Bridges exist to connect different networks, allowing the transfer of information, data and assets between them. They are protocols that enable communication between blockchain ecosystems, improving scalability and interconnection.
Cross-chain technology encourages quicker transaction processing times and immediate token exchanges, becoming an essential feature of web3 developments.
This article ranks the best 9 cross-chain bridges that will rule 2023.
What is a Cross-chain bridge?
They are protocols that can put communication between two isolated blockchain ecosystems, facilitating interconnection between blockchains through transferring information, data and assets.
There are several types of bridges: custodial, non-custodial, unidirectional, bidirectional, cross-chain and multi-chain.
Best Cross-chain Bridges
THORChain is one of the most popular cross-chain bridges. Its a settlement layer that facilitates swaps between different chains, and it is secured by its native token, RUNE.
It aims to empower users to move throughout the crypto economy without relying on centralized intermediaries, allowing swap assets without relying on wrapped tokens. It also provides liquidity and maintains custody, insuring liquidity providers against impermanent loss after 100 days. There is no additional risk compared to holding both paired assets. But as we can read on its website, swaps are just the beginning; new blockchain integrations and features, including synthetic assets, are planned.