Metamask has introduced new cross-chain bridges, made possible through the implementation of the Connext protocol.
Users who want to move tokens across chains are now able to select Connext network bridges from Metamask’s bridge aggregator.
From Metamask Bridge, users can now see Connext quotes for bridge requests. Connections across Ethereum Mainnet, Polygon, BNB Chain, Optimism, and Arbitrum are all included.
First launched in November 2022, Metamask Bridges empowers users to make cross-chain swaps directly from their wallets.
Alongside Connext, participating bridge providers include Hop, Celer cBridge, and Polygon. When users wish to swap tokens on one blockchain for their equivalents on another, they receive quotes from each available bridge. They can then choose their preferred option.
As multi- and cross-chain technologies have exploded in recent years, bridging solutions like those provided by Connext have emerged as critical enabling technologies. But unfortunately, a string of high-profile hacks shone a light on the security vulnerabilities of many bridges.
Metamask’s solution to the security challenges faced by cross-chain bridges is to offer its users a choice of bridge providers. As well as vetting the different technologies available, the company also gives users greater choice over who to trust by providing different options.
Connext Sees Surge in Cross-Chain Activity
It may not be the most established player in the space. But in a short amount of time, Connext has attracted a notable community of users and developers.
In a press release announcing the close of a $7.5 million USD funding round that values the company at $250 million, Connext reported that over 1.2 million cross-chain transactions have passed through its network.
Since the launch of its V2 in February, the network has grown rapidly. Alongside Metamask, Connext now counts the likes of Planet IX, and DODO among the companies that are building with its technology.
Decentralized Exchanges Embrace Bridges
With an expanding array of solutions to blockchain fragmentation now available, it isn’t just wallet providers exploring different bridge options.
As it explores its multichain possibilities, the decentralized exchange Uniswap has also investigated different bridging solutions. And the Uniswap Foundation recently published a report that endorses two bridge providers for potential cross-chain deployments.
Uniswap’s Bridge Assessment Committee was established following a heated debate among stakeholders in the run-up to the exchange’s deployment on the BNB chain.
The proposal to do so using Wormhole eventually passed, but not with a strong majority. There were approximately 56,000 votes in favor versus around 28,000 against.
As the committee’s report explained, “the discussion preceding the vote made it clear that cross-chain messaging and the protocols that enable it occupy a nascent and complex design space.”
Uniswap Endorses Wormhole and Axelar Bridges
Having assessed the merits of different bridging solutions, the dedicated committee has concluded that the “Wormhole and Axelar bridges are currently suitable for use by the DAO [in] future cross-chain deployments.”
However, it advises the community to continuously review them both as well as other bridge providers on an ongoing basis.
Finally, other decentralized exchanges, such as Pancakeswap, are also embracing multi-chain deployments. And going forward, cross-chain transport and messaging protocols are increasingly critical to the DeFi ecosystem.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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