Hive x Ethereum - Opening Bridges to Web3
Ethereum is one of the popular blockchains in the market. It has set up a higher standard for the web3 dApps and the platforms. New blockchains try to follow and extend from the existing Ethereum standards.
Hive is the blockchain of our choice, which already has the dApps and the tribe frontends serving on the blockchain. However, what if we extend the Hive further through the bridge to welcome the Tokens and the layer two solutions from the Ethereum?
How do you think it would benefit Hive? In today's post, let us discuss how Hive can benefit from the Ethereum bridge.
Ethereum Smart Contracts & apps on Hive
Smart contracts are the power of Ethereum. Many apps are popular on Ethereum. In the case of the Hive, being in such an intelligent contract bridge would help Ethereum connect with Hive and save on gas fees.
It would also benefit Hive because this would bring more cash flow to the ecosystem. So Ethereum's popularity and usage would divert some of the value from its chain to Hive. We need Hive to have more popular projects and consider this bridge for building something.
DeFi Ecosystem Bridge with ETH & Hive
Hive is still in the early stages regarding the various Defi projects. Ethereum and the Binance ecosystem have plenty of Defi tokens, bridges, and smart contracts.
We already have tested this with the Binance and Polygon but doing this on a different scale, and for dApps needs, we can deploy various things using this bridge on the two chains.
Shortly, many Oracle-type projects, Defi, and Tokens can easily be deployed on Ethereum and side-chained with Hive. I am sure that I lack the technical knowledge to connect my thoughts to this chain.
Lower Fees for Smaller Transactions
We all hate the Ethereum fees. Moreover, that is one of the reasons why we cannot use Ethereum for small transactions under 1 dollar. Even under 10 dollars would be more complicated these days. Moreover, high prices are still a thing.
Despite going the Proof of Stake, there does not seem to be any chance of this changing shortly. Lower fees are the norm with the Hive. Moreover, we can batch a lot of small transactions on Hive. Something Ethereum and its layer two solutions are struggling with lately.
Hive's connection with Ethereum would reduce the load for many big projects, and they can even deploy some of the top projects on Ethereum quickly while letting Hive share some load.
Should we create a bridge with Ethereum?
I feel Ethereum is a promising blockchain, and having a bridge developed with the Hive would be good progress. It would take effort to port some tokens and the dApps on Hive x Ethereum bridge. However, it would benefit both ecosystems.
What do you think?
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