Home Weekly meetups Free TON Weekly Meetup #42. Ethereum Bridge announcement

Free TON Weekly Meetup #42. Ethereum Bridge announcement

by lerika

Today, February 23, the forty-second weekly meetup of Free TON representatives took place, in which Roman D., Ben Sunderland, Philip Lingard, Alexander Filatov, Moon Young Lee, Vladislav Ponomarev took part.

At the beginning of the meeting, representatives of DeFi SubGov spoke about the work done. To date, DeFi SubGov includes 7 people, 16 jury members, 15 contests have been held with a total prize pool of 285,144 TONs.

It is the DeFi ecosystem that is the main reason for the rise in the price of the Ethereum token. In order to keep up with the trends in the cryptocurrency market, the DeFi SubGov team has developed a software bridge between the Ethereum and Free TON blockchains. After the announcement of this development, the TON token rate increased by 20%.

This “bridge” makes it possible to use all the functions of the Ethereum blockchain at the transaction speed of the Free TON network. It consists of sets of Ethereum and Free TON smart contracts, as well as three relay nodes.

Ethereum network tokens are ERC-20, while Free TON tokens are TIP3. The key difference between these standards is that ERC-20 tokens are one big smart contract, while TIP3 tokens are many small smart contracts.

After the presentation of the “bridge” between Ethereum and Free TON, representatives of various sub-governments took the floor and spoke about their work. Speakers included members of eSports SubGovernance, SMM SubGovernance, Global Community SubGovernance, DevOps SubGovernance, Wiki SubGovernance, as well as Korean and French SubGovernances.

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