The Rainbow Bridge Is Live
Today the NEAR team is excited to announce that the Rainbow Bridge is live and ERC-20 tokens can now bridge to the NEAR blockchain and back to Ethereum.
In today’s blockchain landscape, many protocols and applications are increasingly going multi-chain. This allows developers and users to take advantage of the assets, composability, and community of Ethereum, as well as the higher throughput, lower fees, and shorter confirmation times of next-gen chains like NEAR Protocol.
Using the Rainbow Bridge today, developers can utilize Ethereum assets on NEAR, and NEAR assets on Ethereum. Soon, they will be able to access any application state from either chain, and eventually, any chain. Users bridging fungible tokens to NEAR can take advantage of NEAR’s one-to-two second transaction times, low transaction fees usually under one cent, and comparably low bridge transfer fees.
Innovation across the decentralized finance (DeFi) and non-fungible token (NFT) spaces has increased demand on the Ethereum network and escalated transaction fees to record-high levels. The Rainbow Bridge allows users to seamlessly migrate assets to NEAR’s developer-friendly and low-cost platform, circumventing high gas fees without compromising on speed.
Current Ethereum users without a NEAR account can easily onboard to NEAR using the NEAR Faucet for Ethereum users, hosted by Paras, and MetaMask. Simply by logging into MetaMask and proving that their account has a balance higher than 0.05 ETH, anyone can claim a NEAR account and start using the Rainbow Bridge right away.
The industry’s biggest tokens are now on NEAR
The first phase of the Rainbow Bridge opens the gates for assets to flow freely between NEAR and Ethereum blockchains while enabling users to bridge any ERC-20 token now. The following popular tokens with common ERC-20 functionality will now be able to interoperate with NEAR, including but not limited to:
- Stablecoins like USDT (Tether), DAI, and TUSD
- Wrapped assets like WBTC and WETH
- DEX tokens like UNI and 1INCH
- Lending tokens like AAVE and COMP
- Service company tokens like HT (Huobi) and CRO (Crypto.com)
Users can send these ERC-20 assets directly from MetaMask or other Web3 wallets to NEAR wallets and apps, and vice versa.
Check out the dashboard with bridged assets in almost real time powered by Dune Analytics.
Read more: What is Near Protocol (NEAR) | What is Near Protocol token | What is NEAR token
#blockchain #bitcoin #near #near protocol
