Tezos has a different way to upgrade its blockchain. The software automatically updates the chain. Holders of the XTZ token can vote on changes, and once agreed upon, the chain updates itself. This should avoid a fork – in other words, two chains with two different currencies.
Many crypto users like to transfer assets from one protocol to another, which is called bridging. Tezos has a couple of bridges that have proven popular for users. Let’s dig in.
Allbridge
Allbridge can bridge digital assets between 18 chains. This includes, of course, Tezos. But also, for example, Avalanche, BNB, Ethereum, Fantom, Near, Polygon, and Solana. So, as you may have noticed, it connects EVM and non-EVM chains. This will include various L2 chains and NFTs as well in the future. Here’s a list of the chains and tokens it supports.
For Tezos, Allbridge uses Quipuswap, a DEX on Tezos. The easiest asset to transfer is the Allbridge ABR token. On Quipuswap, you can swap this token. It’s the native token to Allbridge, but it’s wrapped on Tezos. Allbridge has an easy-to-understand guide on how to use the bridge. Madfish is the company behind Quipuswap. They made this bridging option possible. For example, they also offer the Temple wallet and other open-source DeFi products.
As with all bridges, you can now move digital assets around. It saves you having to go through a CEX. Using a CEX can result in extra costs and time.
From Polygon, you can bridge USDC. From the BNB chain, it’s BUSD. For all the other blockchains, it’s ABR. However, more tokens are in the pipeline. For instance, BTC, AVAX, SOL, ETH, and NEAR. With Allbridge, you gain access to the Tezos DeFi ecosystem. The picture below shows the Allbridge UI.
Source: Allbridge
Plenty Bridge
Plenty Bridge bridges Ethereum, Polygon, and Ethereum-based tokens to Tezos. Be aware, though, this bridge is still in Beta. This is a rebranded version of the WRAP bridge. Here’s an article we wrote about this bridge. However, now you can bridge tokens in around five minutes. For example:
- USDC
- DAI
- USDT
- wBTC
- wETH
- Link
- MATIC
Avalanche and BSC bridges are in the pipeline for Plenty Bridge. This bridge is part of the Plenty DEX on Tezos. Here you can swap, pool, farm, and, of course, bridge.
By using the bridge, you receive bridge tokens. These represent ERC20 tokens on Tezos with a peg to their original token. This is the brainchild of Tezsure, the company behind Plenty.
When using the Plenty Bridge, you need to connect to a Tezos and an Ethereum-compatible wallet. On the Tezos side, there are various wallets available. They suit browsers, desktop, or mobile options. On the Ethereum side, it’s any EVM-compatible wallet, like MetaMask or Rabby.
To make sure that the wrapped ERC20 tokens peg to their original token, Plenty uses a “Signers Quorum.” There are currently seven well-trusted Tezos community members. The members of the Signers Quorum share all bridging fees between them.
Voting has been enabled for agEUR.e/CTEZ ✅
Bridge $agEUR by @AngleProtocol with the Plenty bridge to #Tezos 🌉
👉 https://t.co/409BEHZwpb 👈#Tezos #DeFi pic.twitter.com/0bK5ZVE9hb
— Plenty 🖖 (@plenty_network) March 1, 2023
Conclusion
We looked into bridging assets between Tezos and other blockchains. Currently, there are two bridges available. Allbridge connects EVM and non-EVM chains. On the other hand, there’s the Plenty Bridge, a rebranding of the WRAP bridge. This bridge connects Ethereum and Polygon to Tezos.
The current XTZ price is $1.13 with. It has a $1 billion market cap. There’s an infinite total supply, and 921.7 million XTZ tokens circulate.
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