ChainSafe builds bridge to move DeFi assets between Avalanche and Ethereum

A group of ChainSafe developers has created a “bridge” between the Avalanche and Ethereum blockchains to move DeFi project assets across both ecosystems.

“See value beyond zero sum thinking.” 🌱

ChainSafe is SUPER stoked the @avalancheavax team has successfully implemented and launched an Avalanche-@ethereum (AEB) ChainBridge that will allow breadth of access into both ecosystems.

To interop and beyond! 🚀 https://t.co/Dt59ikZBQ9

— ChainSafe Systems (@ChainSafeth) February 8, 2021

The “bridge” was built in collaboration with Protofire, Hashquark, POA Network, Avascan and Meter.io, which provided security as “relayers”.

Thanks to the new solution, developers of Ethereum-based DeFi projects will be able to offer users an alternative platform for conducting transactions.

According to Ava Labs CEO and co-founder Emin Gün Sirer, “bridges” play a crucial role, enabling the DeFi space to grow beyond a single network into interoperable ecosystems.

“This bridge will open gateways for hundreds of Ethereum-based cryptocurrencies, including major DeFi assets like WBTC and AAVE, which will enter Avalanche to support decentralized exchanges, lending protocols and prediction markets,” added the executive.

To use the new solution, users will need to lock WETH or other ERC-20/ERC-721 tokens in the ChainBridge contract on Ethereum. Avalanche will then issue the corresponding token and deposit it to the desired address, after which the asset can be used in DeFi applications on the new network.

Ava Labs said the issued tokens will be identical to those locked in ChainBridge.

The appeal of the solution lies in low fees and high transaction speed — under a second.

In September 2020, the Avalanche launched its mainnet.

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