Here Are The Details On The Upcoming Harmony Ethereum Bridge
Harmony users are going to be happy after the protocol’s upcoming Ethereum (ETH) bridge will give the Harmony network access to thousands of ETH-native tokens.
Covered:
- Harmony Network Overview
- Harmony’s Upcoming Ethereum Bridge
Harmony Network Overview
Harmony (ONE) is a smart contract platform that hosts a vast array of various decentralized finance (DeFi) and non-fungible token (NFT) projects. The platform’s native token, ONE, enables cheap and instantaneous transactions, providing a more affordable alternative for Ethereum users who are currently dealing with outrageous gas fees.
Ethereum’s high gas fee and slowness have led to greater advancement in layer-2 (L2) solutions, such as Polygon (MATIC), which help scale blockchain applications by handling transactions off the main Ethereum chain.
RECOMMENDED: HOW TO USE THE POLYGON BRIDGE TO SAVE ON GAS FEES
Harmony is being utilized as an L2 to solve scalability issues on Ethereum, making it an attractive alternative to Ethereum with generic computation, faster settlement, shorter withdrawal wait times, and gas-efficient interoperability.
This is Pathetic. @ethereum
Gas fees is higher than asset pic.twitter.com/KaDU1GEha6— Mohsin Ali (@Mohsin_71) November 9, 2021
Taking a look at the current price action, ONE has been respecting this ascending channel that’s been developing since the market-wide bottom of July before Bitcoin turned the momentum back over to the bulls.
At the time of writing, ONE is currently trading at $0.252. It’s important to note that the daily relative strength index (RSI), which is a momentum indicator that measures the magnitude of recent price changes to analyze overbought or oversold conditions, has returned to levels previously seen when ONE bottomed out within the channel at $0.054 and $0.118.
The ecosystem has been rapidly growing in recent months, as highlighted by crypto market tracker Coin98 Analytics.
#Harmony is one of the most popular blockchain platforms.
The Harmony ecosystem has been accelerating recently.#ONE $ONE pic.twitter.com/sOBy5nJfQz
— Coin98 Analytics (@Coin98Analytics) October 22, 2021
Taking a look at DefiLlama, the analytics company shows that since the beginning of October, the total value locked (TVL) on the Harmony ecosystem has been surging toward $400 million, indicating that a new wave of users has onboarded the network in the last month.
RECOMMENDED: HARMONY HITS ALL-TIME HIGH AS MARKET CONTINUES TO CLIMB THANKS TO DEFI PLAYS
Harmony’s Upcoming Ethereum Bridge
In a recent announcement from the Harmony team, they give an update on the release of the Trustless Ethereum Bridge, which will gives Harmony users the ability to quickly transact between the Harmony blockchain and Ethereum-based ERC-20 tokens while avoiding ETH’s gas fees.
“We are building a bridge for applications to access assets on Ethereum while enjoying fast transactions on Harmony. Our bridge architecture is industry-leading, being gas efficient and seamless between Proof-of-Work and Proof-of-Stake chains. Inspired by Flyclient (already deployed in ZCash), our light client uses Merkle Mountain Range (MMR) and epoch syncing. Later we may employ zero-knowledge proofs such as Plonk to further compress the states of these heterogeneous chains.”
The bridge is “trustless” because there is not a single entity handling the bridge. The contract on Ethereum’s end is driven by a consensus of validators on the Harmony side rather than having Harmony teams own the contract like with a custodial bridge.
After initially revising the launch date due to time and resource constraints from work on its Bitcoin (BTC) bridge, the team notes that they are optimistic about launching the Trustless Ethereum Bridge on November 22.
The post Here Are The Details On The Upcoming Harmony Ethereum Bridge appeared first on CryptosRus.
Text source: CryptosRus
