Snowbridge
30 Posts
Moar Tokens for the Omnipool
Hydration Referendum 35, if passed, will begin OTC swaps of 4.125 WBTC and 3.698 iBTC of protocol owned liquidity into stablecoins. A subsequent referendum will propose OTC swaps into LINK, LDO, and SKY, which will be transferred over Snowbridge to create new Omnipool markets.
Parachain
Turtle Updates at Hare-speed
Velocity Labs releases v2.0 of their Turtle bridging DApp. Turtle now supports one-click token bridging from Ethereum to Hydration, Bifrost, Moonbeam, and Mythos. Thanks to an integration of Paraspell’s XCM SDK, cross-chain support between popular Polkadot parachains has also begun rolling out.
A Polar Pathway to a Snowy Bridge
KILT announces Polar Path, a Polkadot pallet that allows the bi-directional conversion of native parachain tokens to Ethereum compatible ERC-20 tokens. This solves the token compatibility challenge of bridging parachain native tokens over Snowbridge to Ethereum. For their own token, KILT has built a unique token locking mechanism that ensures that the total supply of KILT tokens remains constant. An equal number of locked KILT ERC-20 tokens has been minted on Ethereum. When bridged, the Polkadot assets become locked, while the ERC-20 tokens becomes unlocked, and vice-versa.
A Snowbridge Toll Reduction
Polkadot OpenGov Whitelisted Caller track Referendum 1127 is open for voting. It proposes to lower the pricing of Snowbridge transfer fees. The original Snowbridge pricing parameters were based on a worst case gas price of 60 Gwei and an ETH/DOT exchange rate of 1:450. This resulted in a Polkadot>Ethereum transfer cost of ~11 DOT and a Ethereum>Polkadot cost of 0.000399 ETH. If passed, the pricing parameters will be changed to a worst case gas price of 25 Gwei, and an ETH/DOT exchange rate of 1:566. This will result in a Polkadot>Ethereum transfer cost of ~6 DOT, and a Ethereum>Polkadot transfer cost of 0.000317 ETH.
Spotty and Frosty Foreign Assets Coming To Kusama
Pull Request 421 to allow Polkadot, Kusama, and Ethereum assets across the Polkadot Kusama bridge is nearing completion and isexpected to make it onto the Runtime 1.3.1 released around October. This will give the Kusama ecosystem access to Polkadot USDC, USDT, and Snowbridge Ethereum bridged foreign assets.
Bhargav’s Bridging Technique
Mon Aug 19, 11:50 AM - 12:15 PM GMT +2 Web3 Summit FUNKHAUS BERLIN Studio Two Trust-less and Efficient Bridges via Random Sampling Bhargav Bhatt (Web3 Foundation) introduced “Random Sampling”, the efficient technique for on-chain light-clients to follow the finality of PoS blockchains utilized in Snowbridge.
Man on a Mission
Spazcoin is on a mission to connect the parachains through governance. With Zeitgeist Referendum 65, he proposes to open XCM channels with 16 parachains. Meanwhile, Proposal 33 aims to accept two incoming XCM requests. On Astar he has initiated a referendum to open 11 XCM channels, and on Acala he proposes to accept two incoming XCM requests.
Secure Like a Turtle Shell
Velocity Labs introduces Turtle a new cross-chain transfer app powered by Snowbridge. Initially supporting EthereumPolkadot bridging, future plans will include widgets for all parachains, a Turtle SDK, cross-parachain transfers, cross-chain swaps, and on-ramp capabilities.
Build, Launch, Bridge and More...
🗓️ Tuesday 9 July 11:00 CEST 📍Pt Rue des Bouchers 6, Brussels Belgium WebZero hosts Polkadot Builder's Day at The Blockspace Hacker Café (Sneaker Café) in Brussels. Agenda: "The Polkadot Ecosystem: Unveiling the Potential DOT by DOT" Ezio Rojas and Blockya (Polkadot Head Ambassadors) "How to launch your Parachain" Radha Dasari (Web3 Foundation) "Hyperbridge for secure cross-chain messaging" Workshop -Seun Lanlege (Polytope Labs) "The UX Landscape for the Future of Bridging Protocols" Panel - Clara van Staden (Snowbridge), Seun Lanlege (Polytope Labs), Alberto Viera (Paper Moon).
Snowbridge, We Need to Talk
Snowbridge's upcoming treasury proposal for retroactive and future costs is open for discussion on Polkassembly. At this stage the proposed amount is 999568 DOT (~5.8M USD). External costs include payments for past and future auditing (710k USD), and light client relayer costs (400k USD). The remaining funds will cover completed (1.875M USD) and future (2.8M USD) milestone payouts. Funds for future milestones will be earmarked for community insurance and a bug bounty program and can be diverted to compensate users in case of widespread losses due to a major hack.
All Aboard the Polar Express!
Snowfork announces that Snowbridge, the trustless EthereumPolkadot bridge, is now live on Polkadot. In the first release the focus in on transferring ETH and ERC20 assets between Ethereum and Polkadot. An initial scale test is running for the first two weeks, with admin features enabled for upgrades and bug fixes. The bridge will go fully trustless using cross-chain governance after this period. Snowbridge assets are not supported on Talisman, SubWallet, and Nova Wallet yet, but balances can be viewed and transferred on the Snowbridge website. Bridging Polkadot-native assets is expected to be enabled in the next few months at the same time that the arbitrary messaging feature is released. Stay tuned for news about a new governance proposal for long-term funding of Snowbridge and a liquidity program.
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