Deployment Unlocks Asset Movement Between Kusama and Ethereum, Binance Smart Chain, Polygon, and Meter
Singapore – August 10, 2021 – Moonbeam, the Ethereum-compatible smart contract platform on Polkadot, announced today the deployment of its Meter Passport bridge on Moonriver. This bridge will connect the Moonriver parachain and Kusama to Ethereum, Binance Smart Chain, Polygon, and Meter, allowing the free movement of assets across the independent networks. Meter Passport will also be deployed to Moonbeam once it launches on Polkadot later this year.
Meter Passport is an N-way blockchain router that allows assets and information to flow directly from one blockchain to another, secured by a group of decentralized relayers. It is designed to serve as the shared, secure infrastructure for various blockchains and multichain DApps.
Moonriver is an Ethereum-compatible parachain on Kusama, serving as an experimental, community-led sister network to Moonbeam. The developer-friendly design and implementation of Moonriver have made it a destination for dozens of new and established DApps alike. The addition of Meter Passport to Moonriver gives users important asset transit options from some of the most popular and active chains in the ecosystem, in addition to the natively interoperable assets on Kusama and Polkadot.
“Today’s crypto world is fast transitioning from the isolated single blockchain local network model to the interconnected heterogeneous blockchain Internet model. Smart contracts will have to scale across the blockchain boundaries. Moonriver and Moonbeam stand at the forefront of such landscape shifts in the Polkadot ecosystem. It is our great pleasure to support and provide the most smooth cross-chain experience for the upcoming Moonriver and Moonbeam launch,” says Xiaohan Zhu, Founder of Meter.
Meter’s initial set of relayers includes Protofire, Hashquark, InfinityStones, Wetez, and the Meter.io team. A cross-chain transaction will go through when it gets three or more confirmations from the five relayers. An implementation with an increased number of relayers and a higher security threshold will be available later this year.
“In an increasingly multi-chain environment, the key challenges to overcome are connectivity and interoperability between different blockchains,” said Derek Yoo, Founder of Moonbeam. “The integration of Meter Passport provides critical transit routes to the Ethereum and BSC ecosystems. This allows users and developers the ability to work with a rich variety of assets in DeFi and other protocols that are deploying to Moonriver and Moonbeam.”
Moonriver is currently in the process of launching to Kusama, with balance transfers and a full EVM expected to be available in approximately three weeks. At that point, DApps and other projects will begin to deploy to the network.
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 Q3 2021. Learn more: https://moonbeam.network/.
Meter.io is a highly decentralized Ethereum scaling solution with a built-in metastable gas currency. It connects to Ethereum and other blockchains as a layer-two protocol and allows smart contracts to scale and communicate seamlessly through heterogeneous blockchain networks. Meter.io is backed by Pantera Capital, DHVC, DTC Capital (Spencer Noon), GBIC, LD Capital, and AU21 Capital.
Follow Meter.io on social media to learn more about the project and stay up to date about all future announcements.