Bridging Atlas-20 from Atlas to HECO for Better Utilization
RHEA：The Atlas-HECO Bridge is live on Mainnet
Hyperion is thrilled to introduce RHEA, a secure, decentralized digital asset bridge allowing users to move assets from Atlas to HECO, of course, also from HECO back to Atlas. As the first bidirectional cross-chain bridge on Hyperion. RHEA opens up the gates for investments to flow freely between Atlas and HECO blockchains, permit users to bridge any Atlas20 assets.
Following our last post on Twitter, Mar 2, 2021, Hyperion join hand with an Australian-based investor to launch Hyperion Fund to conduct further blockchain industrial research and investment, with Defi and NFT market in particular. The latest release, RHEA, a cross-chain bridge, will be the first-ever launcher under the Fund ‘supervision and become the first applicational case.
WHAT IS BRDIGE (the cross-chain ecosystem)
Being an application that concatenates two blockchains and enables asset transfer in between, people see the cross-chain bridge as resource utilization. The asset transfer is typically done by locking up an asset on one specific blockchain and minting the equivalent amount of asset on the connected blockchain, which features in burning the minted asset as soon as the locked asset is released.
The cross-chain ecosystem has its mechanism to validate cross-chain transactions with validators (aka oracles or guardians).
About RHEA?
Current version is now live on Mainnet and is the first piece of our cross-chain ecosystem. We want our early users to get a feel for bridging Hyperion assets effortlessly and cost-effectively. So, it should be easy to use and cheap enough. The Atlas <>HECO cross-chain bridge is meant to bolster a vibrant cross-chain ecosystem on HECO that will enable users and developers to interact with assets freely from both chains smoothly.
ABOUT HECO
It is a decentralized public blockchain, an open platform for Huobi.
MDEX: It is a professional decentralized trading platform (DEX) based on HECO, aiming to create the largest Defi ecosystem. Providing a more secured transactional environment, plentiful asset selections and configuration, and higher ROI.
HECO and MDEX: Given the volatility spillover effect on the Ethereum market, the emerging of MDEX is rather appealing with combing the advantage of the low transmission fee of the HECO chain and the Ethereum ecosystem’s prosperity. Participating in dual mining mechanism of liquidity and trade mining motivate users to go further in the Defi era.
TOKENS NAME
Demonstrating a conversion of our Atlas20 into HECO-HRC20
Hyperion: Atlas20
HECO: HECO-HRC20
WHAT’S FOR US
Agility X Independence
Blockchain-based projects and scaling proposals face iterative updates, making users and developers find it hard to determine where to settle. Settlement in one place might not necessarily be efficient for multi-businesses development, particularly when it comes to placing your assets or information in a fixed term. Meanwhile, despite witnessing significant on-chain developed applications, speed and cost are still a hurdle for breakout adoption. Therefore, the Atlas <> HECO cross-chain bridge is here to enlighten the future adoption and value via features, tools, communities and capital.
Below sections will first walk through three major features and wrap up with a pointed roadmap.
- Asset Liquidity and Interoperability
Token bridges enable the flow of value from one chain to another and back. Users shall no longer be concerned by the restrictions that certain products work only on one chain; with mobility, they should realize asset migrations among chains and take full advantage in cultivating available resources. Ultimately, users expect equal assets on both chains and achieve seamlessness integration.
2. Market Recognition and Flow of Value
The Introduction of RHEA symbolizes a great partnership between HECO, a public chain based on Huobi, and Atlas Mainnet, a high-performance spatial consensus blockchain. Current Hyperion users and future developers may pursue a more abundant platform and prosperity to make transactions without concerning cross-chain incompatibility. The integration shall bring synergies to services users.
3. Minimal Transaction Cost
By opening up the benefits of Hyperion’s speed and cost, RHEA enables existing projects, platforms and communities to move tokenized assets seamlessly across blockchains to benefit from Atlas’s high speed and low cost. Sidechains can provide higher throughput for faster and cheaper transactions while staying connected to the HECO for liquidity.
In simple terms, RHEA lead us to MDEX and prepare for future Defi possibilities. Here is the roadmap.
HOW DOES IT ACUTALLY WORK? (Same application on the reverse transfer)
Before illustrating the bridging process, we should highlight one fact, that no inflation shall ever occur due to the transmission. The burning and unlocking activities are always maintain in equilibrium.
Burn <-> Unlock
Mint <-> Lock
Burning the HECO asset will unlock the corresponding asset on Atlas, vice versa
From transfer from Atlas to HECO chain, here is the flow. Users request the bridge to transfer
Atlas20 tokens，provide their HECO address to receive HECO-HRC 20 assets 1:1 on HECO in return for authorizing the bridge to lock their Atlas20 tokens
The bridge hosts a set of validators that listen to this request and verify the locking. They are expecting the required number of Atlas block confirmation to ensure finality, which secures the locked transactions never leave the Atlas Mainnet. Upon confirmation bridge validators request HECO manager to mint the HECO-HRC 20 assets and transfer to the recipient’s user account.
The other way around, when users request the bridge to take back HECO-HRC 20 assets and provide an Atlas address to receive Atlas20 tokens 1:1 in that wallet by authorizing the bridge to burn those HECO-HRC 20. The bridge validators capture this request and verify the burn transaction on HECO, and request the bridge contract on Atlas to release the locked Atlas20 tokens to the user specified account.
Appendix
Figure A.
Figure B.
