Blog / ADBYTES Cross-Chain Token Bridge Available

ADBYTES Cross-Chain Token Bridge Available

June 5, 2024


We are excited to announce a major milestone in our roadmap: the launch of our Cross-Chain Token Bridge and the official ADBYTES Token Portal/Dapp! This development bridges the gap between our native ADBYTES tokens on the Polygon and Avalanche networks, allowing seamless transfers between the two.

The Challenge

Since launching our native ADBYTES token on both the Polygon and Avalanche blockchains, one of the primary challenges has been the lack of a direct way to transfer tokens between these networks. This essentially created two separate entities, each with its own ecosystem, which was far from ideal for our multi-chain vision.

Our Vision

Creating a multi-chain system has been a part of our roadmap from the start. The primary advantage of our chosen networks—Polygon and Avalanche—is their low transaction fees and fast confirmations. Both are well-established networks in the top 100 market caps of all cryptocurrencies, boasting large communities and numerous projects that we can become interoperable with.

Future network additions will follow similar criteria to keep transaction fees low for our community. This is why we are not currently on the Ethereum mainnet due to its high gas fees, although we may consider it in the future.

The Importance of the Token Bridge

This bridge project is a significant milestone in our token development roadmap and the final technical hurdle before we can list on decentralized exchanges (DEXs). Listing without the bridge would either require launching a liquidity pool on only one chain, leaving the other behind, or setting up trading pairs on both chains without a way to arbitrage prices, leading to imbalanced values.

The development of the token bridge and our Dapp turned out to be a larger endeavor than anticipated, so we thank you for your patience.

How It Works

You can now seamlessly transfer ADBYTES tokens between Polygon and Avalanche through our official Dapp: Adbytes Token Portal.

Steps:

  1. Connect Your Wallet: Use MetaMask, Brave Wallet, or any compatible browser wallet.
  2. View Token Information: See your wallet's balances and global ADBYTES supply on the connected chain.
  3. Bridge Tokens:
    1. Select the network you want to bridge to.
    2. Enter the amount and choose a destination address (defaults to your current wallet).
    3. Approve the supply of the ERC20 token to our bridge smart contract.
    4. Click the "Bridge Tokens" button to initiate the transaction.

Token Transfer Process:

  • Your tokens are burned on the originating chain and recorded in the smart contract.
  • Our infrastructure processes your bridge exit on the destination chain automatically, minting new tokens and completing the transaction.

No Fees

We provide this service free of charge to our community. The only fees involved are for gas transactions to approve token supply and to enter the bridge. Any network fees associated with the bridge exits and transaction completions are covered by us.

Future Plans

The bridge will play a crucial role in our upcoming initiatives, including listing ADBYTES on Uniswap DEX trading pairs on each chain. This will enable you to move your tokens to the chain offering the best trading price and liquidity, and take advantage of arbitrage opportunities.

Support

If you encounter any issues or have questions regarding our Cross-Chain Token Bridge, please contact us and make a support request. We look forward to your feedback and to taking the next steps in our journey together.

Thank you for being a part of the Adbytes.Media community!