Shiba Inu: You Can Now Move Ethereum-Powered $SHIB Tokens to Avalanche ($AVAX)
Shiba Inu ($SHIB), a meme-inspired cryptocurrency that saw its price explode earlier this year on a retail trading frenzy, has been added to the Avalanche Bridge, which will allow users to transfer their SHIB onto the Avalanche blockchain.
According to an announcement published on Twitter, Shiba Inu is the first token of others that are set to be added to the Avalanche Bridge so they can “be transferred between Avalanche and Ethereum.”
In a blog post, Avalanche has detailed that the Avalanche-Ethereum Bridge is a “two-way token bridge that enables seamless ERC-20 and ERC-721 transfers between Avalanche (via the C-Chain) and Ethereum.
The post details that for Ethereum to be used within decentralized applications on the Avalanche blockchain, wrapped ether (WETH) can be locked in the ChainBridge contract so an equivalent token on Avalanche can be minted. The process is presumably the same for Ethereum-based tokens such as SHIB.
As CryptoGlobe reported, search interest for Avalanche (AVAX) exploded this year after the price of the cryptocurrency exploded over 2,900% year-to-date. Avalanche, according to its developer documentation, is an open-source platform for “launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem.
Avalanche is the first decentralized smart contracts platform built for the scale of global finance, with near-instant transaction finality. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.”
Avalanche’s documentation notes that a key difference between it and other smart contract networks is the consensus protocol it uses. It adds the Avalanche protocol “employs a novel approach to consensus to achieve its strong safety guarantees, quick finality, and high-throughput without compromising decentralization.
AVAX is the network’s native token. It’s used to pay for fees on the Avalanche blockchain and can be staked to earn yield. Shiba Inu has been meanwhile seeing its adoption explode.
SHIB was listed for a spot trading pair on one of the world’s largest cryptocurrency exchanges this week, Bybit, and was added as a payment method at the Binance-backed travel booking platform Travala. Travala offers “2,200,000+ properties covering 90,124 destinations in 230 countries and territories” and was founded in 2017.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash
Source: Read Full Article