Wednesday, June 7, 2023

NEAR Rainbow Bridge – Solution For High Ethereum Fees

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There are a lot of blockchains and more scaling solutions available in the market. Now it becomes very difficult to determine which blockchain to use for your project? Also, those who are already running their project on the Ethereum network How can we avoid the problems of high gas fees and scaling, as well as the safety of their funds and tokens, remains their main issue.

The best solution to these problems today is the NEAR Rainbow Bridge of the Near Protocol. The developers on the Near Protocol are not bound to choose either Near or Ethereum. Developers can run their tokens or projects on both blockchains at the same time without any problems. For this, the Near Protocol has created a bridge for which The name is “Rainbow Bridge”, through which Ethereum and Near Blockchain can be linked together. With this, you can trust the security provided by the Ethereum network and its minors to the network, as well as the network security of the Validators of the Near.

The team at Near Developers is fully supporting Ethereum’s smart contracts and coders. Developers can also connect Ethereum projects already built by Near Rainbow Bridge to the near network. There is another benefit of creating a project which has not been seen on any other blockchain till date, That is the profit in the fees received on every transaction. If a developer builds a project on a near protocol, then in the future, 30% of the fees of every transaction on that project will go to the developer, and that too for a lifetime. Usually, developers charge their fees once the project is built and after that, if the project is successful then the developers will not get any benefit from it, but the Near Protocol has given the developers this way of earning huge money.

The biggest advantage of moving your project over the near protocol is the people who are using the tokens of this project. The transaction is very fast on the new blockchain due to which the transaction is completed in a few seconds and This solves the problem of scaling Ethereum. The second and biggest advantage is Transaction fees are greatly reduced from this to almost nil. The advantage will be that tokens can be used for maximum and even the smallest requirement.

The need for decentralization has become a staple of the crypto sector today. Near Protocol understands this very well and this project has been kept completely decentralized for this. If you are working in the world of crypto And if any of your projects are not giving the right results on the Ethereum blockchain due to the fact that the fees are too high or the transaction is not completed soon, then you should consider the Near Protocol. Can join the group.


Current Ethereum users without a NEAR account can easily onboard to NEAR using the ETH Faucet, hosted by Paras, and MetaMask. Simply by logging into MetaMask and proving that their account has a balance higher than 0.05 ETH, anyone can claim a NEAR account and start using the Rainbow Bridge right away.

How the Rainbow Bridge Works

As with the rest of the development experience on the NEAR platform, the bridge is built to be accessible and easy for all users, thanks to an intuitive design and the ETH Faucet for onboarding directly from MetaMask. The cost and speed of using the Rainbow Bridge are mostly dependent on the current costs and speed of using the Ethereum network itself.

Once on NEAR, transactions will confirm in 1-2 seconds and cost well under $1 in most cases. Since the Bridge requires transactions on Ethereum for NEAR <> Ethereum, the following costs are expected. Sending assets from Ethereum to NEAR takes about six minutes (20 blocks) and ERC-20 costs about $10 on average. Sending assets from NEAR back to Ethereum currently takes a maximum of sixteen hours (due to Ethereum finality times) and costs around $60 (due to ETH gas costs and at current ETH price). These costs and speeds will improve in the near future.




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