ELROND & ISTARI VISION
Introducing the Ad-Astra Portal bridge connecting Elrond and Ethereum
- Angelo Sturt, David Schweiger
- 09.06.2022
- Blockchain, DeFi, EGLD, Elrond, Funding, Smart Contract
The Elrond cross-chain bridge Ad Astra Portal is live! Find out what this means for the Elrond ecosystem and how it will play a pivotal role in enabling assets to flow freely between Elrond and Ethereum.
A new growth chapter for the Elrond ecosystem
Blockchain technology has come a long way since the introduction of bitcoin. In recent years, we have seen an explosion of L1 blockchains and L2 scaling solutions, all designed with unique capabilities and trade-offs. Blockchains that use smart contracts, such as Elrond, support tokens that have all the capabilities of their native blockchain. This means, however, that these tokens are isolated to the chain where they were created. These limitations can prevent the exploration of other De-Fi opportunities on different blockchains, hindering growth and freedom from moving assets securely and with ease.
With the demand for Web3 services growing significantly, interoperability between blockchains has now become a vital issue. Having access to different blockchains through the same network can dramatically enhance ecosystems, crypto experience and growth, opening the possibilities for businesses and developers.
Moving assets from one blockchain to another can be somewhat of a daunting and complex process for the average user, involving high fees and time. The smart solution is to build a blockchain bridge, which can ensure a two-way and decentralized transfer of assets.
How does a blockchain-bridge work?
A blockchain bridge, also known as a cross-chain bridge, is the connection that allows the transfer of tokens and or arbitrary data. Although the two chains’ protocols, rules, and governance models may differ, the bridge will enable them to interoperate securely. A successful cross-chain bridge will allow data, smart contracts, cryptocurrencies, and even NFTs to be transferred from one blockchain network to another.
For example, a user with USDC tokens on the Ethereum blockchain could use a blockchain bridge to move those tokens to the Elrond blockchain and vice versa. In order to do this, the user would need to deposit their USDC tokens on the Ethereum blockchain into a smart contract. The smart contract would then mint an equivalent number of tokens on the Elrond blockchain.
In perspective, think of how you may use your Visa card to pay your Mastercard bills or how you can use PayPal to pay for online transactions. Like blockchains, these systems have different protocols, yet transactions are fast and seamless, keeping the financial system in place long before cryptocurrencies were even a thing. As blockchain technology becomes more prominent, solutions like cross-chain bridges are fundamental for normalization and help to create a more interconnected and interoperable crypto ecosystem.
Video: The Ad Astra Portal explained
Introducing the Elrond Ad Astra Portal
The team at Elrond recently introduced the Ad Astra Portal, a token bridge allowing assets to transfer between Elrond and Ethereum freely, and in the near future other EVM compatible blockchains. A giant leap for the Elrond ecosystem, it also aims to speed up the adoption of web3 technologies, accelerating growth for all parties involved.
This critical move will enable a host of other tokens based on other blockchains to expand their economies by utilizing the Maiar Exchange and broader Elrond DeFi ecosystem, making it readily available to over 1 million users via the Maiar crypto app.
Utrust, a digital payment blockchain platform, is one of the first projects to bridge to the Elrond ecosystem, becoming a native ESDT token. This move will enable Utrust to deliver faster and better tech capabilities, which wasn’t achievable on the Ethereum blockchain.
"The Ad Astra Portal opens a compelling path for creative DeFi protocols and assets to take an important leap forward in terms of performance, efficiency and scalability. It also sets the premises for Elrond's internet-scale blockchain technology to take a leading role in orchestrating the multi-chain foundation of the interoperable Web3 enabled virtual spaces that will collectively be known as The Metaverse."
— Beniamin Mincu, Elrond Network CEO
Visual: The Ad Astra Portal concept
Secure by design
The Ad Astra Portal was built with a security-first design, using audited smart contracts that have been battle-tested by the Elrond community to ensure that all scenarios are comprehensively explored and validated. Elrond is renowned for making the most consumer-friendly blockchain platforms, and it is safe to say that Ad Astra Portal has been thoroughly investigated and validated, ensuring a robust and resilient version of the Ad Astra Portal.
Istari Vision and a network of trusted partners
The Ad Astra Portal has been designed with a network of reliable relayers operated in collaboration with Istari Vision, Stake Capital, Everstake, P2P, and Staking Agency, ensuring decentralization and transparency. This creates a highly available passage for exchanging assets flowing via the bridge in a secure and controlled environment for all users.
"This is a historic moment for the Elrond ecosystem and the broader blockchain space. The robust, secure and decentralized setup that we are running in tandem with our strategic infrastructure partners will open a new era for the Elrond DeFi ecosystem and proliferation of internet-scale blockchain technology."
— Lucian Mincu, Elrond Network CIO
Conclusion
Decentralization has always been a defining factor of blockchain technology, with Elrond leading the way with advanced features and a highly scalable and secure blockchain built for the masses. Users can now avoid other exchange services and high fees by using the Ad Astra Portal, streamlining the process with simplicity and speed, and soon to be integrated with the Maiar app.
In addition, by utilizing reliable and trusted relayers, the work isn’t done by a single body and instead uses multiple smart contracts. This adds a level of security reflecting the Proof of Stake model by using a large sum of EGLD as collateral, protecting the end-user. With the Elrond ecosystem growing substantially, it is only a matter of time before more tokens are added to the bridge.
Explore the Ad Astra Portal for yourself:
https://ad-astra.elrond.com
Ad Astra Portal facts
Security:
- Designed and developed by the Elrond Core team
- Ethereum smart contract audit performed by Akira Tech
- Elrond smart contract audit performed by RuntimeVerification
- 4 public “Battle of Yields” community testing rounds
Scope:
- A two-way token bridge between Elrond and Ethereum
- Will be expanded to include other EVM compatible chains
- First asset listed on the bridge: USDC
- More assets to be added in the coming days and weeks
- Ask for your token to be listed: https://form.typeform.com/to/BDzj83JZ
Parameters:
- Initial limits: minimum 2,500 USDC, maximum 100,000 USDC per transfer, will be gradually increased
- Requires authentication on both sides of the bridge: Maiar App, DeFi Wallet, Web Wallet, or Ledger on Elrond; Metamask on Ethereum
- Transactions are batched every 10 minutes for gas efficiency
- 50 USDC fee for Elrond to Ethereum transfers to cover gas fees on Ethereum
Architecture:
- 10 standalone relayers (servers)
- 7/10 quorum required
- 5 relayers operated by Stake Capital, Everstake, P2P, Staking Agency and Istari Vision
- 5 relayers operated by the Elrond Foundation
Related links
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