Meter helps the Avalanche team to develop and secure two-way transfers of tokens between Avalanche and Ethereum.
We are excited to announce that Meter is helping to develop and secure the recently-launched Avalanche-Ethereum Bridge (AEB) as a relayer!
The AEB connects the Avalanche and Ethereum networks and enables two-way transfers of tokens between the chains. The bridge is an implementation of ChainBridge technology developed by ChainSafe, with Meter, Protofire, Hashquark, POA Network, and Avascan acting as relayers.
Here’s a quick rundown of how the AEB works and the role Meter plays in it:
- Users lock Wrapped ETH (WETH), ERC-20, or ERC-721 assets in the ChainBridge contract on Ethereum.
- This deposit event is detected by the relayers.
- An active proposal is created on the Bridge contract on Avalanche that contains a hash of the transfer data.
- Meter and other relayers compare the Avalanche and Ethereum hash data to ensure accuracy, and vote to approve the transaction.
- Once the vote is approved, an equivalent token is minted on Avalanche and deposited to the desired address. This asset is now usable on DeFi applications on Avalanche and can be transferred back-and-forth at any time.
As you may know, Meter has been partnering with Ava Labs on blockchain technology development since 2019. In fact, the HotStuff consensus algorithm in Meter was proposed by Ted Yin, who is also cofounder of Ava Labs. HotStuff consensus favors deterministic finality while Avalanche consensus trades off finality with increasing the number of consensus nodes.
Meter has launched the Ethereum compatible mode, which includes a two-way ERC20 bridge between Meter and Ethereum. Meter’s upcoming ERC20 bridge will share the same architecture as the AEB. The collaboration with the Avalanche team on AEB not only helps the Avalanche team achieve quick launch and decentralization but also serves as a prelude for the upcoming Meter-Ethereum bridge.
We are thrilled to work with Avalanche to help realize our shared vision of a cross-chain, interoperable world!
To learn more about the AEB, read their article on The Block.
We hope you liked this article! If you did, please share it with the share buttons on your left so others can discover it.