Developers Can Use the Bridge to Transfer ERC-20 Tokens Between TestNet Environments on Ethereum and Moonbeam
Boston, MA – January 27, 2021 – Moonbeam, the Ethereum-compatible smart contract platform on Polkadot, announced today the completion of a TestNet integration of ChainBridge, a modular multi-directional bridge built by ChainSafe. This is the first bridge between Ethereum and the Moonbeam parachain on Polkadot and will allow asset transfers between the two independent chains.
Moonbeam’s Ethereum-friendly design has made it an ideal expansion point for many Solidity-based projects that want access to the growing Polkadot ecosystem. Projects in the Moonbeam TestNet need a working bridge to connect their multi-chain deployments, and Polkadot-only projects want to have access to ERC-20 and ERC-721 tokens that live on Ethereum today. The ChainBridge deployment on Moonbeam removes this impediment to allow free movement of tokens between the sovereign chains.
“ChainBridge has been our response to the imperative for open-source protocol objectivity, sustainability, and collaboration. Our goal is to allow projects to interact with one another using a lightweight and simple integration. Collaboration is good for the whole garden, and it gets competitors to see value beyond zero-sum thinking.” says ChainSafe founder and CEO Aidan Hyman.
This instance of the bridge was deployed between Kovan, the Ethereum TestNet, and Moonbase Alpha, the Moonbeam TestNet. It simplifies the process of transferring between independent/sovereign networks by enabling transactions on one chain, which are then relayed and executed via subsequent transactions on the other. The Moonbeam team plans to make the bridge available in a MainNet environment once parachain functionality is enabled on Kusama and Polkadot, expected later this year.
“The Moonbeam team is constantly working to simplify the process for Ethereum-based projects that want to expand to Polkadot,” says Derek Yoo, CEO of PureStake and Founder of the Moonbeam project. “Through our work with ChainSafe on the ChainBridge project, we are able to offer a fully-functioning bridge from the Moonbeam parachain to Ethereum.”
In preparation for the ChainBridge launch, the Moonbeam team has created some tutorials for moving ERC-20s and ERC-721s to Moonbeam from Ethereum. To learn more about the integration and start testing it yourself, you can view the Moonbeam documentation tutorials.
About the Moonbeam Network
Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently, in active development by PureStake, Moonbeam is expected to reach MainNet by mid-2021. Learn more: https://moonbeam.network/.
PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder, and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. Learn more: https://www.purestake.com/.
ChainSafe is a global leader in blockchain protocol and infrastructure development for Web3. We are blockchain agnostic and are actively contributing to the Ethereum, Ethereum Classic, Cosmos, Polkadot, and Filecoin ecosystems. Learn more at https://chainsafe.io/, on Medium at https://medium.com/chainsafe-systems, on Twitter at https://twitter.com/chainsafeth, or by visiting the ChainSafe documentation site: https://chainbridge.chainsafe.io/.