Bad,
- Tezos Ukraine
All of the teams are well-known in the Tezos community.
Plenty is an all-encompassing DeFi platform on Tezos. It also has several new innovations in the pipeline. Plenty.network is a collection of AMMs, bridges, and robocoins that is currently in development. Plenty’s new AMM is based on existing structures such as increased incentives, bribes, and vote escrow (ve) tokens, which were first presented by Curve. Fee distribution, liquidity mining, and liquidity bootstrapping are all addressed by the new model. A new feature allows users to trade uncorrelated and/or tightly linked assets at minimal cost and near-zero slippage.
Tezsure is a web3 studio that creates NFT and DeFi products on Tezos that provide the finest user experience and are easily accessible to everyone. Tezsure has a series of projects under its belt. It presently contributes to Plenty, Naan wallet, and Ctez.
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