The Bender Labs team has launched a bridge between the Ethereum and Tezos blockchains. With Wrap Protocol, holders of ERC-20 and ERC-721 tokens will be able to interact with the Tezos ecosystem.
🥳 WRAP Protocol is now LIVE! Here’s everything you need to know to get started. Happy Wrapping! 🥳#WRAP $WRAP @tezos @TezosCommons #Tezos #DeFi #BenderLabs https://t.co/mBV28JDUfP
— Bender Labs (@BenderLabs_) April 26, 2021
The decentralized protocol enables transferring ERC-20 and ERC-721 to the FA2 standard. The price of wTokens is pegged to the underlying assets.
“The tokens are compatible with most DeFi protocols on the Tezos blockchain, such as Quipuswap, Atomex or Kolibri,” — according to a statement.
Bender Labs said the new tool will help address the high fees on the Ethereum network. The issuance of wTokens by the protocol will take about an hour.
In October 2020, developers Ethereum Classic Labs and ChainSafe Systems launched a bridge between the Ethereum Classic and Ethereum blockchains.
Earlier in April 2021, the NEAR Protocol project presented a cross-chain solution Rainbow Bridge for moving ERC-20 tokens.