Cross Chain Bridges you should be aware of in 2022
When you talk of cross chain bridges also known as blockchain bridges, the first thing that should come to your mind is connection and interoperability. In simple terms cross chain bridges let you connect independent blockchain asset with another one and its done by using a wrapped token or with a liquidity pool thereby eliminating the barrier of interoperability of these blockchains. High gas fees and difficulty in transactions has always been a challenge to the operation and easy flow of crypto assets hence bringing about the introduction of cross chain bridges to address these challenges.
However, blockchain generally has been faced with many challenges since it early inception when bitcoin was the only crypto asset. Even in recent times, cross chain bridge technology has gotten its own share of criticism that has raised concerns. The most noticeable critics came from the Founder of Etheruem Vitalik Buterin who gave cross chain bridge a thumb down in an interesting tweet he wrote as a summary to an argument made earlier on reddit a month before the attack on wormhole network where 120k wETH was exploited by hackers in February 2022.
One of the limitations of cross chain bridge technology as highlighted by Buterin is on security, stating that it’s safer to hold native asset on their native chain or network.
Just like every innovation faced with challenges, adapting and reinventing of concepts is always the way forward and perhaps blockchain basically is based on shared data so creating bridges to connect crypto assets is inevitable and for this reason the importance of cross chain bridges can’t be over emphasized. Below I shall be talking about some reliable cross chain bridges with their comparative features that gives them an edge.
Top Cross Chain Bridges of 2022
Launched in August 2021 by Chinese developers, the Plugchain network is a high performance public chain dedicated to information and data interaction that enables NFT development on the mainnetwork, and DEX construction on the secondary network.
· Multi- chain and Cross chain
· Plugchain token & $ECO stable coin
· Highly expandable
· Provide reliable data security
Multichain was established in July 20th 2020. Formerly known as Anyswap, Multichain is a fully decentralised and interoperate universally supporting many token types. It’s the ultimate Router for web3.
· No slippage swap
· Multichain routers
· Non-custodial + MPC
Launched in Q4 of 2021 on Theta Mainnet, VoltSwap is an entirely community driven project and is the first major DEX in the meter ecosystem. In other words these swap features are designated for users.
· Lightning-fast transaction
· Low gas fees
· 100% Front-running resistance
· Maximise liquidity by creating an ERC721 NF contract-based smart wallet for yielding farming
· Cross-chain arbitrage
This is a DEX that provides liquidity and facilitates P2P transactions on the moon river network with a goal of providing a comprehensive and convenient, one-stop platform for the cryptocurrency community.
· Peer-to-Peer transactions
· Earn $SOLAR with yield farming and staking $MOVR
· Earn trading fess via liquidity pools
Launched in 2017, chainlink provides a universal, open standard for developers to build secure services that can send messages, transfer tokens, and initiate actions across multiple networks.
· Largest network of leading node operators
· Secured by Anti-Fraud Network
· Universal cross-chain communication