Tezsure’s Plenty now bridges tokens from Ethereum to Tezos

abdelaziz Fathi

DeFi platform Tezsure has officially launched a decentralized bridge between Ethereum and Tezos, making transferring tokens between the two blockchains an easy-to-use and smooth experience.

Dubbed ‘Plenty bridge,’ users are now able to move their tokens USDC, DAI, USDT, BUSD, WBTC, WETH, LINK, and/or MATIC to the Tezos blockchain and back in a decentralized manner. Eventually, Plenty will also launch Avalanche, Polygon, and Binance Smart Chain bridges to Tezos in the near future, allowing the solution to primarily serve as a tool for liquidity migration between different blockchains.

The developer team behind Plenty says the new bridge cuts the token transfer time to just 5 minutes compared to nearly an hour now. The need for such a tool arose in reaction to the growth and expansion of the DeFi market in the Tezos ecosystem.

“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,” said Bernd Oostrum & Om Malviya, Tezsure co-founders.

The Plenty bridge is controlled by an off-chain federation called Signers Quorum, which guarantees the stability as the protocol ensures the issued FA2-wrapped tokens are fully compliant with the locked ERC20 tokens.

Acting as an oracle in the protocol, the federation signs transactions and checks that the number of locked tokens matches the number of wrapped ones. However, the Tezsure team takes over the lead and the management of the governance of the wrap protocol, including the Signers Quorum.

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 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.

Plenty Network aims to provide a one-stop DeFi platform on Tezos for farming, trading, XTZ wrapper-token cTez, and bridging.

Tezos is a highly-scalable platform that supports smart contract functionality and the development of decentralised applications (Dapps). It uses a variant of the proof-of-stake protocol which offers token holders the opportunity to delegate their assets to a validator and earn staking rewards.

Tezos also applies a governance model that automatically evolves and upgrades itself to ensure stability. Among blockchain projects, Tezos’s consensus mechanism is touted to be one of the most energy-efficient and technically sound platforms.

As covered by FinanceFeeds recently, Tezos released in April the most significant upgrade of its Proof-of-Stake protocol to date. Codenamed “Ithaca 2,” the major ninth upgrade introduces a new consensus mechanism, Tenderbake, which brings several improvements. This includes so-called “near-instant finality,” which offers the absolute certainty that transactions cannot be reversed after two blocks.

Read this next

Industry News

SEC files to take out Ripple’s whole expert testimony in one mega take

Defendants do not object to the motion provided that they be allowed the same page limit for their response in opposition to the motion. 

Digital Assets

Wirex launches crypto loans with LTV of up to 80%

The recent market collapse hasn’t stopped Wirex from pursuing its crypto loan offering allowing users to borrow up to $100,000.

Digital Assets

Chainalysis and Cellebrite to launch integrated solution

As a result of this cooperation, examiners, investigators, analysts, and compliance officers will be able to seamlessly identify illicit cryptocurrency-related activity in a single place as part of their familiar digital investigation workflows.

Executive Moves

Gate.io hires ex-Google Tom Yang for brand building

Gate.io has appointed Tom Yang as Executive Vice President (EVP) to gradually carry out its global brand building and market development.

Digital Assets

What if Ripple loses and XRP is deemed a security?

The outcome of the Veritaseum case could provide guidance to XRP holders looking for answers about what will happen to their assets.

Executive Moves

BestEx Research taps Paul Merolla as General Counsel

He has served as General Counsel at institutional broker Instinet Group and was Associate Counsel at Goldman Sachs.

Industry News

eToro announces termination of SPAC deal amid “circumstances”

“We ended Q2 2022 with approximately 2.7 million funded accounts, an increase of over 12% versus the end of 2021, demonstrating continued customer acquisition and retention rates that have been improving over time. We remain confident in our long-term growth strategy and excited for the future of eToro.”

Digital Assets

EU crypto regulation limits privacy to 1,000-euro threshold

MiCA complements existing AML rules and aims to enhance financial stability and investor protection in Europe.

Retail FX

GKFX Prime adds MT4 and MT5

In April, GKFX launched a proprietary trading platform.

<