The Lago Bridge is Live in Beta!
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The Lago Finance team is thrilled to announce that we have completed the beta launch of the Lago Bridge! This launch marks a historic moment for the Kadena ecosystem as this is the first bridge to be deployed bringing outside assets to Kadena. This unlocks the potential for new tokens to migrate from Ethereum, helping to build liquidity on Kadena and increase the diversity of choice for its users.
Token Support
The first supported token on the Lago Bridge is USDC. Anyone with USDC on Ethereum can quickly transfer it over to Kadena in a wrapped form, known as kwUSDC. The “kw” prefix stands for Kadena-wrapped and is meant to inform users that this is not a Kadena-native asset. The bridge will also support unwrapping, allowing users to burn their kwUSDC tokens and receive collateral back in the form of USDC on the Ethereum side of the bridge. Therefore, the value of kwUSDC will be maintained by the ability for users to bridge back to Ethereum in exchange for an equal amount of USDC, at any time.
There are currently two wallets which are supported on the bridge. For the Ethereum side, users will need to use Metamask and for the Kadena side they will use X-wallet. To add the token to X-wallet, simply click “Add more tokens” and input the contract address as “lago.kwUSDC” without quotes. Follow us on Twitter @LagoFinance to stay up to date with any new updates to the bridge including new token support or increased wallet options.
Fees
As a show of dedication to the Kadena community, the Lago Bridge is launching with no monetization. The only fees that users have to pay are gas fees charged by miners on the Ethereum blockchain. The Lago Finance team is subsidizing the gas fees for Kadena. This decision was made to encourage as many users as possible to use the bridge by minimizing the costs and friction for bridge usage.
It is important to note that since this bridge is launching in beta, it is being provided on an as-is basis. The bridge has not been audited yet and while it has been through extensive testing by the team, there is still the possibility for bugs or other issues. If you run into any issues while using the bridge, please fill out a support request by clicking the help button in the bottom right-hand corner and providing as much information as possible related to your concern. We will work diligently to provide support and resolve any issues that are brought to us.
Conclusion
This is an exciting step forward for both Lago Finance and the Kadena ecosystem. The kwUSDC token has already been added to pools on decentralized exchanges (DEX), namely Kaddex and KDSwap, allowing fast, gas-free trading.
Our next goal will be to add additional token support as well as to work toward getting the bridge audited. Stay tuned and follow us at our social media links below to receive news and updates on our progress.
