Terabethia’s Bridge UI: Now Available on Testnet 🏯
Magically bridge your (testnet) assets from Ethereum to the IC and back using our new UI!
We are thrilled to finally bring you Terabethia’s new UI! You can now bridge and swap ETH, wETH, and USDC from Ethereum to the IC and back using the Goerli testnet.
In its current state, Terabethia is a service that magically relays messages to and from contracts deployed on Ethereum and the Internet Computer.
As a first use case, the Terabethia core team has built and deployed Magic Proxy & Token Factory contracts to enable token bridging between the Internet Computer and the Goerli Ethereum Testnet. For more information about Terabethia’s testnet, read this article.
Following this release and our stringent audit process, we’ll wave our wand to connect the current bridge UI to Terabethia’s mainnet Ethereum contracts.
That’s when the real magic begins. 🪄
Testnet Bridge Feature Set 📜
The current testnet release will allow users to swap three main tokens between Ethereum and the IC: ETH, wETH, and USDC.
We specifically chose these tokens due to their wide usage and relevance to the Ethereum network, but aim to expand Terabethia’s bridging functionality to any ERC-20 token after mainnet has been battle-tested.
Our testnet UI is bi-directional, meaning you can go back and forth between the IC and Goerli ETH as much as you’d like.
We’ve chosen to use MetaMask as the ETH auth option, and Plug as the IC auth option. To make bridging even smoother, users will also be able to use their ICNS or ENS domain names as destination addresses, instead of their principal ID or Ethereum wallet address.
As a caveat, we’ve also changed Terabethia’s domain name from .ooo to .xyz to better align with the rest of our product suite.
Still have questions? We’ve put together an exhaustive bridging guide.
What’s Next?
Take a peek at our magic ball, here’s what you’ll see 🔮
Bridging & Swapping
Alongside our mainnet release, we plan to expand our token offering so that users can bridge any ERC-20 token over to the Internet Computer.
All tokens bridged through Terabethia follow the DIP-20 standard and will automatically be available for trading on Sonic. This is true for both the mainnet launch trio (ETH, wETH, and USDC) and for any ERC-20 that is bridged over in the future.
Beyond mainnet, Terabethia will also allow NFT bridging between ETH and the IC. All bridged NFTs on the IC will be DIP-721 compatible and tradable on Jelly from day 1.
Token Governance
Bridged asset contracts will be owned and controlled by Dank, the Internet Computer’s decentralized bank, responsible for creating the Cycles Token (XTC) and Wrapped ICP (WICP).
Dank’s end goal is to tokenize control & management of wrapped assets on the IC through its own governance system powered by Daowabunga.
Read more on Dank’s vision of wrapped asset governance here.
