Proof-of-Stake blockchain project Avalanche is taking a closer step to its launch of a new product called “Avalanche-Ethereum bridge,” a port to transfer Ethereum tokens to the Avalanche blockchain and vice versa.
According to a recent blog post from Avalanche, the product is “in the final phase of testing.” Avalanche's key feature and the advantage it brings to the market is the Ethereum Virtual Machine support, ensuring that Ethereum developers will not have to update their applications to make it compliant with Avalanche’s blockchain.
The Avalanche-Ethereum Bridge is powered by ChainSafe and will have a similar function compared to other protocols and services that transfer assets between blockchains, such as Wrapped Bitcoin, a Bitcoin-Ethereum transfer software. The process will be designed as such: assets from Blockchain A in a smart contract will be deposited and the contract will supply a relatively similar sum in Blockchain B's format. Ported tokens or "Wrapped" coins have the same value as original tokens and can be exchanged at any time.
Developed by Ava Labs, the Avalanche mainnet was set to launch in September after raising $60 million in funding, $45 million of which was from a public token sake. With Avalanche protocol, Ava Labs’ ambition is to compete with Ethereum, bringing a faster, more cost-effective, and capable solution to transactions.