Meter Passport launches Theta / Ethereum bridge on Theta Testnet, with Mainnet integration to follow soon
Meter Passport, a leading cross-chain bridge connecting blockchains like Ethereum, Avalanche, and Binance Smart Chain (BSC), has now added support for Theta blockchain — for the first time allowing tokens to be moved between Theta blockchain and other leading blockchains.
Theta offers an Ethereum-compatible dev environment where DApps (for trading, lending, DAOs, stablecoins and many more) can port over and run seamlessly. Ethereum developers focused on entertainment and media service offerings can now easily move to Theta and start building. With EVM-Compatible smart contract support, streamers and content creators can find innovative ways to access decentralized funding.
Built on top of the recently released Theta/Ethereum RPC API Adapter, the Meter Passport bridge can be used to move any TFUEL or any TNT20 token on Theta blockchain to Ethereum, BSC, Avalanche, or Meter (THETA transfer support to be added later due to technical reasons). An immediate benefit is this means you can move TFUEL, or a TNT20 token like TDROP to Ethereum and create a liquidity pool on Uniswap, or integrate it into a popular DeFi protocol. This functionality works to move assets from other chains to Theta as well; one initial project in the works is for ETH-based stablecoins to be issued on Theta blockchain, enabling trading against stablecoins on the ThetaSwap DEX.
Meter Passport is quickly becoming a premier cross-chain bridge in crypto with support for Ethereum, Avalanche, and BSC, and is the official cross-chain bridge for both Moonriver (Kusama/Polkadot) and Ampleforth. Meter is also backed by leading crypto funds like Pantera Capital and DHVC. This made Meter an ideal candidate for the first cross-chain bridge for Theta blockchain.
Meter Passport support for Theta will be restricted to Theta testnet at launch, to allow continued testing and for Theta community to familiarize itself with the process of sending assets cross-chain. In internal testing Meter Passport is already working on Theta Mainnet, so we expect Mainnet support to be enabled after a short period of additional testing.
We expect Theta cross-chain support to offer several benefits to the Theta Ecosystem:
- Crypto assets from key blockchains can now seamlessly access the large Theta user base through DeFi protocols, bringing new capital into the Theta ecosystem
- Thetaswap DEX will gain access to stablecoins enabling deeper liquidity and ease of trading on Thetaswap DEX
- Lending protocols like AAVE and Compound can allow Theta users to access funds without reducing their exposure to TFUEL or TNT20 tokens
- Ethereum developers focused on entertainment and media service offerings can now more easily develop on Theta and start building with full access to interoperability across networks
Example Transfer with Meter Passport — Moving TFUEL to the Ethereum testnet Ropsten
In this example we will send TFUEL tokens from Theta blockchain (testnet) to Ethereum (Ropsten testnet). This requires you to have the Metamask extension installed in your browser.
- Access the Meter Passport testnet bridge at https://passport-test.meter.io/#/
- In the From field, click Change and select Theta — Testnet
3. Metamask will then prompt you to add Theta Testnet as a network — click Approve, then Switch Network. (It is normal for Metamask to say it does recognize the network details since Theta Testnet is not a default Metamask network).
4. Now that Metamask has Theta Testnet loaded, switch to one of your addresses that has some testnet TFUEL in it. See here for instructions on importing a Theta address into Metamask. Need some testnet TFUEL? Just send a message to support@thetatoken.org with Testnet in the subject line and your wallet address in the body.
5. Select TFUEL from the dropdown menu in the From side, enter an amount of TFUEL to transfer (10 TFUEL in our example), then click Start Transfer, and Start Transfer again on the check screen.
6. Approve the transaction in Metamask and wait for the transaction to process on both Theta testnet and Ropsten testnet
7. The transaction is now complete on both sides — on Theta testnet that 10 TFUEL is now locked and removed from the TFUEL supply, and a corresponding 10 TFUEL has been created as a wrapped ERC20 token on the Ropsten testnet: https://ropsten.etherscan.io/tx/0x47f64d3593860a0dc23d2a235a3425adcd219ab3475a18ae2efc58c475f5fa7d
8. This wrapped TFUEL ERC20 token can now be used just like any other ERC20 token on Ethereum — in DeFI protocols, DEXes like Uniswap, or any other dapp that supports ERC20 tokens.
Want to send an asset from Ethereum to Theta? Just follow these same steps but send From Ropsten to Theta Testnet. You will need a small amount of ETH on Ropsten, which you can get from the Ropsten faucet.
We look forward to the many new use cases the Meter Passport opens up for Theta blockchain! Once testing is complete, the Meter Passport bridge will be enabled for Theta Mainnet for full-scale deployment of cross-chain dapps and use cases.
