At OneLedger, we have crossed a significant milestone with the first OneLedger Network Syndicated Bridge SAO (Semi-centralized Autonomous Organization) now live on mainnet. The Bridge SAO connects the Ethereum ecosystem to our own OneLedger ecosystem for increased interoperability and token liquidity. In addition, the SAO will support the growth of our ecosystem, including the extension of the OneLedger multichain framework.
Using the Bridge, OLT tokens on the OneLedger protocol can be moved to the Ethereum Network as syndicated Tokens OLT on Ethereum(sOLT). The detailed how-to guide can be found here.
This is a significant step in OneLedger Interoperability Roadmap, which is our vision for a truly Interoperable blockchain ecosystem. Upcoming updates will include additional DEX listing, BSC and Matic Bridges and AMM DEX OneSwap.
How Syndicated Bridge Works
Bridges are being used in DeFi to connect multiple autonomous blockchains. Given the industry's segmentation and the benefits of being able to readily transfer assets from one chain to another and back, this is critical. The OneLedger Bridge is a multi-network, first-layer solution that connects the OneLedger blockchain to other blockchains such as Ethereum
The OneLedger Bridge is powered by the innovative OneLedger blockchain and underpinned by the recently launched OLVM which features unparalleled transaction speed and very low transaction fees. The unique value of the Bridge lies in its ability to open up those low costs and transaction speeds to users of slower and more cost-heavy networks.
For example, if a user wanted to transfer the liquidity they had on Ethereum to the Polygon network, they could use the OneLedger Bridge to do that quickly and at practically no cost. As a first-layer solution, the OneLedger blockchain offers a level of financial mobility that makes it invaluable, especially for users with assets on older networks like Ethereum.
In what constitutes leading industry thinking, the OneLedger’s Bridge will be introducing support for a variety of different blockchain networks at the same time, providing users with a valuable tool in the fractured world of decentralized finance.
At the same time, the Bridge will also transition to a SAO(Semi-centralized Autonomous Organization) governance structure, in which decisions will be made according to community consensus.
BRIDGE tokens
The SAO is able to operate thanks to BRIDGE tokens (sOLT). You can buy BRIDGE tokens on the soon to be powered DEX. In the OneLedger Bridge economy, BRIDGE tokens act in the role of governance tokens.
sOLT tokens provide the means for the OneLedger Bridge to function by generating the necessary liquidity and opening up its governing structure to users. Any user who wants to participate in Bridge governance just has to hold a certain number of sOLT tokens.
While there is a minimum amount of tokens necessary for participation, there are expanded governance roles in the ecosystem that are available to those who have more tokens.
OneLedger Bridge SAO unique in DeFi
The OneLedger SAO Bridge offers a number of unique features that will both stimulate growth for the OneLedger network and benefit members of the DeFi community at large.
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- The Bridge SAO will lead to the decentralization of Bridge management. As decentralization advances, the Bridge will become stronger and more resistant to attacks. This will have the effect of increasing trust in the network and with greater trust will come an influx of more capital.
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- As the first SAO on the OneLedger network, the Bridge will operate as a paradigm maker. The SAO contracts will serve as a benchmark for other projects on the network and will lead to the creation of other SAOs and more users getting involved with the OneLedger network.
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- It further solidifies the sOLT token by putting the weight of a formal business behind it. Thanks to the SAO, the Bridge will begin to manage reserves that will generate cash flow, the beneficiaries of which will be the holders of BRIDGE tokens. Thus, for the first time in the history of OneLedger, the Bridge SAO will provide the network with a token supported by a real business model and granting exposure to value creation.
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- The technology underlying the Bridge allows participants to manage Ethereum contracts from the OneLedger blockchain and vice versa. This will broaden the user base substantially and allow for liquidity to flow from larger chains, where it is expensive to move, to OneLedger where it is cheap, and back again.
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- The Bridge SAO will allow the OneLedger Bridge's multichain structure, in which it is possible to switch from UniSwap - dex, OneWallet - non custodial wallet etc. and vice versa, to expand and truly flourish. The enhanced interconnectivity will lead to an influx of new funds from other networks.
Restrictions
A user can send no maximum value across the syndicated Bridge, but the minimum value is capped depending on the assets transferred.
We’re excited to share more developments in the future, but for now, be sure to follow our blog and your community’s social channels to stay up updated.