The Solarbeam Foundation is very excited to announce the implementation of the xc-20 Bridge!
To optimise the user’s experience even further, we developed a built-in xc20 Bridge into Solarbeam’s UI.
This integration will enable our users to transfer their KSM tokens and other cross-chain assets to the Moonriver network directly from our website.
Additionally, this connection can work in reverse allowing native Moonriver based xc20’s to be transferred from Solarbeam to other networks.
As a next step, we aim to add even more xc20 assets into our Bridge and support as many parachain networks as possible.
But what exactly is an xc20?
The xc20 tokens are ERC20 compatible, but also Substrate-native assets built upon the XCM (Cross Consensus Messaging) format of Polkadot and Kusama network.
You can think of them as a new type of interoperable tokens that adapt the ERC20 standard but also utilize the shared security of the Substrate framework and open the door to cross-chain interactions between parachains.
First and foremost, facilitating interoperability functionality between networks creates new opportunities for projects to unlock the potential of a broader ecosystem and establishes cross-chain tokens that can freely move within the Kusama ecosystem and be used in a limitless number of DApps. Xc20’s can also be minted or burned directly on Moonriver allowing further flexibility for teams and token holders.
The integration of the xc20 standard can widen the development of multi-chain applications, that are accessible and easy to interact with for the everyday user, and lead to an immense increase of DeFi capabilities.
Solarbeam aims to utilise this unique technology to its fullest and showcase the capabilities that it brings to the Dotsama ecosystem.
About Moonriver Network
Moonriver is an Ethereum-compatible smart contract platform on the Kusama network that makes it easy to build natively interoperable applications. As a parachain on the Kusama network, Moonriver benefits from the shared security of the Relay Chain and integrations with other chains that are connected to Kusama.
Solarbeam is a decentralized exchange, providing liquidity and enabling peer-to-peer transactions on the Moonriver Network. The goal is to provide a comprehensive and convenient, one-stop platform for the cryptocurrency community.