Ethereum creators use the Lightning payments scheme to create bridges to the bitcoin system.
Radar, a venture-backed crypto startup, launched RedShift, and this lets people settle a lightning invoice by using an ethereum wallet. This company is also well-known for its decentralized exchange relayers or also called DEX.
Brandon Curtis, the Radar product lead, shared with CoinDesk that there are people who work on ethereum stuff or bitcoin maximalists. He mentioned how he thinks that the majority are fascinated by multiple assets, multiple chains. Also, he stated that the vast majority of people want to establish things that connect.
For MetaMask wallet users, they can add another widget to browsers despite having an in-browser one. They can also paste a lightning invoice in their ethereum wallet, which is similar to a typical wallet address. Radar will switch bitcoin’s ether, and it will manage networks, so recipients are paid via bitcoin. Curtis explained that the widget would connect the client to the market makers’ pool beyond Radar.
Curtis shared that adding the skill for trading bitcoin is the request from DEX user. He also said that Bitcoin has a lot of interest, users, and holders, and it has more fluidity.
Radar is a viable differentiator for DEX space usage. It’s also one of the handfuls of schemes to connect several cryptocurrency systems. When it comes to trading volume, the Kyber Network and IDEX are the leading DEXs.
The Cross-Chain Working Group builds a platform for wrapped tokens from bitcoins, which clients can use on the ethereum blockchain. According to John Swihart, the Electronic Coin Company’s vice president of marketing, they are also working on zcash bridges in the ethereum system.
The CEO of Arwen, Sharon Goldberg, talked about the settlement service for centralized interactions, and atomic swap startup. According to her, one can buy ETH and take bitcoins without dropping custody.
Goldberg also shared that there are no complexity or pegs, and they’re doing it free from third parties. Furthermore, she added that they are announcing counterparty risk.
Curtis mentioned that the best cryptographic money form is still bitcoin. This statement is because of open questions concerning how the development of ethereum will work. He said that the onboarding procedure is the stiffest part when it comes to lightning.
Curtis added that people with digital assets are permitted to tap inside the lightning system with the help of a tool like RedShift. Also, he shared that people are allowed without any setup.