Luna Yield present: First version of Luna Bridge

What is Luna Bridge?

Luna Bridge is a bridging tool that allows users to transfer their tokens from one blockchain to another. The purpose of Luna Bridge is to simplify the process of cross-chain transactions in the front-end while maintaining the security and efficiency of the system in the back-end.

Luna Bridge currently supports Binance Smart Chain, Ethereum, and Polygon. Support for Solana cross-chain transfers will be available in Q3 2021.

How does it work?

A step-by-step explanation of the front-end process that users go through to transfer tokens from one blockchain to another.

♦Luna Front-End Process:

• A user visits the Dapp using a web3-compatible browser.
• The user connects the wallet to an Ethereum/Polygon/BSC RPC node (depends on user demand).
• The bridge displays a simple UI for transferring ERC20 tokens into the ETH bridge to be locked.
• When the user clicks “transfer”, they will be asked to accept the transfer of their tokens into the bridge’s smart contract.
• At the same time, validators will be observing the blockchain and preparing the process of relaying a mint-out request to a corresponding EVM network.
•  If the validator conditions are met, new tokens will be minted and transferred to the user’s wallet.
•  Finally, if the user switches to the corresponding network in their wallet, they will be able to interact with the tokens that have been minted.

♦Back-end

♦Mechanism explained

As can be seen in the diagram above, Luna Bridge consists of a set of smart contracts deployed on blockchains that it supports. The terms above can be explained as follows:

• Ethereum/Polygon/BSC Bridge: The main smart contract that a user would use to start a transfer of an ERC20 token on Polygon/Ethereum and receive the corresponding BEP20 token on the BSC chain and vice versa.
• Validators: These are the off-chain set of processes that will apply the bridging logic. It is a well-known fact that Ethereum, BSC, and Solana cannot communicate directly with each other. In order to relay messages from one blockchain to another, we need trusted services that are off-chain. In Luna Bridge, those services are called validators. Their job is to utilize the event mechanism of both blockchains to accept user requests and relay those requests to the other side. This whole process is done via cryptographic communication protocols that can be freely audited by any external party.
• Token Registry: A smart contract that maintains a record of all the tokens currently registered on the platform, as well as their owners.
• Ethereum/Polygon/BSC Bridge Manager: Smart contracts/programs on blockchains that manage all the processes mentioned above.

Luna Bridge acts as a leaderless consensus bridge rather than a blockchain network. The mechanism of Luna Bridge, has been developed by their developers to deliver security, speed, and simplicity to end-users.

♦ELI5 mechanism can be explained as below:

Users will transfer tokens to the bridges, which will lock the tokens under the watch of validators.

The Luna Bridge program/smart contract will mint the same number of tokens on the end chain. When users want to transfer the tokens back to the original chain, validators will receive the request, burn the tokens on the end chain, and then unlock the original tokens to the user.

The first pilot project on Luna Bridge will be our own token, $LUNY. The bridge will allow $LUNY to be on both Solana and Polygon at the same time, diversify the options of our $LUNY holders.

More projects will be using Luna Bridge, as it becomes a complete decentralized 3-rd party bridging tool, support Solana and EVMs networks.

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