Key takeaways:
- Blockchain development team Teszure has launched the Plenty bridge connecting Ethereum and Tezos
- The stability of the Plenty bridge is guaranteed by trusted and reputable members of the Tezos community
- Bridges connecting Tezos with Avalanche, Polygon, and Binance Smart Chain are in the pipeline
The Plenty bridge lets users transfer tokens between Ethereum and Tezos
Teszure, a Web3 development studio focused on NFT and DeFi products and services, has launched the Plenty bridge – a decentralized token bridging solution connecting Ethereum and Tezos networks. Users of the Plenty bridge can send digital assets–including USDC, DAI, USDT, BUSD, WBTC, WETH, LINK, and MATIC–between the two popular blockchain platforms.
Thanks to the improved finality of the Tezos blockchain introduced in the protocol’s last upgrade, the token transfer time has been cut down from roughly an hour to just 5 minutes.
The new blockchain bridge is a part of the Plenty ecosystem, which features several decentralized finance (DeFi) use cases, including liquidity-providing options, token swaps, farming products, and PLENTY token staking.
The so-called Signers Forum, a group of trusted Tezos community members, is tasked with providing stability and security of transactions on the Plenty bridge. At launch, the list of members includes Teszure, Integro Labs, Codecrafting Labs, MIDL.dev, Baking Bad, Madfish, and Tezos Ukraine.
Tokens sent through the bridge are transformed into the following format: <bridged_asset>.<source_chain> (bridge tokens). The tokens can be used across the Tezos ecosystem as ERC20 representation of original tokens.
Tezsure co-founders Bernd Oostrum and Om Malviya had this to say about the launch of the Plenty bridge:
“The Ethereum bridge and the upcoming bridges from chains like Polygon, Avalanche, & BSC are key for the growth of the entire Tezos ecosystem. More bridges enable users from other chains to easily migrate their assets and try out all the innovation happening on Tezos.”
According to the Teszure team, blockchain bridges for Avalanche, Polygon, and Binance Smart Chain are in the pipeline.
