A blockchain bridge provides a connection that allows for the transfer of tokens or data between two different blockchain ecosystems.
What Is Blockchain Bridges
A blockchain bridge is a tool that lets you port assets from one blockchain to another, solving one of the main pain points within blockchains – a lack of interoperability.
Since blockchain assets are often not compatible with one another, bridges create synthetic derivatives that represent an asset from another blockchain. If you use a bridge to send one BTC coin to an AVAX wallet, that wallet will receive a token that has been “wrapped” by the bridge – converted to a token based on the target blockchain. In this case, the BTC wallet would receive a "bridge" version of AVAX that has been converted to an AVAX token – the generic token standard for fungible tokens on the AVAX blockchain.
The Binance Bridge Project is a cross-chain bridging service that aims to increase interoperability between different blockchains. It essentially lets anyone convert selected coins into wrapped tokens (or “pegged tokens”) to be used on Binance Chain and Binance Smart Chain. This brings digital assets such as BTC, ETH, USDT, LTC, XRP, LINK, ATOM, DOT, XTZ, ONT, and more to the Binance Chain ecosystem. By using the Binance Bridge portal, you can access cross-chain liquidity on Binance Chain and Binance Smart Chain with just a few clicks.
Polygon is a framework for creating Ethereum-compatible blockchain networks and scaling solutions. It aims to enrich the Ethereum ecosystem by providing tools to build scalable decentralized applications (DApps) and increase Ethereum's transaction throughput with lower fees. Some popular Decentralized Finance (DeFi) platforms have already been deployed on Polygon, such as Aave, Curve, and SushiSwap. To interact with DApps and tools on Polygon, you need to transfer your assets to the Polygon network. This is where the Polygon Bridge comes in. The Polygon Bridge is a trustless cross-chain transaction channel between Polygon and Ethereum. It allows users to transfer ERC tokens and non-fungible tokens (NFTs) to the Polygon sidechain, all through the use of smart contracts.
Avalanche is a decentralized, open-source blockchain with smart contract functionality. AVAX is the native cryptocurrency of the platform.
After its mainnet launch in 2020, Avalanche has worked on developing its own ecosystem of DApps and DeFi. Different Ethereum-based projects such as SushiSwap and TrueUSD have integrated with Avalanche. Furthermore, the platform is constantly working on improving interoperability between its own ecosystem and Ethereum, like through the development of bridges.
Fantom is a decentralized, open-source blockchain with smart contract functionality. FTM is the native cryptocurrency of the platform.
The Fantom Foundation, which oversees the Fantom product offering, was originally created in 2018, with the launch of OPERA, Fantom’s mainnet, coming in December 2019.