Energy Web has a new crypto bridge solution, AllianceBlock, that is high-quality, fast, and secure for Energy Web Token holders who would like to move their tokens to Ethereum. This platform is specially designed to help blockchains that it supports to improve their interoperability and invite new sources of liquidity.
Energy Web’s Suggested Token Bridge
From the beginning, the vision for the Energy Web ecosystem has been decentralized. Every time a new high-quality project or initiative joins the party, Energy Web is one step closer to achieving their vision.
Recently, Energy Web welcomed the decentralized token bridge developed by their partners at AllianceBlock. This solution, launched in early summer and by now supports the Energy Web Chain alongside other top blockchain ecosystems, including Ethereum, Binance Smart Chain, Avalanche, Polygon, Arbitrum, and Optimism.
On top of this, the AllianceBlock team recently announced that their Bridge now accepts bridging fee payments in Energy Web Token ($EWT).
With a secure and high-performance infrastructure supported by the Hedera Consensus Service and plans to implement a Cross-Messaging Protocol, the Bridge is designed to help the blockchains it supports improve interoperability and invite new sources of liquidity.
As Energy Web is no longer able to receive technical support for their old bridge, they have to gradually phase it out. This will happen in three stages:
- The old bridge functionality ended yesterday (31st Jan 2022).
- Today, using the old bridge to move EWT from Energy Web Chain (EWC) to the Ethereum blockchain is disabled. EWT holders who want to move their tokens to Ethereum will have to use other bridges. The AllianceBlock Bridge is a preferred example of a high-quality, fast and secure third-party solution that Energy Web’s community can use instead. Bridging tokens back to EWC will be fully supported, so every Energy Web Token Bridged (EWTB) that currently lives on the Ethereum blockchain can be transferred back to the native Energy Web Token (EWT) on the Energy Web Chain.
- From February 2022 the old bridge will no longer be supported by the team of Energy Web, so they advised everybody to bridge their EWTB before the end of January just to be safe.
What to Expect with the AllianceBlock Transfer
It should be noted that during phases 1 and 2 there will be at least two different ERC20 tokens on the Ethereum blockchain that represent $EWT.
There will be EWTB, minted by Energy Web’s old bridge, and there will be tokens minted by the AllianceBlock Bridge and others. When users bridge using AllianceBlock Bridge native EWT from EWC to other chains, including Ethereum, they will receive Wrapped AllianceBlock Bridge Energy Web Tokens (WABEWT).
When they bridge back to EWC, they will see AllianceBlock Bridge Energy Web Tokens (ABEWT) for claiming. Upon claiming, ABEWT is automatically converted to native EWT again and users receive the native EWT. From the technical point of view, EWTB and WABEWT are 2 different ERC20 tokens, and they are not compatible. So EWTB will not work with WABEWT bridge or liquidity pools, and vice-versa.
Energy Web encourage their community to bridge back their EWTB to the Energy Web chain as quickly as possible and to use decentralized, reliable and community-supported bridges like AllianceBlock Bridge in the future to move EWT to other blockchain networks.
For clarity, they reiterated that Energy Web is not responsible for maintaining or operating AllianceBlock Bridge or any other bridge or crypto exchange, centralized or decentralized. As their ecosystem matures and decentralizes further, these services are operated by independent parties.
About Energy Web
Energy Web is a global, member-driven non-profit accelerating the low-carbon, customer-centric energy transition by unleashing the potential of open-source, digital technologies. Energy Web Decentralized Operating System (EW-DOS) enables any energy asset, owned by any customer, to participate in any energy market. The Energy Web Chain — the world’s first enterprise-grade, public blockchain tailored to the energy sector — anchors the EW-DOS tech stack. The Energy Web ecosystem comprises leading utilities, grid operators, renewable energy developers, corporate energy buyers, IoT / telecom leaders, and others.
AllianceBlock is bridging the gap between decentralized finance and traditional finance, by remedying issues that exist in both spheres and linking them more closely together. They see the future of finance as an integrated system in which the best of both worlds can work together to increase capital flows and technological innovation.
Building this future by bridging traditional finance with compliant, data-driven access to new decentralized markets, DeFi projects, and ecosystem-scaling tools such as funding and interoperability. As such, they are building a next-generation financial infrastructure that aims to provide regulated financial entities around the world with the tools they need to seamlessly access the DeFi space.
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