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CENNZnet’s token bridge does not require special permission to deploy, maintain, or use.
CENNZnet, a consumer-oriented blockchain project, has announced the introduction of its Token Bridge features. The token bridge will ensure greater interoperability between the project’s platform and other blockchain networks.
Using the token bridge features will allow the transfer of assets from the Ethereum chain into the CENNZnet ecosystem in an easy, quick, and cost-efficient manner. Users will also enjoy the benefits of a user-first approach to Web3.
Also, connecting blockchains with the token bridges allows for a variety of new use cases that never existed before.
Need for the Token Bridge
Innovation within the decentralized finance (DeFi) and non-fungible token (NFT) spaces have increased demand on the Ethereum network. This has caused transaction fees to soar to record levels. Token bridges help meet that demand lowering the cross-chain cost of asset transfer and making the process easier.
CENNZnet is the world’s only native, permissionless, user-first blockchain. Consequently, the team is confident that the new bridge will come in handy for developers who may wish to build on the network. Its Dapp platform counts on ready-made solutions such as plug-and-play runtime modules, point-and-click NFTs, a doughnut protocol, and a dual token economy that solves the gas fee problems that currently hinder other popular protocols. These have a strong appeal to teams who are looking for a quick and easy way to deploy their ideas.
Also, CENNZnet’s token bridge does not require special permission to deploy, maintain, or use. The nature of the token bridge also remains fully decentralized and adaptable to any future protocol changes on either side.
Speaking about the new development, Nicole Upchurch, team leader at CENNZnet explained:
“We are constructing several token bridges so that people can interact with CENNZnet from other blockchains like Ethereum and Cardano.” Upchurch believes that building multiple token bridges will give the network a lot more flexibility and means people can easily transfer their assets.”
Though starting with the Ethereum chain, it is expected that the token bridge will connect to various chains within the decentralized finance ecosystem as the project develops further.
Additionally, the bridge announcement comes along with other important developments for the CENNZnet ecosystem. Recently, the project launched an important grant program to empower new ideas and has continued celebrating hackathons for developers who wish to dive deep into Dapps. CENNZnet will also be announcing strategic partnerships soon.