A company that offers blockchain scaling services, StarkWare has announced that the alpha version of StarkGate is live on Mainnet.
StarkGate is a token bridge which allows transfer of tokens to and fro the Ethereum Mainnet and the StarkNet Alpha.
Each token which is supported by these alpha versions, is associated with an L1 and L2 bridge contract. These two bridges communicate via StarkNet’s messaging mechanism.
The bridges allow a user to conduct their transaction using the ETH and ERC-20 token which reside on L1, via the StarkNet Alpha network and its STARK-based computational compression capabilities. The bridge allows transfer of tokens back to L1 from L2.
On Mainnet, as of now, StarkGate Alpha will only support ETH. Later on, other tokens such as WBTC, USDC, USDT, and DAI will be added.
Since both the StarkGate and StarkNet are alpha versions, to reduce the risk certain limitations have been imposed on the StarkGate Alpha.
The maximum amount of ETH which can be transferred in a transaction from L1 to L2 via the StarkGate is 0.025 ETH.
The total value locked in the bridge on L1 will be limited to 50 ETH. These limitations will be gradually removed.
Both StarkGate Alpha and StarkNet Alpha are new and complex systems, which have not yet been fully audited or tested. They are currently going through audits by ABDK and Nethermind.
The company warns users to be careful and beware of possible bugs. In case of a system failure, users can lose all their money.
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