Friday May 10, 2019 marked the official 1 year anniversary of the POA20 Bridge when the first ever production cross-chain interoperability solution was released. To showcase the security and stability of the POA20 Bridge, 1 million USD worth of POA tokens were successfully moved across the bridge and back on that day!
The POA20 Bridge, powered by TokenBridge, addressed and solved issues pertaining to the POA native token including siloed liquidity and POA native token access to Ethereum services. Since POA20 tokens are minted on the mainnet via the TokenBridge mechanisms, accessibility and usability are vastly increased through:
- Decentralized and non-decentralized exchanges: Bancor, IDEX, Bitthumb DEX, Uniswap, CEX.plus and HitBTC
- Lending platforms: POA20 can be used as collateral on the popular decentralized lending platform, ETHLend.
- Payment systems: Both merchants and consumers can use POA20 for payment thanks to the integration of POA20 with CoinPayments.
With the POA20 Bridge, users are able to easily move POA native tokens from the POA Network blockchain to the Ethereum blockchain and back. For a high level overview of how the POA20 Bridge works, check out our explainer ELI5: How does the POA20 Bridge Work?
POA20 Bridge Statistics from its first year of existence:
- Total POA20 Bridged back and forth: 62,210,000 POA tokens
- Total POA currently locked in the Bridge smart contract: 16,550,000 POA tokens (~7% of total circulating supply)
- Total transactions safely conducted via the Bridge: 2000+
The POA20 Bridge was the first of its kind, paving the way for additional cross-chain bridges such as the ERC20 to ERC20 TokenBridge. A growing list of influential projects have adopted our TokenBridge interoperability solution over the past year. Ocean Protocol, Artis Network, Energy Web Foundation, Lukso, Arianee, Ambrosus, Sentinel Chain, CLN, Virtue Poker, and Swarm City have all leveraged the TokenBridge to achieve their project’s vision.
xDai Chain is another initiative that leveraged an ERC20 to Native TokenBridge powered solution: The xDai Bridge! The success of xDai validates the work and shows that projects will continue to explore new use-cases for the TokenBridge.
Community feedback has driven this project, and we are grateful for all the support and ideas we’ve received. Ideas from users have helped shape the TokenBridge functionality and advance our mission of interoperability. On top of that, our development partners Protofire, EthWorks and PepperSec have supported and provided many projects with custom POA and TokenBridge based solutions.
Our vision is to consistently launch innovative blockchain solutions to ensure we’re addressing the most critical technological challenges that exist today.
Stay tuned for more updates!