MetroBridge — a decentralized cross-chain bridge that enables the bi-directional exchange of crypto assets (e.g. fungible/non-fungible tokens, stablecoins) between IoTeX and other blockchain networks.
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About the MetroBridge project
In addition to direct use cases for MetroBridge to deliver new assets, data and liquidity to the IoTeX network, MetroBridge can greatly enhance the capabilities of the IoTeX network: by using MetroBridge to transfer the necessary crypto assets and data, IoTeX can become an internal processor for BSC and other blockchains.
In the long term, the unique assets, generated by the IoTeX blockchain, such as IoT device data, can be used to run logic in smart contracts on BSC and other blockchains. The IoTeX blockchain can serve as an oracle for non-IoTeX contracts or vice versa.
MetroBridge consists of two main components:
| 1. | A set of smart contracts, pre-deployed on IoTeX and other blockchains. |
| 2. | A pool of "witnesses" that listens to Metro Bridge actions on smart contracts of IoTeX and other blockchains. When a token lock action is detected on one blockchain, a pool of witnesses verifies it and passes the final information to another blockchain: the same amount of “proxy token” is minted here. In contrast, when a proxy token burn is detected on one blockchain, a witness pool verifies it and passes the final information to another blockchain where the same amount of the original token is unlocked. |
The supply of the original token never changes as a result of using the Metro Bridge: the Metro Bridge locks a certain amount of the token on one blockchain (effectively decommissioning it) and mints exactly the same amount of the proxy token on another.
As a result, the circulating supply of the original token will remain the same: it will simply be divided between two different blockchains instead of one.
Other features of work
To run Metro Bridge reliably, the developers have limited the minimum / maximum amount of an asset that can be moved. These restrictions may be lifted as Metro Bridge receives additional strength testing. There is no charge for using the MetroBridge service itself. You will pay a regular transaction fee for locking your tokens on other blockchains.