Allbridge, a multi-chain token bridge is all set to earn the distinction of being the first to provide STX (Stacks Transfers) by entering into a partnership with Daemon Technologies, a Bitcoin software developer.
A native token of the blockchain of Stacks Layer-1, STX settles transactions on the BTC (Bitcoin) platform. The current market capitalization is about 1.7 billion USD. At present, Allbridge serves as many as 12 blockchains that include Ethereum and many sidechains compatible with Terra, Solana, Ethereum, and others.
Incidentally, a token bridge enables the digital currency to be transferred between two blockchains. The new bridge will permit transfers between all chains that Allbridge serves and Stacks.
The new bridge can go live in the 2nd quarter of 2022
It is expected that the new bridge will go live in this year’s second quarter. There will only be support transfers from Stacks Transfers in the beginning. However, plans for supporting transfers from various SIP010 tokens like USDA stablecoin and ALEX are also in the pipeline. Other plans include permitting transfers of NFTs between channels.
The co-founder of Allbridge, Andriy Velykyy had an interesting point to make. If people can interact with Bitcoin-based applications by creating a bridge, processes that were earlier restricted to a single ecosystem and chain can be easily streamlined.
Daemon Technology is offering a grant of 140,000 USD to Allbridge for helping in the bridge’s growth. Xan Ditkoff, the founder of Daemon Technologies shared with UKTN that the partnership with Allbridge for creating the Stacks Bridge will enable users to use network assets irrespective of the use case.