BTC and ETH are on the bridge

Bitcoin and Ether can now come to X1 over the Warp bridge. Coinbase's cbBTC on Solana arrives as cbBTC.X and Ether on Solana arrives as ETH.X.

What it is

Warp locks the token on Solana and mints the same amount on X1. Both X1 tokens use 8 decimals. Seven guardians watch each chain and five must sign before tokens are released.

Why it's good for X1

BTC and ETH are what most people already hold. Without them, a new chain's DeFi only has its own token and stablecoins to work with. With them, X1 pools can pair against the two biggest assets in crypto, lenders can accept them as collateral, and people arriving with BTC or ETH have something to do on X1 other than sell.

Limits

The bridge's Info page lists, per transfer and per day in each direction:

• cbBTC: up to 0.06 BTC per transfer and 0.13 BTC a day, 0.25% fee.
• ETH: up to 2 ETH per transfer and 4 ETH a day, 0.25% fee.

On 21 October about 0.053 cbBTC.X and 0.022 ETH.X existed on X1. Small, but the route is open.

What to watch

The two tokens have different risks.

• cbBTC.X depends on Coinbase, which holds the real Bitcoin, and on Warp.
• ETH.X sits behind two bridges: Wormhole, which brought Ether to Solana, and then Warp. A failure in either affects it.

Sources

• Warp bridge Info page, read 21 October: https://bridge.x1.xyz/info
• Token supplies read from X1 mainnet on 21 October
• X1 Labs announcement of the BTC and ETH routes