Private Coin Watch

A New Era of Integration: Ghost & Polygon Bridge is now Live!

After several months of dedicated development, thorough testing, and rigorous code review, we are thrilled to unveil our decentralized two-way bridge with the Polygon Network! 

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This groundbreaking bridge not only marks a significant milestone for our project but also opens up a world of possibilities within Ghost’s expanding ecosystem. With this new addition, we’re unlocking endless opportunities for future partnerships, e-commerce ventures, and, of course, groundbreaking DeFi innovations.

Our bi-directional bridge is seamlessly integrated within our progressive web application, SHELTR. At Ghost, we understand that user experience is paramount, and our team has painstakingly crafted the bridge’s user interface and user experience with simplicity in mind.

In an industry where complexity often reigns supreme, we’ve taken a different approach. Our goal is to empower users from all backgrounds to confidently operate and comprehend the process of bridging their coins and tokens. By keeping the design intuitive and straightforward, we ensure that the power of decentralized finance is accessible to all.

At the heart of our decentralized bridge lies a meticulously developed smart contract, where precision meets security. We’ve spared no effort in creating a robust minting and burning mechanism that not only guarantees the safety of your assets, but also places control firmly in the hands of the community. Only approved signers may call the Mint function, thus eliminating the possibility of bad actors. Our bridge leverages cryptographic verifications, signature validation, and access control mechanisms to ensure the security of every transaction. Again, this ensures that only authorized entities can execute the minting process, safeguarding your assets.

Here’s a closer look at how this mechanism works:

Wrapping and Unwrapping

When it comes to blockchain interoperability, the paramount concern is security. We’ve meticulously engineered our bridge to ensure the utmost protection of your assets during the process of wrapping/unwrapping between the two blockchains.

  • Wrapping Your Assets: As you initiate the wrapping, your Mainnet $GHOST coins enter a temporary ‘locked’ state within our smart contract.
  • Why Locking? This ‘locking’ process isn’t just a precaution — it’s a safeguard. It serves multiple purposes, including bolstering the overall integrity of the bridge and maintaining the stability of your assets throughout the operation and prevents artificial inflation.
  • Security Checkpoint: Consider it akin to a cryptographic security checkpoint for your assets. Your Mainnet $GHOST coins are securely held and are inaccessible to any external parties during the wrap.
  • Wrapping: Once all parameters and security measures have been met, the smart contract will execute the request and you will receive your $wGHOST at your designated Polygon address.
  • Unwrapping on Your Command: It’s worth taking note that you retain absolute control over this process. When you’re prepared to proceed, you have the autonomy to unwrap your $wGHOST tokens by reversing the initial bridging process. This entails burning your wrapped $wGHOST tokens to reclaim your Mainnet $GHOST coins.
  • A Vital Security Measure: To bolster security and maintain the integrity of the process, we’ve implemented an additional safeguard. Users are unable to burn more $wGHOST tokens than they currently hold in their wallet. This further guarantees the protection of your assets during the unwrapping process.

Bridge Fees

We have carefully elected the amounts listed below for the bridge’s operating fees. Its important to note that users are not required to have $MATIC during the wrapping process. The bridge will handle any gas fees required for wrapping their assets. However, during the unwrapping process, users will be required to have $MATIC for the gas fees incurred during this process.

  • Bridge Operating Fee: 10 $GHOST
  • Bridge Minimum Operating Threshold: 25 $GHOST

With the launch of our decentralized bridge, users have a virtually endless choice of web3 wallet options when it comes to connecting their wallets with the SHELTR interface. The SHELTR wallet supports all wallets from MetaMask and Trust to Coinbase Wallet and Safe to name a few. In fact, the connection interface within SHELTR currently supports over 280 web3 wallets!

We’ve developed our bridge to be trustless, eliminating the reliance on third parties. With this launch we are very excited to invite you to experience a new era of seamless, secure, and community-driven cross-chain transactions.

Looking for new ways to store your Wrapped Ghost?

With Wrapped Ghost on Polygon, you can now store your tokens on hardware wallets such as Ledger, Trezor and the likes! What this really means, is that if you wanted to wrap all of your Mainnet $GHOST coins for $wGHOST, you can now store them on any hardware wallet that supports an EVM!

This release of our two-way bridge marks the beginning of a new era for Ghost. Our ecosystem is constantly growing as we continue to build on our blockchain’s foundation. Join us on this exciting journey as we bring an unmatched layer of privacy to the world of decentralized finance.

Download the SHELTR Wallet today and experience the simplicity of our two-way bridge.

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