Plenty :: Bridge Update: Wrapped Assets Migration

Read More

In April of 2021, the Wrap Protocol launched to enable users to move assets between Ethereum and Tezos, empowering greater interoperability between these two ecosystems. Today, our developers are hard at work to rebrand and transform the bridge into a common good for the Tezos community. After the rebrand more bridges to different blockchains will be launched by the new Bridge Quorum to help solve the liquidity problem of the Tezos decentralized finance (DeFi) ecosystem.

Where are we in the development? 🧐

In February we announced that the Wrap Protocol will be rebranded. Besides a rebrand we’ve improved the overall bridging experience: moving your assets from Ethereum to Tezos will take you less than 5 minutes after the update!

The aim is to launch the updated Ethereum bridge on plentydefi.com early May.

A New Signers Quorum 🏛

The Plenty bridge relies on an off-chain federation, called the Signers Quorum, which makes sure that at any given time the amount of bridged tokens issued on the Tezos blockchain corresponds to the amount of original tokens locked on Ethereum.

The Signers Quorum guarantees the stability of the bridge. The Quorum is a strong federation: its members cannot be trusted, but the federation itself can. Quorum Members interact with both the Ethereum and the Tezos blockchain, and create bridge and unbridge transactions based on user activity. In its initial version, the quorum will be made up of 5 well known members of the Tezos community:

Teztools.ioCodecrafting LabsMIDL.devProphet OneTezsure

The team is working together with Bender Labs and the new Signers Quorum to facilitate a smooth migration from the old Signers Quorum from the Wrap Protocol to the new one from the Plenty Bridge.

The bridging fee will be lowered to 0.1% and evenly split between the quorum members to cover infrastructure costs.

Wrapped Asset Migration ⏳

The new assets on Tezos bridged from Ethereum will have a completely different smart contract address than the one of the Wrap Protocol. The naming convention for the new bridged assets will be:

<bridged_asset>.<source_chain>

For example, USDC from Ethereum will be USDC.e, and when the Signers Quorum introduces more bridges in the (near) future BNB from BSC will be BNB.b, and etc.

So what about the old wAssets like wWETH, wLINK, wWBTC, wUNI, wAAVE?

The Wrap Protocol will be deprecated which means you’ll need to convert the old assets to the new ones using Plenty’s migration tool.

Wrapped Asset Migration Tool

Not all assets will be migrated to the new convention. Tokens that are not supported in the updated bridge can only be unwrapped after the rebrand. The assets that are rebranded and supported on the Plenty Bridge from Ethereum to Tezos are:

WBTC.eWETH.eUSDC.eUSDT.eDAI.eBUSD.eLINK.eMATIC.eagEUR.e

What will happen to the wAsset Farms? 👩‍🌾

To support this migration, the developer team proposes to the Plenty DAO to stop emissions to all the old farms at the time of the rebrand, and opening of new farms at the same time.

The wrapped asset rebrand gives us the opportunity to redirect PLENTY emissions from the following farms that are required to close due to the rebrand of the wrapped assets:

PLENTY — wUSDC LPPLENTY — wBUSD LPPLENTY — wUSDT LPPLENTY — wDAI LPPLENTY — wWBTC LPPLENTY — wWETH LPPLENTY — wLINK LPPLENTY — wMATIC LP

The goal is to attract liquidity in trading pairs compatible with the new Plenty Network before launch. Being compatible with the new Plenty Network means that before the relaunch of Plenty the trading fees accumulate in the liquidity pool. After relaunch the trading fees will be added to the attached gauges and are allocated to vePLY NFT voters. Trading pairs that are expected to attract liquidity, volume and emissions after relaunch:

Stable pairs:

USDT.e — USDC.e LPDAI.e — USDC.e LPkUSD — USDC.e LPuUSD — USDC.e LPUSDtz — USDC.e LPEURL — aEUR.e LPETHtz — WETH.e LPtzBTC — WBTC.e LPTEZ — CTEZ LP

Volatile pairs:

USDC.e — CTEZ LPWBTC.e — CTEZ LPWETH.e — CTEZ LPLINK.e — CTEZ LPMATIC.e — CTEZ LPDOGA — CTEZ LPEURL— USDC.e LP

These liquidity pools will be compatible with the new Plenty Network. This means that before the relaunch of Plenty the trading fees accumulate in the liquidity pool. After relaunch trading fees will be added to the attached gauges and are allocated to vePLY NFT voters.

Read the complete Plenty DAO proposal here.

What do I need to do? 🙀

We recommend everyone to upgrade their old wrapped assets to the new bridge assets when the migration tool is deployed. When the time comes you might have to unstake your LP tokens from a farm, and/or remove your liquidity from a liquidity pool. We will share specific dates when we get closer to launch so users can prepare the required steps. After your wrapped asset swap you can add liquidity to new liquidity pools based on the new bridged assets.

Upgrade your wAssets in May, just a few weeks away!

What will change?

The most popular bridge on Tezos will be available on plentydefi.com.An intuitive UI/UX makes the lives of bridge users easier.Users will receive asset.e tokens from this bridge.Thanks to the new scalable UI/UX it will become easier to quickly add more bridges.

About Plenty

The Plenty team is building an all-in-one decentralized platform on Tezos. Plenty will allow swaps on uncorrelated assets, and low cost, near 0 slippage trades on tightly correlated assets. Plenty will also feature a built-in bridge from multiple EVM blockchains to Tezos.

Website: plentydefi.com

Discord: discord.gg/plentynetwork

Twitter: twitter.com/plentydefi

Bridge Update: Wrapped Assets Migration 🌉 was originally published in Plenty on Medium, where people are continuing the conversation by highlighting and responding to this story.