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Today we have launched the much anticipated ETH bridge to Sovryn. Version 0.2.0 of the ETH-RSK bridge allows users to transfer ETH from the Ethereum mainnet into the Sovryn ecosystem in minutes, in preparation for permissionless trading and lending features.
Under the hood the bridge is a system of smart contracts on ETH and RSK with federators that operate 24/7 to provide consensus. With v.0.2.0 transaction times are much improved, typically taking 20 - 30 minutes to complete, though smaller transactions may get processed much faster. We have also lifted restrictions on transaction size. For a closer look at the technical features please see our wiki here.
ETH tokens on Sovryn have a much better chance to accumulate value, being free from the excessive network fees seen on the Ethereum Mainnet. Fees on Sovryn are some of the lowest in DeFi! More importantly, we are about to launch our second major Lootdrop this week that will benefit ETH/BTC liquidity providers, so bring your ETH over today and get ready to be rewarded.
All transactions on Sovryn are powered by BTC but don’t worry if you don’t have BTC in your wallet. We will be airdropping a small amount of BTC to the first 10,000 wallets which bring 0.05 ETH or more over the bridge, under the requirement that the wallet has not had BTC on it before. This will help new users to transact immediately.
To use the ETH bridge go to https://bridge.sovryn.app/ and follow the on screen instructions to connect your wallet to the bridge. If you don’t have the required Web3 wallet type see our set up instructions here.
Look out for details of our ETH/BTC pool Lootdrop launching tomorrow and Stay Sovryn!