Transferring assets between Ethereum (ETH) and Polygon? This will help
Recently, L2s have seen an exponential increase in demand with hundreds of Dapps moving to Polygon to obtain faster transactions & cheaper gas fees. However, the user experience moving into and out of Polygon is complicated, and time consuming.
Biconomy a multichain relayer network building infrastructure to simplify the Ethereum and Web 3.0 experience, announced today the launch of its Hyphen mainnet, as per a release shared with CryptoSlate.
The protocol enables instant and low-cost token transfers across different blockchains.
Why need an Ethereum-Polygon bridge?
L2s have seen an exponential increase in demand with hundreds of dApps moving to Polygon to obtain faster transactions & cheaper gas fees. However, the user experience moving into and out of Polygon is complicated and time-consuming.
The launch of Hyphen will allow users to make USDC and USDT transfers between Ethereum and Polygon, facilitating those transfers in a few seconds, rather than the 30 minutes to multiple hours it currently takes.
“On average, to transfer funds from Layer2 to Layer1 blockchains, it can take anywhere from 40-min to 7-days for users to receive their funds,” said Sachin Tomar, CTO of Biconomy.
He added, “More specifically, it currently takes around 40-50 min to get ERC20 tokens from the Polygon Network to Ethereum via their native bridge. This results in weakened network effects, low composability, and an overall more difficult experience for the end-user. Hyphen solves that problem.”
Instant and more
Hyphen enables developers to offer instantaneous value transfers between EVM chains, various L2s, and sidechains. It also enables quick onboarding from L1 to L2s, further solving the scaling and congestion issues on Ethereum.
It is a superhighway network that connects L2 communities while expediting network effects and increasing composability and interoperability.
By maintaining and rebalancing token liquidity on both sides of the chain and instantly transferring tokens on the second chain after accepting tokens on the first chain, it is able to provide cheaper and instant transfer of funds across blockchain ecosystems.
“It is evident that the future of web3.0 will be multichain but ETH 2.0 alone cannot onboard the next billion users,” explained Sachin Tomar, CTO of Biconomy. The ball’s in the court of Polygon users now.