Flamingo Finance announced that Poly Network’s cross-chain bridge reopened on Monday, September 30. Flamingo users can now migrate their assets between Neo N3 and the BNB Chain and Ethereum networks. At the time of writing, the cross-chain functionality of Ontology and Wing Finance is still unavailable as technical issues need to be resolved.
In the first weeks of the relaunched bridge, all cross-chain activities are expected to be slower than normal due to additional security measures being taken to ensure the safety of users’ digital assets. Users migrating assets between currently available networks can expect their transactions to take between 0 and 48 hours.
Over the Poly Network Bridge
In early September, Poly Network announced the complete shutdown of its cross-chain services following the third major exploit the bridge service provider has faced in as many years. In the most recent attack, the hacker disappeared with more than $3 million in digital assets, disconnecting the wrapped f and p assets from their underlying tokens.
The Flamingo Action Center now allows users to migrate the affected f and p assets to the new contracts that restore the 1:1 ratio between wrapped and underlying tokens.
The Flamingo team noted that Neo Global Development has taken responsibility for the maintenance of the bridge, whose contracts have been re-audited. The Poly Network bridge will remain open until a replacement solution for Neo N3 is found.
The full announcement can be found via the link below:
https://medium.com/flamingo-finance/the-bridge-is-back-51cb75d7bf44