We are pleased to announce that, thanks to the invaluable support of Andrea (Dimi) from stakefish, we are close to launching a new bridge connecting Ethereum to the BitSong mainnet. Once it’s live, the bridge will allow the BitSong community to seamlessly transfer their BTSG tokens between the BitSong and Ethereum networks. The bridge will be available for testing next week, and we’re now inviting interested validators to register for participation.
An Ethereum bridge is a fundamental tool for the upgraded BitSong mainnet, providing an essential channel for BTSG liquidity between BitSong and Ethereum. Anyone holding BTSG in BECH32 format issued on the BitSong mainnet will be able to swap their tokens for ERC20 versions, opening up trading opportunities on Uniswap or Bilaxy.
Conversely, anyone holding the ERC20 version of BTSG will now have an easy route into the BitSong mainnet, allowing them to participate in staking rewards and governance.
How Does the Bridge Work?
Currently, the bridge operates using centrally managed hot wallets with liquidity provided by BitSong. The bridge will be overseen by bridge workers, who will monitor for transactions between the Ethereum and BitSong networks. Upon validation, smart contracts will execute the fund transfer across the bridge with instant finality.
Bridge workers earn a share of swap fees in return for their efforts. Fees are set by users, so a market is created where bridge workers and users set the supply and demand that will determine the rate.
The bridge is currently deployed on Ethereum’s Ropsten testnet and the BitSong testnet. Validators will need to be running Node.js 14 and a MySQL database to save the status of transactions. A version of MySQL is available through Docker. Once installed, the bridge will start scanning for transactions, and you can begin sending test transfers. Cassini also supports postgres and sqlite.
We’re encouraging as many BitSong validators as possible to get involved in testing the bridge to ensure that we can put the mainnet version live as soon as possible. Please sign up here, and we’ll be in contact regarding the next steps. The sign up deadline is August 3rd, 2021 while on August 4th the test goes live and it will last not more than 10 days, after which Mainnet integration will occur.
The communication regarding the Bridge Test and all the stuff related to the Bridge itself will be made via the dedicated discord server and via email.
The validators taking part in the tests, will be rewarded with 1000 btsg each.
Currently, the bridge functionality is available but without a user interface. As such, we are limiting the initial testing group to validators. However, prior to putting the bridge live in the coming weeks, we will also launch a user interface together with a user guide, to ensure that the bridge is open to everyone.
Thanks as always for your support, and make sure you keep checking back for more news and updates coming soon!