SAN FRANCISCO, CA, July 11, 2023 — Allbridge, a trusted bridge infrastructure provider, has introduced groundbreaking interoperability to the Stellar ecosystem through a new cross-chain bridge. The new bridge offers seamless digital asset transfer between Stellar and other prominent chains such as Ethereum, Solana, Celo, and Polygon. This integration marks a significant milestone; exemplifying the Stellar network’s utility for innovative development and opportunities within the decentralized finance (DeFi) landscape.
Blockchain bridges allow users to transfer assets from one blockchain to another. Allbridge, having already bridged over 6.4 billion digital assets across various blockchains, specializes in building modern, simple-to-use bridges for dependable value transfers. This new bridge to the Stellar network is a custom-built iteration of Allbridge’s existing bridging solution; it will provide Stellar users with the ability to leverage assets across multiple blockchain networks securely and efficiently. By strategically integrating with both Ethereum Virtual Machine (EVM) compatible chains and non-EVM chains, like Solana, this bridge equips developers building on the Stellar network with a way to connect their decentralized applications (dApps) to other networks and consequently reach a wider audience.
“At Allbridge, we are committed to increasing cross-chain interoperability between diverse blockchain ecosystems,” said Andriy Velykyy, co-founder and CEO of Allbridge. “The latest integration with the Stellar network is the result of our hard work, delivering on the expectations set out by the Bridge Bounty Program. With this new bridge, we are bringing access to the Stellar ecosystem to the countless DeFi users, allowing them to experience Stellar’s expansive ecosystem of dApps and services.”
Ultra Stellar, a key player in the Stellar ecosystem with over nine years of experience, played a pivotal role in the integration of this new bridge on Stellar. The Ultra Stellar team provided crucial support by contributing engineering resources, hosting services, and continuing to offer transaction signing services for validators.
“We are incredibly proud to be part of this landmark integration. Our collaboration with Allbridge perfectly complements our mission to expand financial services on the Stellar network," said Dmitri Gmyza, representing Ultra Stellar. "By offering ongoing support for Allbridge’s validators, we're helping bridge the gap between Stellar and other networks. We're confident this integration, enabling seamless asset transfers, will enhance user experiences across our LOBSTR, StellarX, and StellarTerm products.”
"What Allbridge has built, in collaboration with Ultra Stellar, opens a universe of opportunities for the DeFi community worldwide," said Tomer Weller, Vice President of Tech Strategy at the Stellar Development Foundation (SDF). "When we launched the Stellar Bridge Bounty Program, we sought to support the development of cross-chain solutions on the Stellar network. With one powerful innovation, we are expanding the Stellar network's reach and utility while welcoming more developers and projects from different networks to join the Stellar ecosystem.”
This new bridge exemplifies the utility and collaborative nature of the Stellar ecosystem. Allbridge and Ultra Stellar are enabling users to harness the potential of different chains while benefiting from the fast, affordable, reliable, and transparent infrastructure of the Stellar network. The new bridge acts as a cross-chain interoperability solution catering to a diverse range of audiences within the blockchain community. Existing users holding Stellar assets may now explore opportunities to utilize their assets on other supported networks. Meanwhile, cryptocurrency enthusiasts from other networks may bridge their assets onto the Stellar network and reap its many benefits: near-instant speeds and the ability to make over 100,000 transactions for less than a penny.
The ability to bridge various crypto ecosystems will be fundamental as the Stellar network’s DeFi capabilities expand with Soroban, the smart contract platform on Stellar. With open-source development, ongoing expansion, and the potential for substantial funding, developers building on Soroban will enjoy a greenfield for innovation to create financial applications which are locally accessible and globally relevant.
Developers, builders, and entrepreneurs across major blockchain ecosystems now have the ability to seamlessly interact with and incorporate the Stellar network into their platforms or development plans. In order to support such innovation, SDF announced a $100 million Soroban Adoption Fund, which includes the Stellar Community Fund as well as grant programs which span many disciplines. This initiative is aimed at encouraging developers to leverage the powerful capabilities of Stellar's native smart contract platform, Soroban. If you’re interested in building on Soroban or Stellar, explore our grants and award programs and see if you’re eligible to apply today.
Allbridge is a leading cross-chain provider, specializing in integrating EVM with non-EVM blockchains. Our mission is to make the blockchain world borderless by providing an infrastructure to freely move assets between various networks. For more information, visit allbridge.io.
About Ultra Stellar
Ultra Stellar, established in 2014, is a software engineering company specializing in financial solutions for the Stellar network. The company's main products include LOBSTR, StellarX, and StellarTerm - three leading Stellar wallets and interfaces. These secure and user-friendly products empower individuals and businesses alike, enabling anyone in the world to achieve financial freedom. Ultra Stellar also offers professional services, assisting businesses in their transition into blockchain technology, integrating with the Stellar network, and developing ready-to-launch solutions. For more information, visit ultrastellar.com.
Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world’s financial infrastructure. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 7 million accounts. For more information, visit stellar.org.
About the Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology. For more information, visit stellar.org/foundation.