It is designed to attract the flow of liquidity from other blockchains to Tezos and increase its user base. Primarily, this bridge should help NFT collectors from other blockchains to start working with Tezos NFT marketplaces and make it easier for DeFi users to discover new earning opportunities on Tezos.
What is a cross-chain bridge?
Cross-chain bridge (a.k.a. blockchain bridge) is a solution that allows the direct transfer of value between different networks and provides interoperability between otherwise incompatible protocols.
For a more in-depth explanation please read our article on blockchain bridges.
Why is this collaboration important for the Tezos ecosystem?
The main function of every bridge is to boost liquidity. Bridges help to mitigate the barrier to entry for users outside the ecosystem.
QuipuSwap DEX will be used as a gateway for wrapped assets from other blockchains and will allow users to transfer their liquidity to Tezos and vice versa. This is essential for Tezos adoption and growth.
Which blockchains will be connected at launch?
From the launch, we connect Tezos with Polygon and BNB Chain, for transferring stablecoins. Moreover, it is possible to send ABR tokens to Tezos from all the other blockchains supported by Allbridge. So, from now, Tezos is connected to 15 blockchains.
The first tokens available for bridging are:
- BUSD (From BNB Chain)
- USDC (From Polygon)
- ABR (From all available chains on Allbridge except XRP Lenger)
At the bridge launch, farms appeared on QuipuSwap:
- BUSD (BNB Chain) /USDT(Tezos)/ USDC (Polygon)
Target rewards: 300 ABR/day, vesting period: 180 days;
- BUSD (BNB Chain) / TEZ
Target rewards: 300 QUIPU/day, vesting period: 180 days;
- USDC (Polygon) / TEZ
Target rewards: 300 QUIPU/day, vesting period:180 days.
We expect that cross-chain stable farming will provide a unique and lucrative opportunity for our users.
How do bridge tokens?
Bridging tokens between networks via the Allbridge app is easy.
You will only have to pick the token’s origin blockchain and its destination blockchain, choose the token to be bridged and connect the corresponding wallet. Note that there is a 0.3% fixed bridging fee (minimum $0.5).
An example of BUSD bridging from BNB Chain to Tezos can be seen in this guide.
Allbridge is a global cross-chain solution in the world of decentralized finance. Over $6.3 billion worth of assets have been transferred through this bridge since its mainnet launch in July 2021. Allbridge supports the following blockchains:
- BNB Chain
- Terra Classic
- Polygon (Matic)
- NEAR Protocol
- XRP Ledger
- Huobi Eco Chain
We’re glad to present you with a new bridge in the Tezos ecosystem and welcome new users from all 15 chains. Follow our Telegram and Discord, where you can share your feedback with developers and ask them for the support!