We are excited to unveil our new ETH bridge, which will make Ethereum cryptocurrency and ERC-20 tokens fully compatible with our suite of DeFi services. Even before parachains and bridges arrive at the Polkadot network. As such, this development already makes Equilibrium’s stand-alone Substrate interoperable with the major DeFi ecosystem.
This important piece of crypto infrastructure originally comes from Chainsafe, and we have slightly altered it to make it better suit our purposes. In specific technical terms, we’re using Web3 to deal with ETH contracts instead of Chainsafe’s console tools. We also made the bridge bi-directional, so ERC-20 tokens can freely flow between our substrate and the Ethereum blockchain. We furthermore set up a system that logs bridge activities, and we’ve even stress-tested the bridge against parallel work requests and hacking attempts.
Our ETH bridge will make a major difference to our users because ETH is the dominant DeFi cryptocurrency, closely followed by BTC. Right now the bridge runs on our testnet, where it works with the Rinkeby Testnet from the Ethereum side. Our next step is to take the ETH bridge to our full-fledged mainnet.
In other words, our Ethereum bridge is live on the testnet, so go check it out! (Don’t forget to switch to the Rinkeby Testnet in your Metamask while testing).