A new cross-chain bridge called Terabethia, linked to Ethereum to enable the support of ERC20 tokens on the Internet Computer blockchain, has been launched.
Terabethia powers cross-chain contract communication, cross-network transfers, and asset mirroring.
The bridge, built on StarkWare, would enable users to mirror and access any Ethereum asset via the Internet Computer.
The founder of Psychedelic, the creator of Terebethia, Harisson Hines, says that the Internet Computer Protocol can be the strongest Ethereum Layer-two solution in the longer term.
The development comes as Internet computer’s ICP tokens remain subdued at $21 after plunging from $700 when it was issued in May in what is attributed to an alleged insider trading.
A network bridge enables the exchange of data, smart contract instructions, and tokens while remaining autonomous from the protocols of either platform they connect.
Internet Computer is a blockchain developed by the Dfinity Foundation for a decentralized layer of web 3.0 infrastructure. Investors like a16z and Polychain Capital back the project.