Since the advent of cryptocurrencies and digital wallets, transactions across borders and regions have been more efficient with high speeds of delivery.
The 2023 Global Crypto Adoption report by Chainalysis shows Nigeria as ranking 2 with an index score of 0.624. (the closer the index score to 1, the higher the rank). This report reveals a growing adoption rate of crypto and Web3 tech in the Sub-Saharan African region.

However, with different blockchains coming up, moving crypto tokens across blockchains can be difficult and have a high cost. That’s where Web3 bridges come in. In this article, we’ll look at the concept of Web3 bridges and how they help with an easier way to carry out crypto transactions.

Excited? Let’s get in! 👍

What is a Web3 Bridge?

Bridging in Web3 involves moving a token (cryptocurrency) from one Blockchain to another, while still maintaining the value of that token. Web3 bridges enable interoperability and swift connections across blockchains.

In basic terms, a Bridge is used to move from one location to another. Bridges in Web3 provide a means to move tokens/data from one blockchain to another.

Example

If John is travelling from California to Texas, he can use a bridge from California to Texas and remain John. Same John, but different location.

That's similar to Web 3 bridging, which can involve moving 50ETH from the Ethereum to a Cardano Blockchain and still maintaining the value, with lower transaction fees.

Why Web3 Bridges?

As technology is evolving, so are the blockchains. It started with Bitcoin, and now we have XRP Ledger, Ethereum, Cardano, and many others. With this expansion, the need for effective communication and collaboration between these diverse blockchains becomes crucial.

Bridges help reduce the high transaction costs of gas fees like on Ethereum.
Web3 bridging aims to create a more interconnected and collaborative decentralized landscape in the Web3 ecosystem.
It addresses the challenge of isolation among various blockchain and decentralized platforms by enabling seamless interaction and data transfer.

Bridging Solutions in Web3

In this section, we’ll look at three platforms that are providing solutions for Web3 bridging. Here is a list of some more Web3 bridges.

1. Bungee Exchange

Bungee is a Web3 bridge platform powered by Socketscan, where you can move your cryptocurrency assets across Blockchains.

Here is an example of moving 60USDC from Ethereum to Polygon using Bungee.

Note: Ethereum and Polygon are different blockchains, but with a Bungee as a bridge, you can move the token across. Also, to use this you need to connect your crypto wallet to Bungee.

2. Polygon Wallet Suite

Polygon Wallet Suite is a bridge by Polygon - an Ethereum-compatible blockchain ecosystem, that can be used to bridge (transfer) assets from Ethereum to other Polygon networks.

3. Polkadot

Polkadot is a multi-chain network founded by the Web3 Foundation that allows different blockchains to interoperate and share data, assets and tokens. It provides a framework for building custom interoperable blockchains (parachains) that communicate with each other and can be used to create bridges between different blockchain networks.

An example of a bridge built with the Polkadot framework is:

Polkadex: Polkadex is a decentralized exchange (DEX) built on the Polkadot network. It allows for the trading of assets across different blockchains, leveraging the interoperability features of Polkadot.

As we progress towards a decentralized and interoperable internet, Web3 bridges are necessary tools that offer a solution to moving your crypto tokens. Just like we use bridges in the physical world, Web3 bridges also connect other blockchains in the digital world, bringing about true decentralization.

Have you used a Web3 bridge before? Share your experience and thoughts in the comment section. 🔽

Thanks for reading!

Cover Image by vectorpocket on Freepik