As you all know by now, Hathor’s EVM bridge is nearing launch and we wanted to make sure that everyone understands why the bridge is important and the impact we hope it will have on Hathor’s ecosystem.
First of all, we’d like to talk about the bridge’s federator role and how you can become a federator!
Tldr; If you are building something on Hathor, or considering to do so, you should apply to become a federator here!
(If you aren’t building on Hathor, you can still apply)
What are federators?
The federators in the Hathor EVM Bridge play a crucial role in managing the secure and accurate transfer of tokens between Hathor and an EVM network (this could be Ethereum or any other EVM compatible network).
When a token moves from one chain to the other, federators coordinate the locking of the original token on the source chain and the minting of its representation on the destination chain. This ensures the token’s value is preserved across chains.
Federators operate on Hathor through a MultiSig (Multiple Signatures) mechanism, requiring a minimum number of federators to approve any transaction, including minting and melting tokens. This MultiSig setup enhances security by distributing the power to authorize transactions among multiple parties.
Federators are responsible for verifying all events and transactions before processing them. This includes ensuring that minted tokens on Hathor match the locked tokens on the EVM network in terms of amount and type, and that melt operations on Hathor allow for the corresponding unlock and transfer on Ethereum.
In case of transaction failures or rejections, federators coordinate the return of tokens to their original owners. This requires careful examination of the initial transactions to determine the rightful recipients and manage manual or automated return processes.
In essence, federators serve as the bridge’s operational core, ensuring that token transfers between Hathor and the EVM network are executed securely, accurately, and in compliance with the rules of both blockchains. They play a vital role in maintaining the integrity and value of tokens as they move across chains.
Federators will receive rewards in the form of a percentage of the fees paid by the user bridging a token. The exact numbers here are being discussed.
We will arrange a workshop for all federators. Here, the federator role will be explained in full detail and you will get your questions answered.
Sounds interesting? Apply to become a federator here.
Why should I care?
So, why is the bridge important? We believe it’s a game-changer for Hathor, and here are some of the major benefits it will bring:
Increased interoperability
The primary advantage is the seamless interoperability between Hathor, Ethereum and other EVM networks. This allows for the transfer of assets, information, and smart contract calls across different networks, enabling a more connected and accessible ecosystem.
Expanded user base
By connecting to the EVM ecosystem, Hathor can tap into Ethereum’s substantial user base and market liquidity. We hope this exposure will help attract new users and developers to Hathor.
Enhanced liquidity
The bridge facilitates asset transfers between Hathor and other blockchains, which can significantly increase the liquidity of assets on Hathor. We are discussing collaborations with use cases already.
Stablecoins
We see the bridge as a necessary step towards bringing USD stablecoins to Hathor, and we are having discussions with stablecoin issuers about this.
Cross-chain dApps and services
Developers can create dApps and services that leverage the strengths of both EVM and Hathor. Maybe you have an idea for a dApp that might use Ethereum for EVM smart contract capabilities while utilizing Hathor for faster and feeless transactions?
Access to Ethereum’s DeFi ecosystem
Ethereum’s DeFi ecosystem is one of the most developed and sophisticated in this space. By using the bridge, projects building on Hathor can gain access to Ethereum’s DeFi platforms, tools, and services, expanding their financial service offerings.
Innovation and experimentation
We hope to see the bridge encourage innovation by allowing developers to experiment with novel, hybrid solutions that utilize the best features of both EVM and Hathor’s ecosystem.
Faster, free transactions
Transactions are faster and free when processed on Hathor. This should be particularly appealing for applications that require high throughput or lower transaction costs.
Those are some of the applications we could think of for the EVM bridge. We’re sure you will come up with other ideas that we didn’t think of yet. If you are planning to build something on Hathor that you think could benefit from the bridge, we’d love to hear from you!
Hathor Network is a PoW-based novel distributed ledger architecture that combines DAG and blockchain data structures. Our network’s unique design is built with scalability, usability, and decentralization in mind, and it solves significant bottlenecks that prevent the broad adoption of the technology.
Hathor Network has been on mainnet since January 2020, experiencing exponential growth in the number of custom tokens, active wallets, and mining hash rate.
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Written by Trond Bjorøy