How Avalanche Growth Sparked Third-Party Cross-Chain Bridges

Umbria Network has released a new cross-chain bridge for Avalanche (AVAX), a Layer-1 proof-of-stake (PoS) blockchain network, to let traders transfer liquidity between Ethereum mainnet and the Avalanche blockchain.

iexclusive News Nigeria reports that WebAssembly is one of the virtual machines supported by the Avalanche blockchain (WASM).

The Ethereum Virtual Machine (EVM) allows distinct sub-chains to have their way of doing things.

Connection to Avalanche is simple because of the support for many virtual machines.

What You Need To Know:

In 2021, the network unveiled its official Ethereum bridge, which allows ERC-20 and ERC-721 tokens to be transferred back and forth between the two blockchains.

However, the network’s expansion, along with the fact that its native token, AVAX, has seen significant increases in recent months, has led to the construction of third-party cross-chain bridges.

Narni, a new cross-chain bridge developed by the Umbria Network, promises a 90 % transaction fee than the official AVAX bridge.

The platform claimed that its customized system, which employs single asset liquidity pools and a custom Oracle protocol, reduces the computational complexity of bridging and thus reduces costs by up to 90%.

exclusive News Nigeria gathered that Barney Chambers, Co-Founder and Co-Lead Developer of Umbria, explained the role of AVAX and cross-chain bridges to Cointelegraph.

The Avalanche blockchain enables decentralized applications that are not economically feasible on Ethereum, according to Barney Chambers, Co-Founder and Co-Lead Developer of Umbria. He went on to say:

“Umbria serves as the glue that connects all of the L1 and L2 blockchains, allowing users to shift their assets cheaply and quickly.” Users will not need to know what blockchain they are using in the future, according to Umbria.”

Cross-chain bridges have become a lifeline for the decentralized finance ecosystem, especially while the Ethereum gas fee issue persists and appears to be here to stay until ETH 2.0 is released.

Popular blockchains featuring cross-chain bridge functionality include Avalanche, BNB Chain, Solana, and Tezos.