ThunderCore’s Interoperability: supporting 75% of the crypto market cap
Tags: Crypto, Thundercore, Ecosystem, Research, Eth

ThunderCore’s Interoperability: supporting 75% of the crypto market cap ThunderCore Follow Oct 28 · 4 min read

To reach the holy grail of interoperability, the ThunderCore team built ThunderBridge with the goal of enabling the overwhelming majority of the crypto market cap in mind. Along the way, we recognized two critical points:

Bitcoin is the bedrock of the cryptocurrency industry and the largest crypto ecosystem. Developing a solution that enables users to move BTC trustlessly into and out of ThunderCore is almost a no-brainer. Stablecoins power the store of value and unit of account of the crypto ecosystem, and they are the key drivers and onramps for crypto adoption. ThunderCore already supported TT-USDT and TT-SAI since August 2019. But we also recognized that USDC truly stands out among its peers due to the transparency of audits, having reputable backings and easy conversion to fiat etc.

Hence today, we are excited to announce that we are now launching TT-WBTC and TT-USDC, with TT-ETH coming soon! Users can now open up their ThunderCore Hub wallet and deposit their Ethereum WBTC(i.e. ERC20-WBTC) and Ethereum USDC(i.e. ERC20-USDC) to mint your TT-WBTC and TT-USDC. This is a crucial step on ThunderCore’s interoperability roadmap because with these three new tokens joining the existing lineup, ThunderCore can now enable well over 75% of the entire crypto market cap to be interoperable in theory.

Why 75%?

As the time of writing, Bitcoin’s market share is around 60.64%(~216B) of the entire crypto ecosystem, Ethereum is around 11.98%(~42B), and USDT(Tether) takes up around 4.43%(~15B). These three assets alone take up well over 75% of the entire crypto ecosystem market cap. Curiously, WBTC(Wrapped BTC) is around 1.2B, which is substantial.

[Credit to CoinGecko]

Users can now denominate their transfers in their favourite token of choice, all while enjoying the cheap transaction fees and blazingly fast confirmations on ThunderCore⚡!

Developers can now avoid the exorbitant gas fees and long waits on Ethereum by migrating performance or gas-fee critical components of your DApp to ThunderCore while maintaining access and exposure to your favourite tokens like WBTC and USDC via their TT-WBTC and TT-USDC counterparts.

[Those dark days on Ethereum during mid-September]

How can I get started?

For end-users, all of the functionalities enabled by ThunderBridge have been seamlessly integrated into the ThunderCore Hub mobile wallet and you can start converting your Ethereum assets into TT-USDC and TT-WBTC today!

1. If you open up ThunderCore Hub, click on “Wallet” and choose one of the coins, say USDC and click on “Receive”, you will see the QR code and recipient address to which you can send your USDC on Ethereum to. Let’s say we directly transfer 0.5 ERC20-USDC(USDC on Ethereum) to that address, then 0.5 TT-USDC will be automatically converted and deposited into your ThunderCore Hub Wallet.

Note that you can send both ERC20-USDC(USDC on Ethereum) and TT-USDC(USDC on ThunderCore) to this address. All ERC20-USDC sent to your address will be automatically converted to TT-USDC and accessible from your ThunderCore Hub wallet.

[Step 1: Click on “Receive” to see your QR code and recipient address]

2. Once you initiate your 0.5 ERC20-USDC(USDC on Ethereum) transfer on Ethereum, you will see a progress bar that tells you it’s being processed on the Ethereum side(which takes up the majority amount of time). Stay patient and ThunderBridge is working its magic behind the scenes!

[Step 2: Processing on Ethereum…]

3. Done! Green checkmark✅ ! You now have an equal amount of 0.5 TT-USDC on ThunderCore that enjoys low gas fees and instant confirmation times! Now you can transact with your friends and you don’t have to wait for minutes for confirmations anymore!

[Step 3: Succuss 🎉 ]

For developers, here is some general info that might assist you with your development:

Contract addresses that enable the magic between ERC20-USDC and TT-USDC:

```

[ TT ] “Home” EternalStorageProxy: 0xc7E90D78c68D2a660141852bE8a5B678fCFB2896 at block 50566219

[ TT ] TT-USDC Token: 0x22e89898A04eaf43379BeB70bf4E38b1faf8A31e

[ ETH ] “Foreign” EternalStorageProxy: 0xC362bb39EC242aaF35446D00a18dF52321cBDd7D at block 11007025

[ ETH ] ERC20-USDC Token: 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48

```

Contracts that enable the magic between ERC20-WBTC and TT-WBTC:

```

[ TT ] “Home” EternalStorageProxy: 0x33c3bf851b50f3598E20B401f1de29ab24707b9C at block 49546038

[ TT ] TT-EBTC Token: 0x18fB0A62f207A2a082cA60aA78F47a1af4985190

[ ETH ] “Foreign” EternalStorageProxy: 0x695D84E20613f30dCd2ce5C9428c9eD37A0137D2 at block 10931199

[ ETH ] ERC20-WBTC Token: 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599

```

Stay tuned for more detailed developer documentation coming soon on our Dev Portal.

How does ThunderCore achieve this?

Under the hood, ThunderBridge is the infrastructure that connects the Ethereum and ThunderCore blockchain. In the next post, we will share more details about how ThunderBridge works its magic!

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