Nervos now connected to Ethereum, but here’s what’s next
As the crypto-industry continues to expand rapidly, interoperability has emerged as an important aspect for any new or old project. Realizing the growing need for cross-chains, Nervos, a public blockchain backed by China Merchants Bank International and Sequoia China, has now announced the launch of “Force Bridge” on its mainnet.
According to Nervos, the Force Bridge is now connected to Ethereum and will soon connect to Cardano, including other EVM and non-EVM chains like Bitcoin, Tron, EOS, and Polkadot. This would allow seamless transactions between the Nervos blockchain and other public chains. It will also help developers expand their dApps to Nervos’ ecosystem.
The public blockchain ecosystem added,
“Currently, the bridge supports ETH and whitelisted ERC-20 tokens, including Dai (DAI), Tether (USDT), and USD Coin (USDC), with more tokens to come in the future. No $CKB, the native token of the Nervos ecosystem, is required to transfer assets to Nervos via the Force Bridge.”
The blockchain has a suite of multi-chain solutions with Force Bridge being the central aspect, as per Co-founder Kevin Wang. He added,
“With the recent launch of some of our other multi-chain solutions, Polyjuice and Godwoken which were tested during our recent Hackathon, and now the Force Bridge, we’re making important progress in our roadmap and moving closer to a truly interconnected blockchain ecosystem.”
The next step for Nervos will be connecting to Cardano, as was announced earlier this year. This would be the first cross-chain bridge to Cardano and will allow users to use blockchain native currencies CKB and ADA interchangeably and create their own tokens.
The value of a cross-chain bridge is high in the market currently. A testament to the same is the massive value locked in them. As per data from Dune Analytics, until 16 September, cross-chain bridges held around $7.79 billion in total value locked. This value has since increased 89% to $14.75 billion. In most cases, a cross-chain bridge was mainly connecting to Ethereum Chain.
Nevertheless, Polygon was seen holding a huge sum of $4.5 billion in TVL, followed by Fantom Anyswap Bridge with figures of $4.1 billion in TVL.