Allbridge :The Inaugural Token Bridge To Support The Stacks token.

Allbridge :The Inaugural Token Bridge To Support The Stacks token.

2022-02-10 | Big Bob

Allbridge :The Inaugural Token Bridge To Support The Stacks token.

The token bridge between several chains as a conjunction of a collaboration with Bitcoin software provider Daemon Technologies, Allbridge would be the inaugural to allow Stacks (STX) transactions.

STX is the indigenous token for the Stacks layer-1 blockchain, which resolves Bitcoin (BTC) transactions. Its present market capitalization is $1.7 billion. Allbridge supports a total of 12 blockchains, namely Ethereum (ETH), numerous Ethereum-compatible sidechains, Solana (SOL), Terra (LUNA), as well as many others.

A token bridge enables the movement of cryptocurrency between one blockchain to another. Transfers among Stacks as well as all chains delivered by Allbridge would be possible with the novel bridge.

The Stacks Bridge would open in the second quarter of 2022. It would primarily handle just STX transfers, however, it is expected to accept transfers of additional Stacks protocol SIP010 tokens like ALEX as well as the USDA

stablecoin in the future. There are further proposals to facilitate cross-chain nonfungible token (NFT) transactions.
Allbridge co-creator Andriy Velykyy stated in a Thursday release that the alliance would assist meet the cryptocurrency society's requirement for accessibility to the Bitcoin network.

Ditkoff demonstrated what he regards as the advantageous interaction between Stacks' use of the Bitcoin platform's safety for transaction resolution and secondary blockchains for faster throughput.

This month, the security of token bridges has received a lot of attention. Three token bridge smart contract attacks have occurred in the last two weeks. Ditkoff dismissed security worries about the Allbridge token bridge.

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