Flamingo Finance recently made an exciting announcement regarding the re-opening of the Poly Network cross-chain bridge on Monday, Sep. 30. This development means that Flamingo users now have the ability to migrate their assets between Neo N3, the BNB Chain, and the Ethereum networks. Unfortunately, Ontology and Wing Finance cross-chain functionality is currently unavailable due to technical issues that need to be resolved.
During the initial weeks of the bridge’s relaunch, users should expect all cross-chain activities to be slower than usual. This is because extra security measures are being implemented to ensure the safety of users’ digital assets. Transactions between the available networks can take anywhere from 0 to 48 hours to complete.
The Poly Network Bridge has had a tumultuous history, with the service provider recently announcing the complete termination of its cross-chain services following a significant exploit. In the most recent attack, a hacker stole over US $3 million in digital assets, leading to the de-pegging of wrapped f- and p-assets from their underlying tokens.
The Flamingo Action Center now offers a solution for users to migrate the affected f- and p-assets to new contracts that restore the 1:1 ratio of wrapped-to-underlying tokens. It’s worth noting that Neo Global Development has taken over the responsibility of maintaining the bridge, with the contracts undergoing a re-audit for added security. The Poly Network bridge will remain open until a replacement solution for Neo N3 is identified.
For more information and the full announcement, you can visit the following link: https://medium.com/flamingo-finance/the-bridge-is-back-51cb75d7bf44
Stay tuned for further updates on the Poly Network cross-chain bridge and its impact on the Flamingo Finance ecosystem.