The NEAR Protocol team announced the launch of a cross-chain solution with Ethereum named Rainbow Bridge. The bridge will allow moving ERC-20 tokens between the two networks.
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The Rainbow Bridge is LIVE and ERC-20 tokens can now bridge to the NEAR blockchain and back to #Ethereum. A trustless, permissionless protocol for connecting blockchains, and we’re just getting started. Read our blog post👉https://t.co/3lVsmDOE5q#ETH2NEAR #NEARRainbowBridge🌈 pic.twitter.com/7UKM5Amnv4
— NEAR Protocol (@NEARProtocol) April 6, 2021
Currently Rainbow Bridge supports:
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- stablecoins, including USDT, DAI and TUSD;
- \u201cwrapped\u201d tokens, such as WBTC and WETH;
- tokens of decentralized exchanges, e.g., UNI and 1INCH;
- tokens of decentralized lending platforms, notably AAVE and COMP;
- exchange tokens — HT, CRO and others.
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\u201cNEAR Protocol, using a dynamic sharding model, enables linear scaling while preserving transaction confirmation speeds from one to two seconds with fees under one cent,\u201d commented The Block founder Ilya Polosukhin.
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In Polosukhin’s words, Rainbow Bridge will seamlessly unite the economies of the two blockchains, expanding possibilities for Ethereum users. In the future, a universal, cross-chain bridge is planned to connect with Polkadot and Cosmos. In the end, NEAR Protocol is expected to become a kind of hub for various networks.
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In Q2 2021, developers will add support for the Ethereum Virtual Machine. This will provide a fully compatible environment for developers to run the code of the second-largest cryptocurrency on the NEAR blockchain.
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Back in May 2020, the NEAR startup raised $21.6 million from major venture firms, including Andreessen Horowitz. Launch of the mainnet occurred five months later.
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In November 2020, the 1inch developers agreed to deploy in 2021 the Mooniswap and Pathfinder algorithms on the NEAR blockchain.
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