MaxxChain Launches Sphynx Bridge to Connect with Ethereum
March 2, 2024
MaxxChain has officially announced the opening of the Sphynx Bridge, an important link between MaxxChain and Ethereum. This marks the next stages of enhancing user experience and expanding the potential use cases for MaxxChain’s PWR coin and its wrapped version on Ethereum, wPWR.
Seamless Transfers Across Chains
With an ample provision of liquidity on both sides of the bridge, users can effortlessly transfer wPWR from Ethereum to MaxxChain and vice versa.
MaxxChain Bridge
Ethereum Bridge
User Guidance and Support
Comprehensive instructions on using the bridge, available at Sphynx Labs. MaxxChain also plans to release its own detailed documentation and walkthroughs in the near future.
Understanding Bridge Fees
In terms of the operational costs associated with the bridge, users bridging from MaxxChain to Ethereum will incur a fee of 5,000 PWR, while the reverse journey from Ethereum to MaxxChain will cost 0.005 ETH (plus gas). Both fees are imposed by Sphynx Labs with none of the associated fees going back to MaxxChain.
Technical Insight: Bridge Functionality
Initially, MaxxChain had considered a mint-and-burn mechanism for the bridge, allowing free movement of PWR between both chains. However, prioritizing coin security and stability, they opted for a different approach. By minting 20M wPWR tokens on Ethereum and pairing them with the 20M PWR coins on MaxxChain, they have achieved a balanced and secure system. This method ensures sufficient liquidity and prevents potential market imbalances that could arise from unrestricted minting and burning.
Looking Ahead
The team encourages anyone facing issues with the bridge to reach out to the Sphynx Labs team via their Telegram channel.
Stay tuned for more updates
