Our Top 4 Picks For The Best Cross Chain Bridges Available In 2023
Posted By : Priyansha Singh | 10-Feb-2023
Know Which Cross-Chain Bridge Is Right For You
The blockchain ecosystem never ceases to amaze – while it is continually expanding at a progressive rate, new opportunities for businesses, investors, and technophiles only appear to broaden.
The road to accomplishing decentralization on a larger scale is incessantly revolutionizing multiple precedents of legacy operational and financial systems. In the past, not many cared much about implementing the right blockchain network in accordance with their industry demands as developers and users alike would likely leverage Ethereum for decentralized application development. While such practices emphasize security, the lack of interoperability started restricting a huge user base.
It is interesting to note that more than 125 blockchain networks are in existence today, however, it is surprising that there was no way to establish communication between such networks. This is where the implications of new chains come into play. These cross-chains, called ‘blockchain bridges’ furnish benefits such as higher network throughput, cheaper transaction fees, and access to intuitive yield-earning activities. Subsequently, they have emerged as a promising solution that enables trusted, reliable, and secure interactions among blockchain networks.
Cross-chain bridges can be used to interchange any type of data including decentralized identities, smart contract calls, and off-chain information. In addition to this, blockchain bridges make it easier to use DApps across different networks.
Today, there are many cross-chain bridges available in the market space but in this blog, you will get to know the top preferences that provide the best security, interoperability, support options, and more. However, let’s get started with understanding what cross-chain bridges are and what is its significance.
Understanding Cross-Chain Bridges
Cross-chain bridges are the next-gen solution for bridging across two distinct blockchain networks – thereby facilitating an easy interchange of information and assets. With cross-chain bridge development, you can ensure a seamless transfer of funds and access to other functionalities on the blockchain networks of your choice without any glitches.
Additionally, they also play a pivotal part in web3 innovations and enable developers to leverage the liquidity accessible on various platforms, thereby boosting the liquidity of concerned DApps. A majority of the cross-chain bridges follow the ‘Lock and Mint’ or ‘Burn and Release’ approaches for enabling the interoperability of blockchains.
Explaining The Significance of Cross-Chain Bridges Through An Example
Let’s consider a situation where you want to transfer ETH to Binance Chain. In this case, the bridge would build a wrapped token for ETH in a format that is compatible with the BEP-20 format. Subsequently, it would then send it to the user’s wallet. This seamless and simple process aids in resolving the challenges pertaining to interoperability.
The result: Users can make the most of scalability, transparency, and high speed along with leveraging the benefits of low cost in other chains they can find in the industry. Moreover, decentralized applications can elevate their functionalities while offering access to the top features of other popular blockchains. Developers can also collaborate across several blockchain platforms to ensure the development of high-performance decentralized apps.
Also Read: Know Why NFT Aggregator Marketplace Development Is Trending In 2023
Top Cross-Chain Bridges In 2023
- Multichain Bridge
Multichain bridge was formerly known as Fantom Anyswap. It is a cross-chain router protocol that enables the flexible flow of assets and data across a myriad of blockchain networks. Well, no other cross-chain bridge service supports the wide number of token types as Multichain.
It also supports multiple networks such as Avalanche, BNB Chain, Polygon, Celo, Clover, Blocknet, Tellos, Tera, Arbitrum, and REI, just to name a few. Multichain’s processing time ranges from 10 to 30 minutes, hence ensuring faster conversions. Additionally, it ensures swift and cost-effective interoperability with 0.01% cross-chain transaction fees.
- Binance Bridge
It is one of the most sought-after choices for portability to Binance Smart Chain from Ethereum. As a trusted Ethereum-Binance Smart Chain (BSC) bridge, it allows anyone to convert their tokens into and back from BSC and Binance Chain compatible formats.
Presently, the Binance Bridge supports the conversion of ERC-20 tokens on other popular networks like LINK, ATOM, DOT, ONT, etc. It is also vital to know that in order to bridge tokens between the networks, the entire process takes only a few minutes with zero charges for bridge transactions – users are only needed to pay gas at native and destination chains.
- Avalanche Bridge
Avalanche Bridge facilitates a fluid transfer of tokens and is a bi-directional cross-chain bridge across Ethereum and Avalanche networks. The Avax bridge was a plausible launchpad for Avalanche’s growth as it replaced the Avalanche-Ethereum bridge or AEB.
The bridge utilized ChainSafe’s ChainBridge and furnishes two-way transfers of digital tokens, assets, and NFTs. Users seeking to initiate a cross-chain swap and utilize ERC-20 tokens within DApps on Avalanche can deposit as well as lock their tokens or assets in ChainBridge Smart Contract.
- Polygon Bridge
The Polygon Bridge allows users to quickly transfer NFTs and ERC-20 tokens to the Polygon sidechains. There are two main bridges on Polygon, the Plasma Bridge and the Proof of Stake (PoS) Bridge. Both can bridge assets from Polygon to Ethereum (and vice versa), however, they adopt and utilize different security methods.
The Proof of Stake (PoS) consensus algorithm is used by the PoS Bridge to secure its network. It supports the seamless transfer of a majority of ERC tokens including Ether (ETH). Furthermore, the Plasma Bridge is for developers and businesses that need increased security. It leverages the Ethereum Plasma scaling solution and also supports the transfer of ETH, MATIC, ERC-721, and ERC-20 tokens.
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