20 Sep 2022•
3 min read
Welcome to ^ᵂᴼᴿᴹᴴᴼᴸᴱ, a series where we deep dive into all that’s possible when building on Wormhole. Or, more specifically, when projects raise their xChain functionality to the power of Wormhole.
^ᵂᴼᴿᴹᴴᴼᴸᴱ is pronounced as Raise to the power of Wormhole.
Today, we’re focusing on Allbridge.
Allbridge, like the Portal bridge, is a blockchain bridge that allows tokens and/or arbitrary data to be transferred from one chain to another. While those chains may have different protocols, rules, and governance models, a bridge creates a reliable mechanism for both chains to interoperate. Currently, Allbridge allows bridging to and from 15 different networks.
The exceptional strength of Wormhole is that Wormhole’s core layer can actually power any dApp (or bridge in this case) that is deployed on top of it. But more on that later when we talk about Allbridge’s new product, called Allbridge Core.
1. Support for EVMs, L2s, and non-EVMs
Allbridge enables the transfer of assets between different networks, on both EVM and non-EVM compatible blockchains, with plans to add support for L2s (like Arbitrum and Optimism) as well as NFT transfers in the future.
2. Fast transfers
Every transfer between networks involves two transactions: one from the source blockchain and the second on the destination chain. In the case of Allbridge, the transaction takes only as much time as is required by the involved blockchain to confirm it. If the confirmation speed is fast enough, the transfer can be completed in only a few seconds.
3. Architecture flexibility
There are several types of token transfers possible with Allbridge:
⚬ Send Native tokens and receive Native tokens.
⚬ Send Native tokens and receive Wrapped (or minted) tokens.
⚬ Send Wrapped (or minted) tokens and receive Native tokens.
⚬ Send Wrapped (or minted) tokens and receive Wrapped (or minted) tokens.
4. Dynamic fees
A dynamic fee system allows Allbridge stakers to decrease the cost of transferring assets. The bridge fee is paid before the transaction is sent, which means staking on the source blockchain reduces the cost of bridging. Here you can find Allbridge’s staking explained.
Allbridge’s new product, Allbridge Core, provides a one-click solution for bridging native stable coins between chains without the need to wrap and unwrap the transferred tokens. Furthermore, it offers the possibility to convert part of the transferred funds into gas tokens to pay the occurring transaction fees.
As an example: with just one click, a user bridges USDT (native to Ethereum) from their Metamask wallet straight to their Solana Phantom wallet and receives USDC.
But let’s take a minute to dig a little deeper into how this actually works.
This is where Wormhole enters the game: in order to conduct those “wrap-less” transfers, Allbridge utilizes the Wormhole core layer to perform a cross-chain swap with the following four steps:
On the Allbridge website, users will be able to choose which message passing layer they’d like to use (Allbridge or Wormhole) — Wormhole will be the default option on all networks that are currently supported by Wormhole.
Thanks to Wormhole’s decentralized protocol, this integration means enhanced security for all Allbridge users and a wider variety of networks to choose from.
Stay up to date and be among the first to try Allbridge Core:
Have you checked out our Ecosystem page yet? It’s where you can find the hottest projects building on Wormhole! If you’re a builder, submit your project, and let’s create the xChain future together!
If you have questions, need support, or just want to connect, join the Wormhole community, and keep up to date with our up-and-coming announcements. We’re always happy to hear feedback. Join our discord, and drop us a comment!
Here’s your chance to get in on this one.
Take a deep dive into our ever-evolving discussion on xChain technologies, new feature announcements, research, and more.
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