26 October,2022 11:24 AM IST | Mumbai | BrandMedia
Avalanche (AVAX) and Fantom (FTM) deliver varying degrees of blockchain interoperability, a critical component of the future of blockchain technology and Web3. However, a new cryptocurrency network, Supontis (PON), aims to do even more.
Blockchain interoperability refers to a blockchain's capacity to easily exchange data with other blockchains.
Bitcoin (BTC) and Ethereum (ETH) paved the way for blockchain technology. However, these legacy networks, alongside several succeeding blockchains, found it challenging to transfer assets, smart contracts, and data between each other to meet user demands due to multiple incompatible technologies.
Supontis (PON), Avalanche (AVAX), and Fantom (FTM) aim to address this issue by offering different cross-chain bridging solutions. This article explores the interoperability capabilities of these three (3) cryptocurrency projects.
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Derived from the English word "Super" and the Latin word "Pontis," meaning "bridge," the new cryptocurrency protocol, Supontis (PON), is a "super bridge" that aims to facilitate the cross-chain transfer of assets between the Ethereum (ETH), Binance Smart Chain (BSC), Tron (TRX), and Fantom (FTM) blockchain networks.
When an asset transfer is initiated, Supontis (PON) locks the assets in the initial blockchain and generates an equal amount of wrapped assets in the receiving blockchain.
Assets are not transferred or transported anywhere during the bridge transfer. Instead, the system executes the transfer request via a smart contract.
The initial assets are locked in Blockchain 1, while equivalent wrapped tokens are generated and unlocked in Blockchain 2. During withdrawal, the initial assets in Blockchain 1 unlock, while the wrapped tokens in Blockchain 2 get burnt.
The protocol is driven by PON, the native cryptocurrency of this cross-bridge network.
Avalanche (AVAX) is an open-source, smart contract-enabled, EVM-compatible blockchain network delivering enterprise-grade public and private blockchain solutions. Furthermore, the crypto platform has a thriving Web3 development community.
Avalanche (AVAX) supports interoperability through the Avalanche (AVAX) bridge, a bi-directional cross-chain solution, bridging the Avalanche (AVAX) network and Ethereum blockchain.
The Avalanche (AVAX) bridge uses ChainSafe's ChainBridge to facilitate a seamless transfer of assets (crypto tokens and NFTs) between the two networks.
To initiate cross-chain swaps and use ERC-20 tokens within Avalanche-based DApps, users can lock their assets in the ChainBridge Smart Contract.
A proposal is then created and sent to the bridge relays (Avascan, Hashquark, POA Network, Protofire) responsible for securing the bridge.
These relays will compare the proposal against Avalanche's (AVAX) data and then approve or reject it via voting. If the proposal is approved, equivalent tokens are minted on the Avalanche (AVAX) Network and become usable within various protocols.
Fantom (FTM) is a decentralized, highly-scalable, smart contract-enabled, and EVM-compatible blockchain protocol, boasting fast, secure transactions with low fees, which makes it ideal for dApp developers.
Fantom (FTM), like Avalanche (AVAX), supports interoperability through the Fantom (FTM) AnySwap Bridge, another bi-directional cross-chain solution, bridging the Fantom (FTM) network and Ethereum blockchain.
Fundamentally, AnySwap is a multichain liquidity solution that bridges assets using liquidity pools deployed across several blockchain networks. This system also facilitates token transfer to Fantom (FTM) from Avalanche (AVAX), Polygon (MATIC), and the Binance Smart Chain.
Supontis (PON) offers asset swaps between multiple blockchains, making it an exciting network for DeFi users. The new cryptocurrency protocol may go on to eclipse already established cross-bridges Avalanche (AVAX) and Fantom (FTM).
Supontis (PON) also offers its token holders staking and DAO capabilities.
To learn more, follow the links below.
Pre-sale: https://register.supontis.com
Website: https://supontis.com/
Telegram: https://t.me/SupontisTokenOfficial
"Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions."
