This article briefly:
Metamask launched a new cross-chain bridge via the Connext protocol.
Solutions like Connext are driving cross-chain innovation.
In addition to enabling multi-chain wallets, bridges are also driving the deployment of new DeFi products.
Metamask introduces a new cross-chain bridge, made possible by implementing the Connext protocol.
Users who want to move tokens across chains can now select the Connext bridge from Metamask’s bridge aggregator.
From Metamask Bridge, users can now see Connext quotes for bridge requests. Connections between Ethereum Mainnet, Polygon, BNB Chain, Optimism, and Arbitrum are all included.
Aggregators let Metamask users choose their preferred bridge
Metamask Bridges was first launched in November 2022, enabling users to make cross-chain swaps directly from their wallets.
In addition to Connext, participating bridge providers include Hop, Celer cBridge and Polygon. When a user wishes to exchange a token on one blockchain for a token on another blockchain, they receive a quote from each available bridge. They can then select the option they prefer.
With the explosive growth of multi-chain and cross-chain technologies in recent years, bridging solutions like those provided by Connext have become a key enabling technology. Unfortunately, a series of high-profile hacks have exposed the security vulnerabilities of many bridges.
Metamask’s solution to the security challenges faced by cross-chain bridging is to offer its users a choice of bridge providers. In addition to reviewing the different technologies available, the company also gives users more choice in who to trust by offering different options.
Connext sees surge in cross-chain activity
It may not be the most established player in the space. But in a short time, Connext has attracted a notable community of users and developers.
In a press release announcing the closing of a $7.5 million funding round that valued the company at $250 million, Connext reported that over 1.2 million cross-chain transactions had passed through its network.
The network has grown rapidly since launching its V2 in February. Along with Metamask, Connext now counts the likes of Planet IX and DODO among companies building with its technology.
Decentralized exchanges embrace cross-chain bridges
As more blockchain fragmentation solutions emerge, it’s not just wallet providers that are exploring different bridging options.
While exploring its multi-chain possibilities, decentralized exchange Uniswap has also looked into different bridge solutions. The Uniswap Foundation recently published a report supporting two bridge providers for potential cross-chain deployments.
Uniswap’s Bridge Evaluation Committee was formed following a heated debate among stakeholders ahead of the exchange’s deployment on the BNB chain.
The proposal to use Wormhole to do so ultimately passed, but not with a supermajority. About 56,000 votes were in favor and about 28,000 were against.
As the committee’s report explains, “Pre-vote discussions made clear that cross-chain messaging and the protocols that support it occupy a nascent and complex design space.”
Uniswap supports Wormhole and Axelar bridges
After evaluating the merits of different bridging solutions, the ad hoc committee concluded that “the Wormhole and Axelar bridges are currently suitable for DAO use [in] future cross-chain deployments.”
However, it recommends that the community review them and other bridge providers on an ongoing basis.
Finally, other decentralized exchanges, such as Pancakeswap, are also embracing multi-chain deployments. Looking ahead, cross-chain transfer and messaging protocols are becoming increasingly important to the DeFi ecosystem.