The team at Avalanche, a organization developing decentralized finance protocols and other distributed ledger tech (DLT)-based solutions, reveals that it’s preparing for the next generation Avalanche Bridge (AB).
AB will be “10x faster and 5x cheaper” than the Avalanche-Ethereum Bridge (AEB), according to an update from Avalanche.
As noted in the announcement:
“The Avalanche-Ethereum Bridge (AEB) launched in early 2021, marking a great first step in providing a channel for moving native Ethereum ERC-20-based assets to the Avalanche ecosystem. The next generation Avalanche Bridge (AB) will launch in the upcoming weeks, replacing the existing AEB and providing a significantly better user experience with stronger security, faster finality, and dramatically lower fees.”
As mentioned in the update from Avalanche, it’s estimated “to be 10x faster and 5x cheaper than the AEB and a better user experience than any bridges launched to-date.”
The announcement further revealed that as part of launching the new bridge, existing assets that came across the AEB will be “migrated to the new AB.” Post-launch, all assets that cross over the AEB will be able “to use the AB to bridge back to Ethereum, benefiting from the performance and economic improvements noted above,” the update confirmed.
Additional information and further details will be “coming soon on this exciting release, including a technical deep dive into how the bridge will outpace all bridging technology deployed to-date,” the Avalanche developers noted.
As previous reported, Avalanche claims to be the fastest smart contracts platform in the blockchain or DLT space, as “measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol.”
Avalanche is “blazingly fast, low cost, and green,” its developers claim while noting that any smart contract-powered app can “outperform its competition” on Avalanche.
Avalanche, an open-source platform for deploying decentralized applications (dApps) and enterprise-grade blockchain initiatives, noted recently that Lydia Finance, an Automated Market Maker (AMM), Yield Farming, and Staking platform, is live on Avalanche.
As mentioned in the announcement, their intuitive UI and comprehensive documentation/tutorials allow “every level of users” to make informed investments in the DeFi space while “maximizing their earnings by taking advantage of Avalanche’s lightning-fast infrastructure with very low gas costs.” The announcement also mentioned that users can trade, stake, pool, and earn $LYD and many other token utilities “all on Lydia Finance.”
As noted in the update, Avalanche is an open-source platform for deploying dApps and enterprise blockchain deployments via an interoperable, “highly-scalable” ecosystem. Avalanche can handle over 4,500 transactions/second and “instantly confirm” transactions. Ethereum (ETH) developers are able to quickly develop on Avalanche as Solidity “works out-of-the-box.”