Sometime ago, I was looking for a bridge to transfer some coins from the Solana network to any other blockchain like Polygon or Binance Smart Chain when I discovered the AllBridge Core and thought I'd do a quick introduction of what the application is all about.
What is Allbridge Core
Allbridge Core is a cross-chain swap platform specifically for bridging dollar-pegged tokens (stablecoins) between different blockchains. Users may bridge tokens between the supported chains in a non-custodial fashion without relying on centralized bridging solutions. It connects a variety of EVM and non-EVM networks. (Source)
The bridge operates without wrapping tokens and works by keeping dollar-pegged tokens native to their respective blockchains.
It works by keeping liquidity pools for the supported tokens on each blockchain. Incoming tokens go into the pool, and the value of those tokens is sent via the messaging protocol to another chain, where it is converted back to the tokens to be paid to the user. (Source)
Here's an illustration of the transfer flow when a user sends a token via the Allbridge Core:
The bridge fees has two categories, re: Fixed Transaction Fees: The bridge charges 0.3% (for the liquidity providers) and this does not depend on the amount being bridged. Value Adjustments: These adjustments are deducted from the final amount to be received by the user. They include, re: The amounts of fees vary depending on the chain where assets are being bridged to and from. That's where the value adjustments occur. Examples: The fee for bridging 1k USDC from Polygon to Ethereum is around 11+ USDC (final amount to receive on Ethereum is 988+ USDC). But when sending 1k USDC from Ethereum to Polygon, final amount to receive on Polygon will be 1,003.94 USDC. Allbridge Core currently supports the following stablecoins, re: Its supported chains likewise include: Secure, Decentralized & Non-upgradable Smart Contracts The addition of new chains, tokens and change certain bridge variables such as fees are voted by community members (DAO). The ability to upgrade the smart contracts is disabled after the bridge is deployed and the initial testing is concluded. This contributes to the bridge’s security. Also, liquidity migration will be similar to Uniswap releases which require liquidity providers to transfer their liquidity to the new version of the bridge. (Source) Liquidity Pools Liquidity providers can earn rewards based on the fees collected by the bridge which depend on transaction volumes. They can also earn referral rewards when referring new users to the platform. Extra Gas Messaging Protocols Core Explorer Sources: Allbridge Docs / Core Home Per information on their website, Allbridge Core has already bridged over $40 million in total volume and over 42k transfers. Over $612k of Total Value Locked (TVL) in its Liquidity Pools with an average APR of 11.4% The stats is pretty impressive that made me dig a bit more and learned that the bridge was initially launched in September 2022 and underwent further thorough testing and updates until it was relaunched in June 2023. They stated on their FAQs that they will continuously expand the list of available tokens and networks. Go to https://core.allbridge.io/ and select which chain you are transferring your asset from, what coin you are sending then connect your wallet. It currently supports 9 wallets including Metamask, Coinbase, Phantom, Wallet Connect, Trust Wallet, Solflare, Exodus, Brave and TronLink. It automatically enables which wallet can be connected depending on what network you are bridging from. Choose which token you are bridging and the amount thereof. Select the network where you intend to send your asset to then connect the corresponding wallet or simply paste the address. You can customize which Messaging protocol to use and set Extra Gas if your receiving wallet is empty and have nothing to pay for the fees. Details of fees are automatically calculated and are shown at the bottom of the bridge window including the average transfer time. Check if the details are correct, click on "Send" then confirm the transaction on your wallet. The length of time the transaction gets completed varies depending on the network. You can monitor or check your transaction via the Core Explorer. This is my second time to use the bridge and what I like about it is the ease and simplicity of use. I didn't need any tutorial even when using it for the first time. The UI is neat, simple and intuitive. Can switch between dark and light modes. The supported stablecoins and chains are so limited though but I hope they will be adding and supporting more in the sooniverse. Disclaimer: For infotainment only. DYOR if you want to use the bridge. Lead image edited on Canva. Logo/s from Allbridge. No copyright infringement intended. 03072023/09:30ph
(src)
Source: Allbridge Docs
Fees
(Source)
Here's how the fees look like for sending 1k USDC from Solana to Polygon:
Supported Stablecoins & Chains
src
Key features
Allbridge Core offers various customizable security levels, re: Standard (high speed); Password-protected (moderate speed and security); Zero-Knowledge transfers (high security).
The platform also has a single-asset liquidity pools for various chains, re: Ethereum, Polygon, Solana, Tron and BNB Chain that offer different APRs. Assets include BUSD for BNB Chain, USD Coin (USDC) for Ethereum, Polygon & Solana and Tether USD (USDT) for Tron network
The bridge offers an option to pay a small fee during swapping (bridging) to receive extra gas tokens on the destination chain. With this feature, users can credit an empty wallet enough gas to cover the costs of multiple transactions.
The architecture allows support for multiple messaging protocols although it currently supports Wormhole which is decentralized; and Allbridge's own messaging protocol which has only 2 validators, hence it is less decentralized.
This is the bridge's own block explorer where users can search, track or check details of transactions.Allbridge Core Stats
Quick Guide: How to Bridge on Allbridge Core
Approve the token spent (this step will be automatically skipped if it has been previously approved).Personal Thoughts
