–NEAR Protocol, a scalable blockchain-based, developer-friendly platform for decentralized applications, announced the launch of the Ethereum <> NEAR Bridge, a trustless, universal protocol that unlocks communication and interoperability between smart contract chains. This launch also signifies the first bridge that doesn’t rely on external authorities, only consensus security.
Innovation within the decentralized finance (DeFi) and non-fungible token (NFT) spaces has increased demand on the Ethereum network and pushed transaction fees to record levels.
“With the launch of the Ethereum <> NEAR Bridge, we are bridging the application and developer ecosystems between NEAR and Ethereum and allowing developers to leverage Ethereum assets and smart contracts within NEAR’s fast, scalable, and low-cost environment,” said Illia Polosukhin, Co-founder of NEAR Protocol. “By allowing Ethereum users immediate access to apps built on NEAR, we can facilitate and accelerate community development. We see the Bridge as a huge step toward our vision of an interoperable, multichain future, and our goal is to create the same open access to other chains and amplify the opportunities for continued development.”
The Bridge does not require special permission to deploy, maintain, or use. Anyone can deploy a new bridge, use an existing bridge, or join the maintenance of an existing bridge without getting approval from anyone else. The Bridge is also generic in that it allows any information that is cryptographically provable on NEAR to be usable in Ethereum contracts and vice versa. The nature of the Bridge also remains fully decentralized and adaptable to any future protocol changes on either side.
Released in a series of phases, the Bridge will connect to various chains within the decentralized finance ecosystem by year-end. To begin transferring tokens between Ethereum and NEAR using the Bridge, please visit https://ethereum.bridgetonear.org/.