Introducing Everest Bridge to SNOW

Hello everyone,

As the release of the SNOW blockchain is approaching, we’d like to announce our liquidity onboarding solution for SNOW: the Everest Bridge.

What is the Everest Bridge?

The Everest Bridge is a centralized bridge allowing ICONist to bridge from the ICON mainnet to the SNOW EVM chain. This bridge has been motivated by our need to have a stablecoin on the SNOW blockchain to allow our AMM, EverestSwap to route liquidity to optimize and reduce the slippage.

On release, the EverestBridge will allow you to bridge bnUSD to Snow, this will mint synthetic tokens: ebnUSD (Everest bnUSD). We are also planning to support staked ICX (sICX) shortly after release.

Our long term vision is to rely on liquidity bridged from BTP and ICON bridge, that’s why we plan to switch the Everest Bridge to withdraw mode only once one of these solutions is live to contribute to unify the liquidity of ICON native tokens on SNOW.

How to use the Everest Bridge?

Uppon release, you will have access to an UI allowing you to select the token you want to transfer, if you want to bridge to SNOW, you will be able to deposit bnUSD through Hana wallet and if you want to withdraw your bnUSD and recover original bnUSD, you will be able to sign a transaction through Hana and Metamask.

We will charge 0.1% on bridging operations to cover our costs and prevent on-chain spam.

Wen?

We’re planning to release EverestSwap and the EverestBridge on Monday 17th, we’re expecting to release the Bridge in deposit mode only during the first 2 weeks of operations.

Is the Everest Bridge safe?

Our bridge being centralized and thus working like a CEX (centralized exchange), the risks of exploits are limited. We are therefore taking all the precautions to allow a smooth and safe bridging experience for our users and that’s why we decided to postpone the release of the liquidity withdrawal to October 31th.

While the verification of transactions is centralized, all bridge operations are visible and transparent on both the ICON and SNOW blockchains. Any users can verify that the total supply of ebnUSD matches the bridge’s bnUSD reserve. And every mint comes with the txId from the other chains allowing any users to reconstitute all bridges operation at any time.

We’d also like to remind you that Everest Swap is operated by the Staky.io team, an established and doxxed team operating on ICON since genesis.

See you on Monday!