Connecting the Greater Blockchain Community
In the following week, Symblox will be deploying TokenBridge protocol to connect Velas with the Ethereum blockchain. This will allow users to deposit ETH or any whitelisted ERC-20 token into Symblox yield farming. Users can also safely withdraw their assets back to Ethereum anytime.
*Note* Only whitelisted tokens can cross the bridge; this curated list is used to avoid malicious contracts and DDoS attacks.
TokenBridge is an open-protocol designed by POA Networks. The TokenBridge will allows users to transfer data (e.g. digital asset ownership information) between two EVM chains. Cross-chain bridges provide fast and secure connections between blockchains, creating scalability and connection — interoperability — between EVM networks. The TokenBridge has been battle-tested for well over a year with many projects using the protocol, including: Thundercore, Ethercore, Artis, Ocean Protocol, Energy Web Foundation, xDAi and Binance. They have been independently audited by Peppersec, SmartDec and Quantstamp. You can review the audit reports here.
Layer 2 Solution
Currently, the 3 major problems for Ethereum is congestion, interoperability and scalability. With TokenBridge, Ethereum users can safely participate in decentralized applications without concern for exuberant transaction fees or failed transactions. By running Symblox on the Velas blockchain, users have the benefits of:
· Up to 30,000 transactions per second (Ethereum currently has 15 tps)
· Near zero transaction fees
· Instant UI response