Ethereum <> ICP
A true World Computer enables a multi-chain environment where centralized bridges are obsolete and smart contracts can seamlessly communicate across blockchains. ICP already integrates with the Bitcoin Network, and native ETH integration is underway.
Smart Contracts on the Internet Computer are the glue between the world’s most important blockchains.
World Computer capabilities for Ethereum
100% on-chain Web3
Make your Ethereum dapp fully decentralized by hosting frontend, and data on the Internet Computer.
Gasless token swaps
Using ckERC-20 tokens, users can swap and transfer tokens for a few cents with 0 gas fees.
Extended DAO functionality
Extend what your DAO can control. Powerful ICP canister smart contracts bring your whole dapp on chain.
Protocol-level ETH integration
Integrating ICP and ETH consists of two phases. In phase 1, a canister smart contract will offer the on-chain Ethereum full node API by using HTTPS outcalls to cloud API providers to securely query the Ethereum blockchain, and send transaction to it. Signing Ethereum transactions is enabled by chain-key ECDSA already available to any canister smart contract on the Internet Computer.
Phase 2 involves full protocol-level integration to realize an on-chain Ethereum API on the Internet Computer. This API will be enabled by running Ethereum full nodes next to each ICP replica on a large ICP subnet, and communicating with these subnets from the replicas through ICP consensus
ETH & ERC-20
In June 2023, average transaction fees for USDC and USDT were $4.21 and $5.46 respectively, which makes trading on DEXs below certain amounts completely impractical. The Ethereum integration enables the use of chain-key (ck) tokens such as ckETH and ckERC-20 on the Internet Computer, including ckUSDC or ckUSDT to vastly extend the capabilities of ICP DEXs for users to swap, or transfer tokens for cents with 1-2s finality.
EVM on the Internet Computer
Bitfinity's EVM running on the Internet Computer offers a turn-key solution for developers to run their existing solidity code and dapps on the Internet Computer. Combining a familiar EVM environment with ICPs 1 sec block times, 1-2s finaility, and ~0$.02 Tx cost.
In February 2023, the ICP DeFi community convened at the DFINITY headquarters in Zurich during a DeFi focused ICP.Lab to discuss an Ethereum integration. The outcome: As a protocol-level integration will take some time to complete, the community came up with a short-term solution to bring liquidity from Ethereum to the Internet Computer — one that enables using ETH and ERC-20 tokens for use cases such as the IC’s DEXs, lending protocols, or marketplaces.
Several ICP teams have started integrating cross-chain ETH solutions into their platforms using components already available such as chain-key ECDSA signing.
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Build your own Ethereum
IC Web3 Canister
The ic-web3 library by Rocklabs has been extended to offer an on-chain Ethereum RPC API, using HTTPS outcalls as transport to communicate with Ethereum RPC API providers.
EVM Utils Canister
An ICP community member has implemented a helper canister to offer Ethereum-related functionality for Motoko programmers. Run this canister to gain access to functionality such as Keccak hashing or creating transactions to enable your Motoko canister with this functionality.
Omnic cross-chain messaging
Omnic cross-chain messaging is a community-built protocol offering infrastructure for cross-chain message exchange between the IC and other blockchains, including Ethereum. Omnic uses chain-key ECDSA signing for obtaining a strong trust model.
Paranic cross-chain asset bridge
The Paranic project allows for exchanging assets between the IC and other blockchains, including Ethereum. The project uses the Omnic cross-chain messaging protocol as foundational layer.
ERC-721 IC assets tutorial
This tutorial explains hosting metadata for ERC-721 NFTs on the Internet Computer and thus allows Ethereum NFT deployments to reduce their dependency on public cloud providers for hosting the NFT metadata such as images. This makes Ethereum NFTs much more potent than today when being hosted on public cloud.
Uniswap user interface
A demo that hosts a Uniswap user interface on the Internet Computer to solve the shortcoming of the typical way of deploying Ethereum frontends on public cloud services. The blueprint of this project can be applied to any Ethereum dapp to strengthen its trust model by hosting the frontend on the IC instead of a public cloud provider.