A bridge is a service that allows the transfer of information and assets existing on different blockchain networks. An example of when and how a bridge would be used is as follows. If a user has USDC on Ethereum and wants to use this asset on the BIFROST Network, the user would use a bridge to transfer USDC from Ethereum to BIFROST. All blockchain networks, such as Ethereum and Polygon, have their own set of rules and consensus mechanisms. Bridges are a solution to connect these two economically and technologically different networks in order to broaden cryptocurrency usage and enhance interoperability.
As mentioned previously, all blockchains have independent environments, each with its rules and consensus mechanisms. As such, each chain on its own cannot communicate with another, and tokens minted on one network cannot move to another network freely. A bridge is used to overcome this problem of interoperability and allows assets to move freely across chains. In addition to the above, the BIFROST Bridge acts as a core infrastructure in forming a multichain ecosystem by providing the benefits listed below.
- Support for major networks, such as BIFROST, BNB Chain, Polygon, and Ethereum
- A low service fee of 0.005%
- Fast execution speed, with a maximum of 15 minutes
- High compatibility with BIFROST Network Staking, BiFi, BiFi X, Owly, Biport, CrossChainSwap, Bifswap, and other BIFROST DApps
- Solving the problem of liquidity fragmentation
Here is the list of networks and assets currently supported by the BIFROST Bridge. This list will grow as more networks and tokens are added.