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Rainbow Bridge

Rainbow Bridge

Rainbow Bridge is a transfer tokens between Ethereum, Aurora & NEAR founded in 2021.

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All edits by  Inna Lipova 

Edits on 5 Feb, 2022
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Inna Lipova
edited on 5 Feb, 2022
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Rainbow Bridge

Transfer tokens between Ethereum, Aurora & NEAR!

Article
About the Rainbow Bridge

The Rainbow Bridge is the official bridge for transferring tokens between Ethereum, NEAR and the Aurora networks. The bridge is the product of Aurora, the Ethereum-compatible scaling solution built on NEAR.

You can use the bridge to move tokens between any of the three networks. Depending on the selected direction, bridging can involve one or two transactions. Transfers to NEAR & Aurora require a single transaction, and take up to 10 minutes. Transfers to Ethereum require two transactions, and can take up to 12 hours. To learn more, check out our FAQs.

The Rainbow Bridge is unique among bridges, and we’re proud of both its user experience and its technological underpinnings. We hope you enjoy using it, and if you do, mabye consider giving us a shout out on Twitter!

Finally, we’d would love for you to join our community in Discord, and stop by to say hello!

Inside the Rainbow Bridge

The ETH ↔ NEAR Rainbow Bridge is a trustless, permissionless protocol for connecting blockchains. The bridge protocol removes the need to trust anyone except the security of the connected chains. Anyone can deploy a new bridge, use an existing bridge, or join the maintenance of an existing bridge without getting approval from anyone else.

The Rainbow Bridge allows any information that is cryptographically provable on NEAR to be usable in Ethereum contracts and vice versa — including the ability to read the state and schedule calls with callbacks on the other chain. This means a user can vote with their ETH balance in a NEAR DAO without sending a transaction on Ethereum.

The nature of the Rainbow Bridge means its fully decentralized and adaptable to any future protocol changes. For more details about the architecture of the Rainbow Bridge, read the technical deep dive here.

How the Rainbow Bridge works

The bridge is accessible and easy to use. All you need is the ETH Faucet and a MetaMask wallet.

  • Once on NEAR, transactions will confirm in 1-2 seconds and cost well under $1 in most cases.
  • Since the Bridge requires transactions on Ethereum for NEAR <> Ethereum, the following costs are expected.
  • Sending assets from Ethereum to NEAR takes about six minutes (20 blocks) and for ERC-20 costs about $10 on average.
  • Sending assets from NEAR back to Ethereum currently takes a maximum of sixteen hours (due to Ethereum finality times) and costs around $60 (due to ETH gas costs and at current ETH price). These costs and speeds will improve in the near future.
Table

Title
Author
Link
Type
Date

Rainbow Bridge

https://rainbowbridge.app/about

Web

Table

Title
Date
Link

Rainbow Bridge

https://rainbowbridge.app/faq

Infobox
Is a
Cryptocurrency
Cryptocurrency
Industry
Cryptocurrency
Cryptocurrency
Blockchain
Blockchain
Finance
Finance
Technology
Technology
Decentralized application (dApp)
Decentralized application (dApp)
Decentralized Finance
Decentralized Finance
B2X
B2B2C
B2B2C
Company status
Active
Founded date
2021
Parent organization
NEAR Protocol
NEAR Protocol
"Created via: Web app"
Inna Lipova profile picture
Inna Lipova
created this topic on 5 Feb, 2022
Edits made to:
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 Rainbow Bridge

Transfer tokens between Ethereum, Aurora & NEAR!

Infobox
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Company
Company
Website
https://rainbowbridge.app/

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