Plenty Launched a Bridge to Ethereum: NOW It’s Time to Farm!
In February, the Plenty team revealed their plans to merge with Wrap Protocol and launch their own cross-chain bridges. And so, on June 1, Plenty launched the bridge, exchanging old tokens and farms for new tokens.
In this post, we’ll talk about the assets the Plenty bridge supports, how much it costs to use it, what to do with WRAP Protocol tokens now, and how you could profit from new wrapped tokens.
What Tokens Plenty Bridge Support
Eight popular ERC-20 steblecoins and tokens are available for transfer:
- Ethereum (ETH);
- WBTC (Bitcoin wrapped);
- Tether (USDT);
- USD Coin (USDC);
- Polygon (MATIC);
- Chainlink (LINK);
- Binance USD (BUSD).
A total of $4 million worth of assets are blocked in the bridge contract. Tezos users give preference to WBTC. Its volume is $1,8 million.
The bridge interface is simple: you need to link Ethereum and Tezos wallets, select the transfer direction and asset, specify the amount of tokens, and confirm your actions.
Then you need to sign the transaction. To transfer any tokens from Ethereum to Tezos, you will have to pay a fee in ETH of about $5 to $10.
In about 5 minutes, wrapped tokens will appear in the wallet.
The mechanics of Plenty Bridge are quite simple (we used USDT as an example):
- A user sends USDT to the bridge contract on Ethereum, i.e. makes a deposit.
- A quorum (6 teams from the Tezos ecosystem) confirms the deposit and publishes the confirmation in the IPFS.
- The bridge’s contract on Tezos receives the confirmation, creates the same amount of USDT, and sends them to the user’s wallet.
A reverse USDT transfer works similarly: a Tezos contract burns tokens, the quorum confirms it, and an Ethereum contract returns USDT to the user.
Swapping Wrap Protocol Tokens on Plenty Bridge
The merger plan for Wrap Protocol and Plenty suggests that the governance title for old WRAP contracts and respective blocked assets are transferred to Plenty. Thus, old tokens retain their collateral and value.
Plenty has launched a special service so that users could exchange them for new tokens supported by Plenty Bridge.
Unsupported assets like wAAVE, wCOMP, or wHUSD can be transferred back to Ethereum via the WRAP website.
How to Profit from Plenty’s Wrapped Assets
Plenty has already opened five farms for PLENTY token mining. You need to add the appropriate assets to the liquidity pool, get LP-tokens, and put them into the farm. Yields range from 19% to 431% APY.
To immediately find farms for new wrapped tokens, enter “.e” in the search bar.
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