The New Plenty Ethereum/Tezos Bridge
Plenty is a Decentralized Finance (DeFi) platform on Tezos. Plenty offers several opportunities to earn through staking, farming, and adding liquidity.
At the beginning of this year, Plenty added a flat curve stable swap, which allows you to swap the XTZ wrapper cTez for XTZ with low slippage.
Also earlier this year, Plenty announced that Plenty And Wrap Protocol would merge.
Today, they have announced the successful launch of the Plenty bridge: a decentralized bridge between Ethereum and Tezos.
Through this bridge, users can transfer their tokens USDC, DAI, USDT, BUSD, WBTC, WETH, LINK, and/or MATIC to the Tezos blockchain and back in a decentralized manner.
Previously, the token transfer time was nearly an hour, but thanks to the quick finality of Tezos last upgrade the transfer takes just 5 minutes.
Bridges from Avalanche, Polygon, and Binance Smart Chain will launch in the near future.
The Plenty bridge is a decentralized protocol, relying on a strong federation (the Signers Quorum) that guarantees the stability of the bridge.
Through the bridge, users receive tokens in the format <bridged_asset>.<source_chain> (bridge tokens) which are representations of ERC20 tokens on the Tezos blockchain.
These tokens can then be used on Tezos, and their value is pegged to the original tokens.
“The Ethereum bridge and the upcoming bridges from chains like Polygon, Avalanche, & BSC are key for the growth of the entire Tezos ecosystem.
More bridges enable users from other chains to easily migrate their assets and try out all the innovation happening on Tezos.” – Bernd Oostrum & Om Malviya, Tezsure co-founders
The Signers Quorum – a group of trusted Tezos community members- guarantees the stability of the Plenty bridge.
Quorum Members interact with both the Ethereum and the Tezos blockchain and create bridge transactions based on user activity.
The bridge starts off with seven quorum members: Integro Labs, Codecrafting Labs, MIDL.dev, Baking Bad, Madfish, Tezos Ukraine, and Tezsure.
All teams are reputable members of the Tezos community.
- Integro Labs: world-famous on Tezos thanks to teztools.io and saving Hic et Nunc.
- Codecrafting Labs: developed Crunchy and many NFT PFP drops on Tezos.
- MIDL.dev: infrastructure provider and known Tezos community member.
- Baking Bad: developed BCD, TzKT, and Juster.
- Madfish: developed Quipuswap and Temple wallet.
- Tezos Ukraine: facilitates the growth of Tezos in Ukraine and Eastern Europe.
- Tezsure: developed Plenty, naan wallet, and ctez.app.
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