Crypto bridges play a huge role in the quest for interoperability. They serve as a link for the exchange or movement of tokens between chains. And their arrival has led to an easier user experience.
There are many different types of bridge designs, from more centralized and trusted to more decentralized and trustless. For the sake of its environment, Polkadot prefers the latter bridge design. Bridges are used to connect the Polkadot ecosystem to external blockchains like Tezos, Ethereum, and Bitcoin, among others.
The DOT token has three core purposes:
- Staking for operations and security,
- Facilitating network governance,
- Bonding tokens to connect parachains.
So, let’s look at 2 top bridges for Polkadot’s DOT token.
1) Wanchain
Wanchain, one of the leading decentralized blockchain interoperability solutions, is integrated with Polkadot. The integration links Polkadot to the wider cross-chain DeFi community. There are already deployed direct bridges between Polkadot and Ethereum: Wanchain, Moonriver, and Avalanche.
This means that developers on all of these blockchain networks can create decentralized blockchain applications utilizing $DOT. Also, users can trade $DOT cross-chain and use it with EVM-compatible smart contracts.
š£ļø @Polkadot has been added to #Wanchain's decentralised crosschain architecture!
ā Enable crosschain $DOT
ā Bring EVM smart contracts to $DOT
ā Connect $DOT to @ethereum, @wanchain_org, @avalancheavax and @MoonriverNW.
š Read more šhttps://t.co/XHKk9gYnfc
— Wanchain (@wanchain_org) October 12, 2021
2) Interlay
Last year. Interlay, a blockchain company, announced the launch of a Bitcoin based cross-chain bridge on Polkadot. The bridge, known as interBTC (iBTC), enables the deployment of Bitcoin on non-native blockchains for NFTs, cross-chain transfers, and DeFi, among other things.
Source: Interlay
As a Polkadot Parachain, Interlay delivers best-in-class proof-of-stake security and compatibility with Ethereum, Cosmos, and many other blockchains. it empowers Bitcoin holders to put their BTC to use.
1/5 Let's bring #Interlay to #Polkadot
You have DOT on your wallet – this is a great chance for you to participate in #Interlay crowdloan!ā°#Interlay #Interlay2Polkadot #INTR pic.twitter.com/isz5zClb7o— MAX | ALPHA (@MaxMoviemaker) February 16, 2022
Explaining the concept behind the project, Interlay co-founder and CEO Alexei Zamyatin said: “Bitcoin is the driving force behind global crypto adoption, while Polkadot, Ethereum, & co. is where technological innovation is happening. With interBTC, we combine the best of both worlds while preserving the trustless nature of Bitcoin.”
Polkadot has a pretty different tech, making bridging a bit difficult. However, it is only a matter of time before we have more $DOT bridges in the system.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Wanchain. Copyright Altcoin Buzz Pte Ltd.
