DeFiChain

<p>A blockchain ecosystem without a bridge is an island. A remote island that will receive few visitors until it can be connected to the mainland. In the cryptosphere, that mainland is Ethereum, the jumping off point for the majority of DeFi users. From here, bridges flow to all of the EVM chains that are being utilized for decentralized finance – as well as non-EVM networks such as Solana.</p><p>One of the leading DeFi blockchains is <a href="https://defichain.com/" rel="noopener noreferrer nofollow">DeFiChain</a>, the Bitcoin-anchored chain that’s equipped with primitives for saving, borrowing, trading, and minting dTokens that mimic the price of real-world assets. Moving funds in and out of the DeFiChain ecosystem has just gotten significantly easier thanks to the introduction of Quantum, a new bridge for ERC20 tokens. It promises to boost traffic to DeFiChain’s thriving blockchain island, bringing Ethereum users to the up-and-coming ecosystem.</p><h3 id="a-quantum-leap-for-defi">A Quantum Leap for DeFi</h3><p>Developed by experienced blockchain development team Birthday Research, <a href="https://blog.birthday.dev/an-introduction-to-quantum-83305c660d9c" rel="noopener noreferrer nofollow">Quantum</a> is a bi-directional bridge between Ethereum and DeFiChain. Initially, it will provide support for the transfer of four ERC20 tokens – ETH, WBTC, USDT, and USDC – but more will be added in the future. It also supports the movement of dTokens between the two blockchains.</p><p>If you’re an existing DeFiChain user, you’ll be familiar with dTokens and the critical role they play in allowing synthetic assets to be minted and redeemed for collateral. One of the most useful things about Quantum bridge is that it allows for direct conversion between dTokens and ERC20 assets such as ETH and stablecoins. You can deposit ERC20 tokens and receive corresponding dTokens if you’re entering DeFiChain or withdraw ERC20 tokens in exchange for your dTokens if you’re moving back to Ethereum.</p><p>The bridge has been designed with user convenience and transparency paramount. This means a clean UI, no clutter, and clear information on bridging fees and available liquidity.</p><h3 id="how-quantum-works">How Quantum Works</h3><p>Bridging on Quantum is overseen by a server that monitors the history of the existing EVM layer before verifying and executing the requested bridging operations on DeFiChain. There’ll be a short waiting period while these processes are completed, and then the assets will be released on the destination chain.</p><p>The bridge launched on Testnet earlier in February 2023, ushering in a new era for moving assets to and from DeFiChain. Mainnet launch date will be announced soon. You can test Quantum Bridge <a href="https://quantumbridge.app/" rel="noopener noreferrer nofollow">here</a>. </p>

Everything You Need to Know About Quantum Bridge Connecting DeFiChain to Ethereum

Inhoudsopgave

DeFiChain

Andere artikelen gepubliceerd op 28 feb 2023

Community Asks: Are Resources in Cryptopia Infinite?

TANG Token Sale Announcement

MyAlgo Users Urged to Withdraw as Cause of $9.2M Hack Remains Unknown

What Is Impermanent Loss?

Amendments to the WEMIX Supply Schedule

Bitcoin 101: Intro to Crypto Wallets

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!