NGD relaunches Poly Network cross-chain bridge, initial support for Ethereum and BNB Chain

Flamingo Finance has announced that the Poly Network cross-chain bridge re-opened on Monday, Sep. 30. Flamingo users can now migrate their assets between Neo N3 and the BNB Chain and Ethereum networks. At the time of press, Ontology and Wing Finance cross-chain functionality remains unavailable as technical issues need to be resolved.

In the initial weeks of the relaunched bridge, all cross-chain activities are expected to be slower than usual due to extra security measures being undertaken to ensure the security of the users digital assets. Users who migrate assets between the currently available networks can expect to see their transactions take anywhere from 0 to 48 hours to complete.

About the Poly Network Bridge

In early September, Poly Network announced the complete termination of its cross-chain services following the third significant exploit the bridge service provider faced in as many years. In the most recent attack, the hacker absconded with more than US $3 million in digital assets, which caused the de-pegging of wrapped f- and p-assets from their underlying tokens.

The Flamingo Action Center now allows users to migrate the affected f- and p-assets to the new contracts that repair the 1:1 ratio of wrapped-to-underlying tokens.

The Flamingo team noted that Neo Global Development has assumed responsibility for maintaining the bridge, which has had its contracts re-audited. The Poly Network bridge will remain open until a replacement solution for Neo N3 is found.