The requirement for interoperability is increasing along with the demand for various blockchain-based Web 3.0 technologies. With cross-chain bridge services, this is made possible.
Cross-chain bridges, also known as blockchain bridges, are becoming more and more crucial for enabling interoperability and exchange between various blockchain networks. Users can now exchange assets between a wide range of networks because of the advancements made in cross-chain bridge technology.
Nowadays, there are a fair number of cross-chain blockchain bridges, which have given users the ability to perform numerous different decentralized finance (defi) procedures. Surprisingly, a lot of bridges link to the Ethereum (ETH) network since they are compatible with the Ethereum Virtual Machine (EVM).
A significant amount of cash has been moving between a wide range of chains and the Ethereum blockchain ever since these connections were built. The top 7 cross-chain bridges for Ethereum are covered in this article.
What is a cross-chain bridge?
A cross-chain bridge permits the transfer of data, digital money, or NFTs between blockchain networks. It makes it possible for tokens and data to move between different blockchains that would otherwise have siloed sets of data.
With fiat currency, there are numerous established methods for people and businesses to exchange money, resulting in a widely accessible and functional financial payment system.
Financial institutions, banks, and credit cards are some of these systems that deal with foreign exchange. A comparable function is served by a cross-chain bridge in the world of blockchains.
Without a cross-chain bridge, it is still feasible to exchange cryptocurrency between various blockchains, but it is more expensive and time-consuming.
Users must first convert a cryptocurrency token into fiat money without the aid of a cross-chain bridge, which frequently entails costs. They then use money to obtain the other desired cryptocurrency, which involves paying more fees and takes longer.
The ability to swap cryptocurrencies without first converting them to fiat cash is one feature of a cross-chain bridge. Additionally, cross-chain bridges aren’t merely for transferring value in cryptocurrencies. The movement of smart contracts and NFTs from one blockchain environment to another can also be made possible by an efficient cross-chain bridge.
Ethereum Cross-Chain Bridges
The most popular bridge for Bitcoin, arguably the most well-known cryptocurrency, uses wrapped bitcoin (WBTC).
Wrapped Bitcoin, which makes it possible for Bitcoin to function as an ERC-20 token — a token specification that is supported on many other blockchains — is frequently referred to as a blockchain bridge.
Despite the fact that Bitcoin is well-known, the Ethereum-based blockchain’s smart contract features are not present on the Bitcoin blockchain. Decentralized apps, decentralized finance, and NFTs are made possible via smart contracts.
Multiple blockchain types are frequently supported by cross-chain bridge providers, while the exact support varies from provider to provider. One of the most frequently found characteristics of cross-chain bridges is the ability to transfer tokens, NFTs, and smart contracts from the Ethereum mainline to other blockchain networks.
Here Are The Top 7 Cross-Chain Bridges For Ethereum:
- Tezos Wrap Protocol Bridge
The Tezos (XTZ) blockchain utilizes validating nodes, sometimes known as “bakers,” and is a proof-of-stake (PoS) blockchain network. Users of XTZ can connect to the Ethereum blockchain thanks to the Wrap Protocol, a bridge created by the Bender Labs team.
In essence, Bender’s Wrap Protocol gives users the option to wrap ERC20 and ERC721 tokens in order to use them with various defi apps.
- Binance Smart Chain Bridge
Another Ethereum-friendly blockchain is the Binance Smart Chain (BSC). The fees on the BSC chain are significantly lower while yet offering the same smart contract capability. Users of the Binance Chain (BNB) can move from the BNB chain to the BSC chain via a cross-chain bridge and the BEP20 standard.
A wallet extension that can execute cross-chain swaps from BNB to BSC is the Binance wallet. Users can use the Binance Bridge to manage cross-chain transactions in addition to this. Users from the United States and a few other nations might need to utilize a VPN to use the Binance Bridge.
- Solana’s Wormhole Bridge
The launch of the ethereum-Solana bridge on the Wormhole Network was announced on September 17. Solana (SOL) also has a bridge. Users can exchange assets between the Ethereum and Solana blockchains thanks to the Wormhole Token Bridge.
A smart contract is used by Wormhole to lock in an origin token and wrap it in a Wormhole-minted token on the target blockchain.
Wormhole creates new routes of communication across blockchains that were previously isolated. According to Dune Analytics’ most recent wormhole statistics, the Solana wormhole has $382,471,804 locked in total value.
- Binance Bridge
A wide range of solutions are available on the Binance Bridge to connect an increasing number of cryptocurrencies.
The initiative is connected to the blockchain project Binance Smart Chain, which changed its name to BNB Chain in February 2022. Binance Bridge is not constrained to that particular blockchain, though.
Supported blockchain networks: Ethereum, Solana, BNB Chain and Tron
- Avalanche Bridge
The proof-of-stake (PoS) blockchain Avalanche (AVAX) is another one that works with Ethereum. Participants in AVAX can use the cross-chain features provided by the Avalanche wallet to connect AVAX assets to Ethereum.
By using this wallet, users can transfer AVAX back and forth between the Avalanche and Ethereum networks for a minimal cost. Participants can send money to a wallet like Metamask after a cross-chain swap is settled on the Ethereum network as long as they set up Metamask to work with the Avalanche network.
- Bitcoin Cash Smartbch Bridge
Through the Smartbch network, another chain, Bitcoin Cash (BCH), is currently interoperable with Ethereum. As a result, bitcoin cash (BCH) can be wrapped and utilized for decentralized financial transactions. There is currently only one Smartbch bridge supported by Coinflex, a cryptocurrency asset exchange.
Instead of enrolling with an email, users can access Coinflex via Metamask, and after a short confirmation period, they can exchange their BCH for Smartbch virtually quickly.
In essence, a user just deposits BCH and withdraws Smartbch via the SEP20 token protocol standard. From this point, Metamask users can use wrapped bitcoin cash after configuring a Metamask wallet to the Smartbch network.
Multichain, formerly known as Fantom Anyswap, bills itself as a cross-chain router technology that permits the transfer of data and assets between several blockchain networks. Multichain is the only cross-chain bridge service that supports as many different token types.
Supported blockchain networks: Arbitrum, Astar Network, Aurora, Avalanche, BNB Chain, Bitcoin, Blocknet, Boba Network, Celo, Clover, ColossusXT, Conflux eSpace, Cronos, Ethereum, Fantom, Fuse, Fusion, Gnosis, Harmony, Huobi, IoTex, KCC, Litecoin, Metis, Milkomeda, Moonbeam, Nebulas, OEC, Oasis Network, Optimism, Polygon, REI, Shiden Network, Syscoin NEVM, Telos, Terra, Velas and XRP.