Umee Announces Closure of GravityBridge and Shift to Axlar Bridge for Enhanced Cross-Chain Experience

02/14/2023 04:48 • Blockchain Buzz • 110 views

On February 14, the cross-chain DeFi protocol Umee recently announced that it would start the first phase of the closure of Umee GravityBridge before the end of March. In the future, it will cooperate with Axlar, and Axlar Bridge will become the official bridge connecting Ethereum, providing users with the best cross-chain experience. Currently, you can still use the Gravity Bridge to transfer the Token back to Umee, but the official does not recommend using the Gravity Bridge to transfer any Token from Umee to Ethereum. On April 1, the transfer of assets from Gravity Bridge Umee to Ethereum will be disabled. At the same time, it is planned to completely close the Gravity Bridge before the end of May.

DeFi protocol Umee will use Axlar Bridge as the official bridge connecting Ethereum

Interpret the above information:

Umee, the cross-chain DeFi protocol, has shared details of its plans to begin the first phase of the closure of Umee GravityBridge before the end of March. The move is part of a larger restructuring effort aimed at enhancing the platform’s cross-chain experience. According to the announcement, the platform will now partner with Axlar, a cross-chain ecosystem established on Polkadot, and Axlar Bridge will become the official bridge connecting Ethereum.

The implication of this is that users can still make use of the Gravity Bridge to transfer Token back to Umee, but it is not recommended to use the Gravity Bridge to transfer any Token from Umee to Ethereum. This is to enable smooth completion of asset transfers from Gravity Bridge Umee to Ethereum before the platform is totally shut down. The plan is to entirely close the Gravity Bridge before the end of May.

The new partnership with Axlar is expected to provide users with the best cross-chain experience as they will enjoy the benefits of increased scalability and costs reduction while accessing a broader range of digital assets. The Axlar Bridge is built on the Polkadot ecosystem and will, therefore, allow users to expand their access beyond Ethereum-based tokens, enabling them to select from any asset available within the Polkadot ecosystem.

The announcement comes as a great relief to users who were initially apprehensive about the complete closure of the Gravity Bridge. The move to Axlar Bridge is expected to provide a more sustainable infrastructure and a more efficient way to transfer assets across different networks compared to the Gravity Bridge.

In conclusion, for users who still prefer the Gravity Bridge, they will still be able to transfer their assets back to Umee before the set deadlines to prevent any losses. Furthermore, the partnership with Axlar will provide the ecosystem with broader opportunities and increased access to digital assets beyond the Ethereum network, which is expected to transform the DeFi space.

Overall, this update from Umee is an exciting development to watch out for, as the company takes the bold step to improve its ecosystem for enhanced cross-chain experience.

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