Psychedelic Studio, which develops solutions for the DFINITY “Internet Computer,” announced the launch of a cross-chain protocol. Terabethia will enable interaction with Ethereum-based assets on the Internet Computer network.
A new cross-chain bridge will allow ERC20 tokens to exist natively on @dfinity‘s Internet Computer network. @shauryamalwa reports.https://t.co/rHYiA9P8kI
— CoinDesk (@CoinDesk) December 24, 2021
The bridge is built on StarkWare’s layer-2 technology.
Terabethia will enable the use of any Ethereum tokens on the Internet Computer blockchain, and vice versa. The protocol will also enable cross-chain interaction for smart contracts.
“Just as Ethereum expanded the functionality, usefulness and value of Bitcoin, we believe that the Internet Computer can do the same for assets and applications on Ethereum and could potentially become the best L2 in the long run,” said Harrison Haines, founder of Psychedelic.
Against the news, the Internet Computer token (ICP) rose from around $23 to about $28.5 — roughly 23%. In May, when the asset entered the top-7 by market capitalization, the price quotes briefly reached $730.
At the time of writing, the price had retraced to around $28.
In July, the DFINITY Foundation, the nonprofit behind the project, faced a class-action lawsuit alleging the sale of unregistered securities in the form of ICP.
Earlier in September, the Internet Computer developers announced the integration of its ecosystem with the Bitcoin blockchain.
The main Internet Computer network was launched in December 2020, with the DFINITY team only announcing the fact in the following month.
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