Equilibrium Partners With Multichain
Equilibrium Partners With Multichain
Announcement of a new and improved bridging solution that they are working on in collaboration with Equilibrium partners with Multichain. This will allow it to remain permissionless while becoming independent from other Multichain pools.
Equilibrium team will have a more direct and streamlined access to maintenance on both Ethereum and Moonbeam sides of the bridge. Overall this should result in a better service compared to the previous solution.
The solution will migrate from the current Router to a new one which will be a purely cross-chain messaging protocol. The key difference here compared to the current Router is that it will not be connected to other Multichain pools. Migration process will be assisted by Multichain. The significant change in design is that wrapper contracts for xc-20 tokens will now be deployed by Equilibrium.
Why do we need a new bridge in the first place?
As you might already know, recently a user was able to withdraw a large amount of USDC tokens from Moonbeam that they should not have been able to. This was due to the differences in expected behavior between erc-20 tokens and mintable xc-20 tokens as explained here. All assets remain secure in Multichain custody and will migrate to the new bridge once it’s ready.
What does this mean for Equilibrium users?
EQ and EQD are both available for bridging. This combined with our recent listing of EQ on exchanges means that users can move liquidity in and out of the Equilibrium platform at their discretion.
ETH and USDC will become available for bridging again when we complete developments of the new solution in collaboration with Multichain.
About Bifrost
Bifrost a cross-chain network built on a substrate that gives liquidity to staked assets as staking derivatives. It is based on open-source platforms, primarily as a Polkadot parachain. Because of Bifrost’s cross-chain functionality, others can create integrations to enable staking on other PoS networks.
