The Polkadot network supports various bridging techniques like pallets, smart contracts and higher-order protocols.
This is where Polkadot bridges come in, to pave a way for exchanging crypto assets and transacting from one platform to another with a different consensus mechanism like Ethereum, Avalanche, Cardano, BSC. Although every blockchain is not a parachain, they still require a secure medium to communicate with other chains. Polkadot has various methods to facilitate interoperability and one of them is through its parachains. It improves the potential of the existing crypto assets and gives high security and privacy. Along with reducing the gas cost, the cross-chain bridge also focuses on increasing the transaction speed, to improve the interaction with the crypto assets for a good user experience. They help in improving communication between different peer-to-peer networks at a minimal cost. With increased demand for transactions between blockchains functioning under varied consensus mechanisms, cross-chain bridges have gained immense importance. These bridges are essential to induce growth across different blockchains, offering asset interoperability with high security and improved asset rendition. To address the issue of high gas fees in cross-chain transactions, cross-chain bridges were created. The cross-chain transactions are processed at a cost of large gas fees incurred depending upon the difference in their consensus mechanisms. But, when we talk about transferring tokens between two decentralized platforms that follow different consensus mechanisms the gas fees get exorbitant. Decentralized finance is well-known for hassle-free money transfers without third-party intervention or bank transaction fees.
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