The developers of avalanche, a blockchain project led by a Cornell professor Dr Emin Gun Sirer, say their platform shows “no signs of slowing down”. In January 2021, the Avalanche-Ethereum bridge will be introduced to the mainnet, a “huge” effort in several organizations, including ChainSafe, Protofire, Hashquark, POA Network, and Avascan.
As confirmed in a blog post by Ava Labs (an organization focused on building Avalanche so that the platform can empower people to create “an open, simple and democratic Internet of finance”) noted:
“The bridge will enable a continuous, two-way flow of assets between Decentralized Finance (DeFi) ecosystems through Avalanche and Ethereum.”
As the Bridge prepares for launch, the newly created features will help further optimize the experience for DeFi users and developers who build dApps on Avalanche.
As stated in the announcement:
“To ensure that users can move seamlessly between Avalanche and Ethereum, Wrapped AVAX (WAVAX) is now available on Avalanche and Ethereum. WAVAX will increase exposure to AVAX on Ethereum and allow liquidity to interact more easily in our ecosystems. “
Asset transfers will be supported between the exchange chain (X-Chain) and contract chain (C-Chain) on Avalanche “directly through the Avalanche wallet so that users can easily take advantage of transaction throughput. high level of the X-Chain while benefiting from increasing decentralization. ecosystem of applications on the C chain. “
Non-fungible token (NFT) capabilities will be extended on Avalanche with NFT Studio in the Avalanche wallet. Users with a free Avalanche wallet can create their own set of NFTs with just a few clicks for “the easiest NFT experience in crypto”.
Avalanche’s C chain runs on the Ethereum Virtual Machine (EVM). This means that the protocol-level rules and structures on Ethereum are also found on the C-Chain. The ERC-20 Compliant Token Standard is a widely adopted standard in Ethereum for creating and issuing fungible or “interchangeable” assets. For dApps to easily transfer one token to another, they must use the same standard.
As mentioned in the announcement:
“AVAX, the native Avalanche token, is not an ERC-20 standard. While technically possible to trade AVAX and ERC-20 tokens, it becomes a bit tricky for developers and traders to activate this transfer. Wrapped AVAX (WAVAX) will simplify the experience for use cases associated with AVAX. “
The Avalanche X-Chain is “the fastest chain in the Avalanche platform primarily used to create and trade digital assets,” the announcement said. Blockchain developers had been the only users able to send X-Chain and C-Chain assets “allowing liquidity from assets created by Avalanche to flow into applications built on the C-Chain and vice versa.” But now X-to-C-Chain transfers are “enabled for anyone using the Avalanche wallet, so traders and DeFi users can seamlessly deploy their native AVAX and Avalanche tokens to Ethereum applications built on the C-chain.” , confirms the announcement.
X-Chain to C-Chain exchanges have been added to AvalancheJS, allowing the developer ecosystem to add this functionality to third-party wallets and Avalanche integrations.
The transaction fees on the Avalanche C chain are “denominated in gas and must be paid in the native token, AVAX.” Ethereum gas costs have increased again “due to the increased use of leading applications like Uniswap,” noted Ava Labs teams. They added that with the X-Chain and C-Chain now connected, users can reduce gas costs with Ethereum applications developed on Avalanche. Users can also benefit from “interoperability between Ethereum and Avalanche asset standards”.
As reported earlier this month, Securitize, a digital security platform and SEC-registered transfer agent, has integrated Avalanche. The Securitize platform had stated that it can now issue and manage private securities using the Avalanche blockchain.
Republic revealed its next funding vertical in a single company with avalanche and Roche Cyrulnik Freedman, LLP. The initial litigation or “OIT” offerings will soon bring the multi-billion dollar asset class to retail investors.
The first offer from the ILO will be Apothio LLC v. Kern County, State of California for the allegedly illegal destruction of 500 acres of hemp crops worth around $ 1 billion.
