Allbridge is a company that provides cross-chain bridging solutions. Their primary services include Allbridge Core, a cross-chain stablecoin bridge, and Allbridge Classic, a versatile bridging solution. Allbridge aims to make the blockchain world borderless by enabling the movement of assets between different blockchains. They prioritize user experience, continuous innovation, and flexible integration to connect unique networks with established EVM ecosystems.
Allbridge was initially launched as Solbridge in July 2021 by the APYSwap foundation, as a bridge for the Solana network. The renaming became important as the team pivoted from building a bridge for the Solana network alone to developing a cross-chain bridge for transferring assets and liquidity across multiple blockchain networks.
The protocol acts as a cross-chain bridge that allows assets to be transferred across Ethereum Virtual Machines (EVM), Layer-2, and non-EVM compatible blockchains, with intentions to support Non-Fungible Token (NFT) transfers in the future. Upon launch, Polygon became the first EVM-compatible network to be bridged to Solana through the protocol.
To foster its vision, the Allbridge token (ABR) was launched in September, and first issued via a public sale on Boca Chica and SmartPad, which helped the project raise 125000 USDT by selling 62500 ABR at 0.02 USDT per token. Since the bridging function of the protocol was designed to run on-chain by its Validators, it launched its staking platform to attract users who stake sufficient ABR to become Validators.
To ensure the security of the staked funds, the Allbridge smart contract was audited by the Hacken team, and the auditing report shows that the codes are well-secured. The Allbridge Analytic went live on February 15, 2022, which provides an intuitive platform for users to view on-chain data about all bridging transactions, total value locked (TVL) that has occurred on the protocol.
Highlights of the protocol's performance as published in its January 2022 report show that over $5.3 billion has been bridged over time across 132 blockchain pairs. For its funding, it raised $2 million in a round led by Race Capital, which will be used to invest in the platform’s scalability and security.
