Web3 studio Tezsure has announced the successful deployment of the Plenty bridge. Plenty is a decentralized bridge connecting Ethereum and Tezos. Henceforth, users are able to move their tokens USDC, DAI, USDT, BUSD, WBTC, WETH, LINK, and/or MATIC from their wallets to the Tezos blockchain and back again in a decentralized manner. Also, the Avalanche, Polygon, and Binance Smart Chain bridges will go live in the not too distant future.
On Tezos, users can use their tokens, and their value links to that of the original tokens. The Signers Quorum, which comprises of respected members of the Tezos community, ensures that the Plenty bridge will not collapse. To begin, there are seven quorum members on the bridge. These members include Integro Labs, Codecrafting Labs, MIDL.dev, Baking Bad, Madfish, and Tezos Ukraine and Tezsure. Members of the Quorum interact with both the Ethereum blockchain and the Tezos blockchain. Also, they generate bridge transactions based on the behaviour of users.
Prior to the recent swift finality of Tezos’s most recent upgrade, the time it took to transfer tokens was about an hour. However, now the process just takes five minutes. Plenty is a comprehensive DeFi client for Tezos. In terms of structure, Plenty.network is a collection of AMMs, bridges, and robocoins that is currently in development. The new approach addresses the challenges of fee distribution, liquidity mining, and liquidity bootstrapping.
In a statement, Bernd Oostrum & Om Malviya, Tezsure co-founders said, “The Ethereum bridge and the upcoming bridges from chains like Polygon, Avalanche, & BSC are key for the growth of the entire Tezos ecosystem. More bridges enable users from other chains to easily migrate their assets and try out all the innovation happening on Tezos.”