In the past, Ethereum was the only chain that captured the majority of TVL in the DeFi market. However, 2021 saw the rise of many new ecosystems to gain TVL shares from Ethereum. Users now have various options of what chain they want to invest their money in. This has created the demand for moving capital among chains, and cross-chain bridges have been paid more attention than ever.
This article will find out about one of the most notable bridges in the market – Allbridge.
What is Allbridge?
Allbridge provides an easy and reliable way to transfer assets between different blockchains. It acts as the bridge between EVM and non-EVM chains. Allbridge supports up to 8 chains and more to be announced in the future.
The mission of Allbride is to remove any border among different blockchains, which maximizes the capital efficiency in the DeFi ecosystem.
How Allbridge works?
From the user’s perspective, the process is straightforward: They only need to complete 2 transactions:
- The send transaction on the source blockchain.
- The receive transaction on the destination blockchain.
However, under the hood, the process is more complicated. There are 4 main entities taking part in this process:
- Source blockchain (Blockchain A) smart contract.
- Destination blockchain (Blockchain B) smart contract.
Allbridge supports 4 main types of token transfers: Native-Native, Native-Wrapped, Wrapped -Native, Wrapped -Wrapped. In this part, I will explain how the Native-Native token transfer works, and for the other types, you can find out more here.
In this case, users transfer native tokens from blockchain A to receive native tokens on blockchain B. The process will be as below:
- User sends tokens to the blockchain A smart contract, which records the address and the X tokens to be received on the blockchain B.
- Blockchain A smart contract locks the received tokens and initiates a request log.
- User asks the validator to check the requested log.
- Validator checks if funds were actually locked in the blockchain A smart contract.
- If the answer is yes, the validator sends its signature to the user.
- If the answer is no, the validator responds with the message: “Transaction is not found”.
- User sends the signature to the blockchain B smart contract.
- Blockchain B releases X tokens to users instantly,
What is ABR token?
ABR is the native token of Allbridge and is used to pay the bridge fees.
Detailed information about ABR token
ABR Key Metrics
- Token Name: Allbridge.
- Ticker: ABR.
- Blockchain: Solana, Ethereum.
- Token Standard: ERC20, SPL.
- Ethereum: 0xa11bd36801d8fa4448f0ac4ea7a62e3634ce8c7c
- Solana: a11bdAAuV8iB2fu7X6AxAvDTo1QZ8FXB3kk5eecdasp
- Token Type: Utility.
- Total Supply: 100,000,000 ABR.
- Circulating Supply: Updating…
ABR Token Allocation
- Ecosystem DAO: 25%
- Liquidity mining and validator incentives: 20%
- Marketing and partnership incentives: 11.875%
- Development incentives: 11.5%
- Team: 11%
- Liquidity pools on various blockchains: 10%
- APYS staking: 5%
- APYS snapshot: 5%
- Token Sale: 0.625%
ABR Token Sales
ABR Release Schedule
- Ecosystem DAO: 12-month cliff
- Liquidity mining and validator incentives: 2-year linear unlock
- Marketing and partnership incentives
- Development incentives: 2-year linear unlock
- Team: 12-month cliff after 2-year linear unlock
- Liquidity pools on various blockchains
- APYS staking: 12-month cliff after 2-year linear unlock
- APYS snapshot: 6-month cliff after 2-year linear unlock
- Token Sale: 100% available at TGE
ABR Token Use Cases
Some use cases of ABR tokens are:
- Paying bridging fees
- Staking to get discounts on the bridging fees
- Paying the subscription fee – the fee for a project to use Allbridge
How to get ABR token
Users can get ABR Token by:
- Joining the airdrop event on APYSwap.
- Staking on APYSwap.
- Farming on Orca.
How to buy ABR token
You can buy ABR from the following exchanges: Uniswap, Raydium, Orca, ApeSwap,…
How to store ABR token
You can store ABR ERC-20 and ABR SPL on Coin98 Wallet by following these steps:
Step 1: At the main screen of Coin98 Wallet, click Receive
Step 2: Search for ABR token.
Step 3: Copy your ABR wallet address and send ABR tokens to this address.
Allbridge will soon add more blockchains to its platform: Terra, Near, Fantom, Aurora, Tezos, and Arbitrum.
Team, Investors, and Partners
Allbridge was founded by @avelykyy as part of a parent APY Foundation.
Some partners of Allbridge are Impossible Finance, Saber, Mobius, Hacken, Orca, Aurora, Near…
Is Allbridge (ABR) a good investment?
I hope that from all the mentioned information, you can get a basic understanding of Allbridge to start researching more about this project. It is hard to tell firmly whether any project/ token is a good investment or not.
However, I will provide you with some key highlights of Allbridge so that you can do your own research and make your own investment decisions.
The DeFi market is now not centralized in only one chain but spread across different chains. This creates a massive demand for bridging activities to easily transfer assets from one chain to another. Therefore, Allbride as a cross-chain bridge that will become a fundamental building block in a multichain world.
Compared to 2 other active bridges in the market: Wormhole bridge and cBridge, Allbridge has the highest total bridged value and is also among the bridges that support the highest number of chains. In the future, the number of chains supported on Allbridge may be even more. This shows a competitive position of Allbridge to outperform in the multichain era.
In terms of how ABR can capture value from the growth of Allbridge, one of the ABR use cases is to be staked to reduce the bridge fees. As the volume of transactions increases, so do the fees. Therefore, if Allbridge continues to thrive, the demand for ABR tokens will increase accordingly due to the rising need to reduce the bridging fees.
- Wormhole Bridge: Supports both EVM and non-EVM chains.
- cBridge: Supports EVM chains.
- Anyswap: Supports EVM chains.
That is all you need to know about Allbridge. If you want more information about this project, feel free to comment below. You can also join our community at Coin98 Community to discuss any topic you are interested in.
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Posts “What Is Allbridge (ABR)? All About ABR Token” posted by on 2023-10-01 14:53:58. Thank you for reading the article at www.atccoin.net