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2023 Ⓒ Wormhole. All Rights Reserved.

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.

What is 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.

What’s cool about Allbridge?

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.

Learn more about how the different Allbridge transfers work.

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.

5. Security

Allbridge’s code has been fully audited by Hacken and Kudelsky.

What is Allbridge Core?

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.

How does the Wormhole integration work?

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:

  1. Deposits the tokens and emits a receipt of deposit and an intention to swap said tokens
  2. Sends the data as a Wormhole message to the target chain
  3. Submits the deposit receipt to complete the swap
  4. Deposits them into the user’s wallet

What does that mean for Allbridge users?

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.

More from Allbridge

Stay up to date and be among the first to try Allbridge Core:

Website | Twitter | Medium | Docs | Telegram | Discord

The Wormhole Ecosystem

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!

Join the ever-growing Wormhole community

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!

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Wormhole Secures $225 Million in Funding Round

Wormhole Secures $225 Million in Funding Round

29 Nov 2023

2 min read

Wormhole has successfully closed its funding round, raising $225 million at a $2.5 billion valuation. Prominent investors in Wormhole include Brevan Howard, Coinbase Ventures, Mult...

29 Nov 2023

2 min read

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