Announcing VORTEX Bridge
Today we’re excited to announce the imminent launch of Vortex, a Koinos native bridge! Vortex is designed from the ground up to offer the best user experience and the lowest cost for moving crypto on and off Koinos. Not only will this bridge make Koinos more accessible to everyone; $KOIN holders will now have an easy way to provide liquidity on Uniswap & KoinDX to help grow our ecosystem.
The initial assets that Vortex will support are $KOIN, $USDT and $ETH between Koinos and Ethereum.
Why a bridge?
Koinos is unique because of its entirely fair and decentralized launch with Bitcoin-style proof-of-work mining, but the consequence was that there is no centralized authority that is tasked with providing liquidity. Without an easy-to-use and dedicated native bridge, $KOIN has been an unappealing asset to traders.
We believe that decentralized blockchains like Koinos need decentralized solutions which is exactly why Vortex is so critically necessary.
How does it work?
The Vortex bridge is based on the wormhole protocol from Solana. Vortex will rely on 7 distributed guardian nodes which monitor state on both Ethereum and Koinos. For any bridge transaction, 5 of 7 guardians must validate deposits on the host chain before they are bridged to the destination chain. Vortex is capable of extending to other blockchains in the future and we believe that a Solana integration would be ideal.
Although the mission of Vortex and its guardians is to exclusively operate a safe and secure bridge, our vision is that existing $KOIN holders, the true stakeholders of the blockchain, use Vortex as a tool to support the growth of the Koinos ecosystem by providing liquidity on both Uniswap and KoinDX.
Improving the KOIN market
As liquidity improves on both sides, we expect trading volume to increase and the dynamics of supply and demand to establish more stable prices for buyers and sellers. This will help onboard more applications and give new opportunities to users throughout the crypto space.
OTC
We know that many $KOIN holders may want to provide liquidity but do not have sufficient counter pair assets like $ETH or $USDT. We have already spoken with multiple people willing to participate in OTC deals to resolve this imbalance, so let us know if you would like us to facilitate an exchange so that you can become a liquidity provider.
This is the result of a lot of hard work behind the scenes by some key individuals and we are super excited to be taking this first big step. Public testing on the Sepoli Ethereum and Koinos Harbinger testnet will go live in less than 2 weeks and users will be able to move $tKOIN, $ETH-Sepoli and $USDT-Sepoli with Vortex. We hope you are as excited as we are about the launch of Vortex Bridge and we wish to give special thanks to the developers who helped make Vortex a reality and have continuously supported the growth of the Koinos ecosystem.
