Tezos takes a decisive step towards greater efficiency and practicality for its users. Starting today, thanks to the introduction of the Fast Withdrawals feature, fund transfers from Etherlink to Tezos Layer 1 no longer require weeks of waiting.
The transfer time is indeed reduced from about 15 days to just one minute. A change that promises to redefine the user experience of the blockchain, eliminating one of the most felt obstacles by users and developers.
How do Fast Withdrawals of Tezos work?
The new feature allows users to quickly receive their own tez (the native currency of Tezos) from Etherlink to Layer 1 by paying a small fee.
The system is based on a native infrastructure, without resorting to third-party bridges, and leverages smart contract supported by the protocol on both Etherlink and Tezos.
The mechanism is simple yet ingenious: the liquidity providers on Tezos Layer 1 advance the requested funds to users (net of the fee), then receive the same amount of tez after the usual 15-day period.
In this way, those who wish to quickly transfer their assets can do so by paying a minimal fee, while the liquidity providers are compensated for the service offered, for the operational costs, and for the risk taken in advancing the funds.
The security of the process is guaranteed by a bridge that allows liquidity providers to verify that they will actually receive the funds once the state of the transaction is finalized on Tezos.
The entire system is based on a smart contract precompiled on Etherlink and on a corresponding fast withdrawal contract on Tezos Layer 1.
The liquidity providers monitor the withdrawal requests, claim them, and quickly transfer the funds to the users. If no provider steps forward within a day, the request expires and the user receives their tez without fees after the standard period of 15 days.
One of the most innovative aspects of Fast Withdrawals is the absence of third-party services: everything takes place through the native infrastructure of Tezos and Etherlink. This eliminates the risks associated with external bridges and ensures greater reliability and transparency for users.
Advantages for users and liquidity providers
For users, the main advantage is speed: it is no longer necessary to wait for the long refutation period typical of optimistic rollup. Now, with a simple fee, it is possible to access your funds almost instantly.
For the liquidity providers, on the other hand, the system offers a new earning opportunity, compensating for the service of fund anticipation and the management of withdrawal requests.
The introduction of Fast Withdrawals represents a further step forward for interoperability between different blockchain.
Etherlink, in fact, is a Layer 2 EVM-compatible powered by Tezos Smart Rollups technology, which allows developers to easily implement any EVM code and migrate users and assets from Ethereum and other interoperable chains.
Thanks to this innovation, the transfer of assets between Etherlink and Tezos becomes more fluid, fast, and secure.
Tezos thus confirms itself as one of the most innovative blockchains, attentive to the needs of users.
Open source, energy-efficient, and designed for scalability, Tezos stands out for its advanced governance, the ability to upgrade over time, and support for smart contracts.
These characteristics make it an ideal platform for institutions, developers, and companies that want to operate in a secure and constantly evolving digital environment.
Etherlink is proposed as an EVM-compatible Layer 2 solution, leveraging the technology of Tezos Smart Rollups.
This allows developers to easily bring applications and assets from Ethereum and from other compatible blockchains, facilitating interaction and the transfer of value between different ecosystems.
The integration of Fast Withdrawals further strengthens the role of Etherlink as a reliable and fast bridge between networks.
A new era for transfers on blockchain
With the activation of Fast Withdrawals, Tezos and Etherlink mark the beginning of a new era for asset transfers on blockchain. Users can finally rely on drastically reduced waiting times, without sacrificing security, transparency, and decentralization.
An innovation that could soon become a standard for the entire sector, pushing other platforms to follow the example of Tezos.