Bitcoin

A new bridge between Polkadot and Ethereum could give DeFi a cross-chain compositional ability

Installed a new project Polkadot wants to build a comprehensive bridge with Ethereum, which will eventually pass on direct instructions for smart contracts.

The bridge is being developed by Snowfork, a software development company. The initial implementation is quite simple and only allows the Ether (ETH) and ERC-20 tokens to be transferred to Polkadot. The bridge is also completely symmetrical, as Aidan Musnitzky, the founder of Snowfork, told Cointelegraph. “”Anything you can do one way, you can do the other“said.

While moving tokens is an important part, the bridge’s vision is to be as general as possible, including splitting small pieces of state from one chain to another. In a nutshell, Via the bridge, smart contracts from Ethereum can send instructions and information to Polkadot, and vice versa.

A new bridge between Polkadot and Ethereum could give DeFi a cross-chain compositional ability
A new bridge between Polkadot and Ethereum could give DeFi a cross-chain compositional ability

Musnitzky stated that this will be done through a number of blockchain applications that abstract the communication protocol used in the bridge. He compared it to the traditional TCP / IP network stack and HTTP application layer, which greatly simplifies the development of the web infrastructure.

This bridge would open up new opportunities for both Ethereum and Polkadot developers. The initial focus is on colonizing the Polkadot blockchain, Musnitzky said:

“I think our main group of customers and users are focused on existing Polkadot projects that want to bridge Ethereum so that Ethereum-based assets can work on their network.”

Ethereum DApps can also benefit from the bridge. “”When you have a completely reliable bi-directional system, it’s pretty easy to move both state and logic from one chain to another.“Musnitzky explained. The bridge could make Polkadot an additional second-tier scalability solution for Ethereum DApps.

The ubiquitous architecture would also allow for easy cross-chain composability for DeFi projects, Musnitzky added:

“For example, if we wanted to integrate Uniswap into a Polkadot-based chain module, we have a way to do that instead of just focusing on asset transfers.”

However, these implementations are still in the future. Musnitzky said the first start as a proof of concept is planned for the end of September. However, the bridge will not yet function completely decentralized and without trust mechanisms, as the team has to develop on-chain thin clients that validate the transactions on the other side of the bridge.. The entire process is expected to take six to seven months. First an Ethereum verifier is created on Polkadot and then a thin client for Polkadot on Ethereum.

The development process is somewhat limited by Polkadot integrations. Until cross-messaging is fully implemented, the bridge should exist as a series of applications on each block, rather than as separate parachets.

Similar Posts