🌉Bridge
ExoBridge working by multichain-proof-of-stake (MuPoS) consensus mechanism.
Last updated
ExoBridge working by multichain-proof-of-stake (MuPoS) consensus mechanism.
Last updated
A ExoBridge is an application that uses cross-chain communication technology to enable transactions between two or more networks, which can be Layer 1s, Layer 2s, or even off-chain services and It's a separate contract that uses a multichain-proof-of-stake (MuPoS) consensus mechanism. Simply put, a bridge allowing crypto holders to transfer their assets from one network to another. For example, a EXO holder on Polygon might want to transfer their EXO from Polygon to Ethereum via a ExoBridge.
However, a bridge doesn’t move an asset between chains, it links the asset on one network to its representation (i.e. new minted asset or a wrapped version) on the other network. The cross-chain transaction is achieved via ‘locking’, ‘minting’, and ‘burning’ that accounts for the link between the representations on different chains.
We’ll discuss exactly what these terms mean in the following two examples.
Let’s say Martha wants to bridge 100 EXO from Polygon to another network for example Ethereum via a ExoBridge:
Martha deposits 100 EXO to the Bridge contract on Polygon;
The Bridge contract on Polygon locks the assets and informs the other Bridge contract on Ethereum; the asset can't be accessed until the users requests a withdrawal;
The Bridge contract on Ethereum mints (creates) 100 EXO representing the locked EXO on Polygon.
The Bridge contract transfers the newly minted EXO to Mark address on Ethereum.
The Bridge contract on Polygon burns (destroys) the 100 EXO and notifies the Bridge contract on Ethereum; the circulating supply isn't affected for the new minted on Ethereum.
Note: Polygon doesn't need to mint new tokens when you use the bridge, because the HUB main wallet holds on Polygon and has the supply to all chains.
Mark holds 100 EXO on BNB Chain. He decides to send 100 EXO to Bridge:
Mark sends 100 EXO to the Bridge contract on BNB Chain;
The Bridge contract on BNB Chain locks the assets and informs the other Bridge contract on Ethereum and Polygon; the asset locked in BNB Chain is converted in LP token and the same quantity on Polygon is sent to burn in order to keep an equal balance of tokens in circulation ;
The Bridge contract on Ethereum validates and mints 100 EXO; Bridge contract on Polygon unlocks 100 EXO on Hub Wallet and transfers it to burning.
The Bridge contract transfers the newly minted EXO to Mark’s address on Ethereum.
Note: EXO Token on BNB Chain isn't a Multichain contract, you can use the bridge to send it to another network but no one can use it to turn it back on the BNB Chain. The team is working on a solution like wrapped "WEXO".
🖥️ Web: https://exohood.app/exobridge/
