ContractLand Achieved Two-Way Cross-Chain Transfer between the Ethereum and the Terra Chain Test-Net
The ContractLand core development team successfully developed a world-leading technology, where all ERC20-compliant tokens and Ether, can be transferred freely between Ethereum and Terra Chain. The team also announced that this technology would be advanced in a short term to support cross-chain transactions on other EVM-based public chains.
The ‘Terra Bridge’ technology is the key breakthrough for Decentralized Exchange (‘DEX’). It solves the two major problems of DEX. Current DEX lacks cross-chain transaction ability and only supports exchange of tokens issued on a single public chain, which leads to poor token liquidity. Secondly, the settlement of transaction is very slow due to performance limitations of public blockchains. With ‘Terra Bridge’, fast-settled and cross-chain trades could be achieved by transferring tokens issued on public chains to Terra Chain, where transaction processing is optimized.
“The completion of the Terra-Bridge is the first step in our vision to provide liquidity to digital assets globally in a decentralized manner. Building on this foundation, we look to add support for more networks such as Bitcoin and EOS to the bridge in our upcoming releases.” Said Peter He, Co-Founder of CryptoLand.
Contractland aims to be a global provider for liquidity of digital assets, backed by Terra Chain, which is a high-performance blockchain developed by ContractLand for distributed transactions.