Exciting news from Flamingo Finance as they announce the reopening of the Poly Network cross-chain bridge on Monday, September 30. This means that Flamingo users can now easily migrate their assets between Neo N3, the BNB Chain, and Ethereum networks. However, it’s important to note that Ontology and Wing Finance cross-chain functionality is currently unavailable due to technical issues that need to be resolved.
During the initial weeks of the bridge relaunch, users can expect cross-chain activities to be slightly slower than usual as extra security measures are in place to protect users’ digital assets. Transactions between the available networks may take anywhere from 0 to 48 hours to complete.
About the Poly Network Bridge
In early September, Poly Network announced the termination of its cross-chain services following a significant exploit. This recent attack resulted in the theft of over US $3 million in digital assets, leading to the de-pegging of wrapped f- and p-assets from their underlying tokens.
Users can now utilize the Flamingo Action Center to migrate the affected f- and p-assets to new contracts that restore the 1:1 ratio of wrapped-to-underlying tokens.
The Flamingo team has confirmed that Neo Global Development is now responsible for maintaining the bridge, with re-audited contracts in place. The Poly Network bridge will remain open until a suitable replacement solution for Neo N3 is implemented.
For more information, you can read the full announcement here.