Parakeet

Screenshots

Problem Statement

Parakeet is a cross-chain bridge for ERC721 tokens.It enables users to transfer their NFTs to other chains. Parakeet can support BSC, Ethereum l1, Polygon, Arbitrum, Optimism, AVAX.High tx costs on layer one ethereum have priced out many NFT users. Parakeet solves this problem along with unlocking many exciting L2 use-cases for NFTs like fractionalization, lending, borrowing etc. by providing a simple bridging experience and multi-chain support.Currently, Parakeet has one NFT whitelisted for bridging between Rinkeby and Arbitrum-rinkeby testnet. The whitelisted NFT is called MEGH ~ Multichain ETHGlobal Hackers! People can mint one MEGH on rinkeby and then try bridging it to arbitrum-rinkeby and back.We'll be adding support for more soon.

Solution

Parakeet uses LayerZero's cross-chain messaging protocol for sending messages across chain. We leverage this to build a cross-chain bridging protocol. How it works -Every NFT collection has an origin chainWhen bridging away from its origin chain, NFT gets transferred and locked in Parakeet's bridge contract and a new NFT is minted on the destination chainWhen transferring between 2 non-origin chains, Parakeet uses a burn-and-mint mechanism where the source NFT gets burned and a new one gets minted on the destination chainWhen transferring from a non-origin chain to the origin chain, the source NFT gets burned and the originally locked NFT on the origin chain gets unlocked and transferred.Technologies used - LayerZero, Solidity, Moralis, Covalent, Polygon, NFTPortWe also plan to use NFT port API to get NFT images. None of the libraries like Covalent, Moralis, and NFTport support getting NFT data for all the chains. We had to use a combination of all to get Parakeet to work.