Intro to Gnosis Bridges
Welcome to Gnosis Bridges! 🎉 Currently, there are two types of bridges offered by Gnosis, xDai Bridge and OmniBridge. Let's take a quick look at both of these.
What is Omni Bridge ?
Omnibridge is a native token bridge that mints the canonical representations of bridged assets on Gnosis and connects Gnosis to Ethereum. The first time a token is bridged, a new ERC677 token contract is deployed on GC with an additional suffix to differentiate the token. It will say 'token name on xDai', as this was the original chain name prior to re-branding.The requested token amount is minted and sent to the account initiating the transfer (or an alternative receiver account specified by the sender). Read more here on architecture of Omni Bridge.
What is xDai Bridge ?
The xDai bridge is a native Dai bridge from Ethereum that is used to mint and burn xDai, the native asset used for gas and transaction fees on Gnosis. This bridge allows users to transform DAI (an ERC20 stable token) on the mainnet into xDAI on a compatible chain. xDAI tokens can then be sent quickly and with minimal cost on the xDAI network. The xDAI chain has been a breakout success in the Ethereum community, providing an easy way for vendors to accept a stable cryptocurrency. Read more here on architecture of xDai Bridge.