pNetwork integrates Arbitrum
We are excited to announce a new pNetwork integration with Arbitrum!
The pNetwork cross-chain system enables assets to move freely across blockchains, counting integrations with 10 different blockchain protocols ranging from Layer 1 such as Ethereum and EOS, Ethereum-sidechains and Layer 2 solutions.
Arbitrum is a Layer 2 solution designed to improve the capabilities of Ethereum smart contracts. It uses so-called Optimistic Rollups to scale dApps, reduce costs and increase capacity while continuing to leverage Ethereum’s security. Arbitrum aims to help offload most of the computational and storage burden Ethereum currently suffers from, while enabling new classes of L2 DApps.
As the pNetwork x Arbitrum integration is completed, the first pTokens bridge to go live will be the Bitcoin-Arbitrum one, enabling BTC to be easily moved to Ethereum’s L2 Arbitrum.
As the cryptocurrencies industry continues to evolve, the development of more scalable blockchain networks is on the rise. A critical component for these to succeed is assets’ liquidity, which in the decentralized scene is currently spread across multiple independent blockchain protocols.
pNetwork’s pTokens bridges are designed to solve this very problem: they provide a general-purpose, simple and secure foundation to make token movement across blockchains possible. As pNetwork nodes continue to power a growing ecosystem, the project is focused on enabling meaningful connections between multiple blockchain environments.
Launch and growing the Arbitrum ecosystem
pBTC on Arbitrum will be officially launched mid-September 2021!
Users will be able to start migrating Bitcoin assets over to Arbitrum through the pTokens dApp, which will leverage a dedicated Bitcoin-Arbitrum pTokens bridge.
Both deposits from Bitcoin to the Arbitrum network and withdrawals of pBTC to redeem the underlying Bitcoin assets will take only a few minutes, similarly to pBTC on Ethereum, making it a fast way to move liquidity cross-chain. Wrapped Bitcoin WBTC users can also benefit from pNetwork’s fast-track when entering/exiting Arbitrum via pBTC.
The pNetwork-powered Bitcoin-Arbitrum bridge directly connects the Bitcoin blockchain with the Layer 2 solution, therefore making it a cost-effective solution for onboarding BTC onto DeFi platforms (no transfer on the Ethereum mainnet is needed).
A growing number of projects are making their way into Arbitrum. Users will be able to manage their Arbitrum-compatible wrapped Bitcoin pBTC assets via popular wallets such as Metamask and Wallet Connect as well as interact with DeFi platforms available on the ecosystem.
Availability of the assets within Arbitrum-based DeFi platforms is a contributing factor to pBTC’s and other pTokens’ growth within the ecosystem. Community support and lobbying for pTokens to be adopted through all the various platforms on Arbitrum is helpful and a key element to success!
The pNetwork is the underlying architecture for pTokens, a cross-chain system enabling assets to move frictionlessly from one blockchain to another, and pNetwork Portals, powering cross-chain interoperability between smart contracts. Currently, pNetwork enables transparent interaction among major blockchain protocols, including Bitcoin, Ethereum, Binance Smart Chain and Dogecoin. pNetwork is the progressively decentralized governance layer operating the pTokens bridges and pNetwork Portals. It is home to the pNetwork DAO and the ecosystem’s governance token PNT.