Studio Psychedelic, which develops solutions for the “Internet computer” DFINITY, announced the launch of the Internet Protocol. Terabethia will allow interaction with Ethereum-based assets on the Internet Computer network.
A new cross-chain bridge will allow ERC20 tokens to exist natively on @dfinity‘s Internet Computer network. @shauryamalwa reports.https://t.co/rHYiA9P8kI
– CoinDesk (@CoinDesk) December 24, 2021
The bridge is built on technologies of the second-level solution developer StarkWare.
Terabethia will provide the ability to use any Ethereum tokens on the Internet Computer blockchain and vice versa. The protocol will also enable smart contract interworking.
“Just as Ethereum has expanded the functionality, usefulness and value of Bitcoin, we believe that Internet Computer can do the same for Ethereum assets and applications and could even potentially become the best L2 in the long run,” said Psychedelic founder Harrison Hines.
Against the background of the news, the Internet Computer (ICP) token has risen in price from about $ 23 to $ 28.5 – by about 23%. In May, when the asset entered the top 7 coins in terms of capitalization, the quotes at the moment reached $ 730.
At the time of writing, the price has corrected to around $ 28.
In July, a class action lawsuit was filed against DFINITY Foundation, a non-profit organization behind the development of the project, with charges of selling unregistered securities in the form of ICPs.