What is Rainbow Bridge?

The ETH ↔ NEAR Rainbow Bridge is a trustless, permissionless protocol for connecting blockchains. The bridge protocol removes the need to trust anyone except the security of the connected chains.

The first phase of the ETH ↔ NEAR Rainbow Bridge opens the gates for assets to flow freely between NEAR and Ethereum blockchains while enabling users to bridge any ERC-20 token they wish.

In This Dashboard We Will See:

• Rainbow Bridge Transactions Records Since The Beginning of The Year
• Rainbow Bridge Active Accounts of All Time
• What Are Blockchain Bridges and How Do They Work?
• What do The Users do After They Bridge Their Token to NEAR Blockchain

Some Rainbow Bridge Transactions Since The Beginning of The Year

The following popular tokens with common ERC-20 functionality are interoperable with NEAR, including but not limited to:

• Stablecoins like USDT (Tether), DAI, and TUSD
• Wrapped assets like WBTC and WETH
• DEX tokens like UNI and 1INCH
• Lending tokens like AAVE and COMP
• Service company tokens like HT (Huobi) and CRO (Crypto.com)

Users can send these ERC-20 assets directly from MetaMask or other Web3 wallets to NEAR wallets and apps, and vice versa.

If you want to move tokens from one blockchain to another, you’ll likely need a Blockchain BRIDGE to allow those assets to travel.A blockchain bridge is a tool that lets you port assets from one Blockchain to another, solving one of the main pain points within blockchains – a lack of interoperability.

Since blockchain assets are often not compatible with one another, bridges create synthetic derivatives that represent an asset from another blockchain.

If you use a bridge to send one Solana coin to an Ethereum wallet, that wallet will receive a token that has been “Wrapped” by the bridge – converted to a token based on the target blockchain. In this case, the Ethereum wallet would receive a "bridge" version of Solana that has been converted to an ERC-20 Token – the generic token standard for fungible tokens on the Ethereum blockchain.

Actually When Users Bridge Their Token into NEAR Protocol, There Are Several Options to do With Their Token Such as:

• Ref-Finance: Ref Finance is a community-led, multi-purpose DeFi platform built on NEAR Protocol. Ref Finance takes full advantage of Near’s low fees, one-to-two second finality, and WebAssembly-based runtime (hello, Rust smart contracts!).

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• MoonPay: MoonPay is the new standard for fiat to crypto. MoonPay is a marketplace between cryptocurrency exchanges and users facilitating instant non-custodial purchases of major cryptocurrencies.

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• Aurora: Aurora is an EVM built on the NEAR Protocol, delivering a turn-key solution for developers to operate their apps on an Ethereum-compatible, high-throughput, scalable and future-safe platform, with low transaction costs for their users. 

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• Burrow: Burrow is a decentralized, non-custodial pool-based interest rates platform that enables users to supply assets to earn interest, and to borrow against them to unlock liquidity. Burrow is similar in nature to Aave, Compound, and other pool-based protocols.

  Burrow runs natively on the NEAR blockchain, a layer 1, proof-of-stake, sharded blockchain with a WebAssembly runtime. The Burrow protocol's smart contracts are written in Rust.

Rainbow Bridge Active Accounts of All Time

Rainbow Bridge Transactions of All Time

Conclusion

Rainbow Bridge is a Bridge Built on NEAR Protocol That Users can Send Tokens From NEAR to Ethereum Blockchain or From Ethereum to NEAR.

Users Can Send Their Tokens From one to Another Blockchain Using Bridges.

There Are Several Projects On NEAR Protocol That the NEAR Community Can Use Them and They Are Easy to use as well.