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Allbridge to become the first token bridge for the Stacks token

Soon when the launch of the Stacks Bridge, a lot of token and NFT transfers are supported therefore users will like the protection of Bitcoin and also the speed of different chains.


Multi-chain token bridge Allbridge can become the primary supply Stack (STX) transfers as a part of a partnership with Bitcoin package developer Daemon Technologies. STX is the native token for the Stacks Layer-1 blockchain that settles transactions on the Bitcoin (BTC) network. It presently includes a market cap of $1.7 billion. Elbridge presently serves twelve blockchains as well as Ethereum, numerous Ethereum-compatible sidechains, Solana, Terra, and others. A token bridge permits crypto from one blockchain to be transferred to a different one. The new bridge can permit transfers between Stacks and every one chain served by Elbridge.

The Stacks Bridge can go onboard in Q2 2022. it’ll ab initio solely support transfers of STX, however is planned to support transfers of different Stacks protocol SIP010 tokens like ALEX and also the Department of Agriculture stable coin. There also are plans to change NFT transfers between chains. In a Feb. ten announcement, Allbridge co-founder Andriy Velykyv expressed that the partnership can facilitate serving the crypto community’s want for access to the Bitcoin scheme.

“Creating a bridge that enables individuals to move with Bitcoin-powered applications can facilitate contour processes that were antecedently solely restricted to one chain and scheme.” Daemon Technologies is providing a $140,000 grant to Allbridge to assist facilitate the growth of the bridge. Daemon Technologies founder Xan Ditkoff told Cointelegraph that partnering with Allbridge to form the Stacks Bridge can “allow users to come back and use the assets inside the network regardless of the use case is.”

Ditkoff illustrated what he sees because of the user interaction between Stacks’ utilization of the Bitcoin network’s security for dealings settlement and separate blockchains for higher turnout. He said: “It’s sensible for people that need to interact on quicker networks, then bring their assets onto Bitcoin for security.” The security of token bridges has been in the spotlight this month. within the past two weeks, there are 3 hacks of token bridge sensible contracts. On Feb. 3, $321 million in wETH was minted through the exploit of a bug on Wormhole’s sensible contracts on Solana, that created an associate degree inorganic surplus of tokens on the blockchain.

Related: Major crypto companies and teams kind coalition aimed toward promoting ‘market integrity’. Ditkoff brushed aside security issues associated with the Allbridge token bridge. He said, “We have a great deal of confidence within the Allbridge team.”“It’s straightforward for individuals to forget that these bridges are therefore new. however long have individuals been writing with Solana’s VM? Everything remains at the hurt edge.”

Ethereum creator Vitalik Buterin created an associate degree spookily well-timed warning to the crypto community by writing in an associate degree early Gregorian calendar month Reddit post that there are “fundamental security limits of bridges.”Ditkoff refuted Vitalik’s statement in speech communication, “I have a tough time seeing a future once bridges aren’t a large a part of the scheme,” and continued: “The logic behind Vitalik’s words would be that everything settles on one chain that’s optimized for the one issue that (Proof-of-Work) is formed for byzantine fault tolerance. Bitcoin doing that higher than something in human history can have a bearing on whether or not one chain eventually dominates.”


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