Cross-chain Bridge
What is Cross-Chain Bridge?
Cross-chain bridges are software applications that enable transactions to occur between various blockchains. If someone wants to transfer cryptocurrency, non-fungible tokens (NFT), or other digital assets between blockchain networks, cross-chain bridges are an essential part of the process. While most digital assets are tied to a specific blockchain, cross-chain bridges enable inter-network transactions powering a much broader digital ecosystem. Using cross-chain bridges, cryptocurrency owners can unlock the value held in their crypto portfolios for a wider range of real-life uses. (Definition taken from Investopedia).
DeFiLink Bridge
DeFiLink Bridge allows you to transfer assets within several blockchains, providing you high level interoperability. In order to Bridge, you should to connect wallet, choose the network and token and then bridge them.
Also, you can add tokens to favorites by clicking to the square near search icon.
Process of Bridge Working
Cross-chain bridges are powered by three main mechanism types:
Lock and mint—A user locks tokens in a smart contract on the source chain, then wrapped versions of those locked tokens are minted on the destination chain as a form of IOU. In the reverse direction, the wrapped tokens on the destination chain are burned to unlock the original coins on the source chain.
Burn and mint—A user burns tokens on the source chain, then the same native tokens are re-issued (minted) on the destination chain.
Lock and unlock—A user locks tokens on the source chain, then unlocks the same native tokens from a liquidity pool on the destination chain. These types of cross-chain bridges usually attract liquidity on both sides of the bridge through economic incentives such as revenue sharing.
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