Introducing: StacksBridge — Move your NFTs from Ethereum to Bitcoin
Imagine having the ability to choose which blockchain you want your NFTs to live on. In our previous post, we announced that we would be building a bridge to allow holders to port their Ethereum NFT over to Bitcoin via Stacks and back again.
Today we would like to take the opportunity to introduce you to StacksBridge, give you an update about where we are currently and let you in on some of the amazing things we have planned!
What is StacksBridge?
Stacksbridge is a cross-chain transfer service, that allows owners of ETH or STX based NFTs to move their NFTs between blockchains. The main purpose of the bridge is to ultimately give control to the holder, allowing them to freely choose where they want to hold or trade their assets.
We are building a two way bridge to allow porting over to Bitcoin or back to Ethereum at any time. This means that a single NFT can only be “active” on one blockchain at a time.
The bridge will also allow liquidity currently locked on Ethereum, to flow into the Stacks blockchain ecosystem, driving demand for STX, increasing the number of NFT holders active in the space and allowing users to HODL on the most secure blockchain in the world.
What does this have to do with Satoshibles?
Our team is dedicated to making Satoshibles as accessible to as many people as possible and we think one way to help achieve this is through blockchain interoperability. We still believe we are the NFT for Bitcoin enthusiasts and as Satoshibles are one of the largest “Bitcoin related” NFTs in the space, it makes sense that our assets are available on Stacks, a blockchain secured by Bitcoin itself.
Oh, and did we mention they will look awesome over there…
Since all attributes will remain the same on both chains, we wanted a way to quickly tell which network a Satoshible is currently on. To do this, Satoshibles on Stacks will have an updated background with a colored pattern and the BTC logo.
Can other projects get involved?
Building the bridge in a truly trustless and decentralized way, will require a massive collaboration of minds. This is why, instead of developing this as the “Satoshibles Bridge”, we made the decision early in the process to build out a service which is project agnostic, allowing other projects to get involved and share resources.
Even though Satoshibles are the main driving force developing StacksBridge, and will be the first project to use the service in it’s early stages, we believe that with the right partnerships, we can grow it into something much larger that benefits all.
To be clear, this is uncharted territory, the NFT space is still in it’s infancy. Developing an interface that seamlessly and securely allows two distinct blockchains to swap NFTs, comes with a lot of obstacles, which the team at Satoshibles, as well as projects from the Stacks side, like the awesome Megapont, are meeting head on.
What is the roadmap?
Our aim is to get Satoshibles on Stacks NFT marketplaces by the end of the year. To achieve this, we have created a plan to roll out the bridge over 3 phases.
Phase 1: Launch the Managed Service
We have been hard at work, building the first iteration of the bridge. It will be a service managed by the team at Satoshibles, you log in to StacksBridge, provide a STX or ETH target address, transfer the Satoshibles you would like to port over, including a service fee that covers gas, and we will do the rest!
Phase 2: The Road to Decentralization
Once we have the phase 1 proof of concept live, the next phase will focus mainly on decentralization and automation, taking as much of the the human element out of the process as possible. We have already been researching this topic in depth and with the strong base set up in phase 1, we can bring in the Stacks Foundation and get other projects involved to grow the service.
Phase 3: A Trustless Service that Just Works
The vision we have for StacksBridge is to eventually grow it into a completely trustless web3 service that can be used by all. This of course depends on how interoperable different chains become in the future and how the technology evolves.
How do we get started?
For Phase 1 of the bridge, we are launching a service managed by the Satoshibes team. You can simply log in to StacksBridge and initiate a transfer. The Satoshibles you would like to send over to Stacks will be securely locked up in the bridge contract and the corresponding IDs will be minted on Stacks and sent to the STX wallet you provide.
For the launch period, to make sure we do not hit any bottlenecks, we will start by only allowing an initial 500 Satoshibles to be moved over to Stacks in a staggered fashion.
We will auction off 20 “Fast Pass” tickets which will allow the bearer to transfer up to 5 Satoshibles accross the bridge. These will be the first 100 Satoshibles on Stacks. Some tickets may be used for marketing, however, most of the remaining 400 tickets will be chosen in a series of raffles, where any Satoshibles holder will have a chance to win and transfer.
After the initial launch period, we will then be able to open the bridge up to all holders of Satoshibles.
We have already been talking to all of the marketplaces over on Stacks and they are just as excited as we are to get Satoshibles in front of their users!
This is a really exciting time and we cannot wait for you to join this journey with us. Make sure to join the discord now as we will be annoucing more info on the raffles and “fast pass” auction in the coming days.
Also if you are a project and would like to discuss StacksBridge with us, again, join the Discord and ping one of the team.
Are you ready? Let’s bring Satoshibles home! 🚀
Stay in Touch…
- Join the Satoshibles Discord here: https://discord.gg/7Wm9Jg8MkW
- Get your own Satoshible here: https://opensea.io/collection/satoshibles
- Follow us here: https://twitter.com/satoshibles
