DeversiFi, a Layer 2 DeFi trading platform, has launched the first L2 bridge between leading Ethereum scaling project Polygon.
The move will enable deposits and withdrawals between the two platforms while increasing liquidity across chains.
The gas-free bridge aims to allow users of Polygon to instantly transfer their USDC, DAI and USDt stablecoins across to their DeversiFi exchange wallet on the Polygon network.
Funds will then be available in a DeversiFi exchange account on Ethereum, with withdrawals back to Polygon occurring even faster.
Speaking about the ground-breaking bridge, Will Harborne the co-founder of DiversiFi has been keen to sing the praises of Polygon as a DeFi ecosystem.
“Polygon has on-boarded a whole new wave of users into DeFi on it’s low cost side-chain,” he said.
“With the launch of this new bridge, the Polygon and DeversiFi communities, for the first time, can move seamlessly between the two DeFi ecosystems without ever touching layer 1 Ethereum – all for free.”
Once funds have been moved onto the Stark-powered DeversiFi platform, users can send their tokens between accounts, withdraw quickly to layer 1, participate in fair token launches or swap and trade with the deepest liquidity out of any current layer 2 exchange.
With plans to decentralise the bridge further as its capacity scales up, DeversiFi hopes to make it fully trust-less in the next few months.
Polygon’s co-founder has described the impressive series of industry firsts accomplished by DeversiFi as a key factor in the integration.
“The DeversiFi team was the first one to launch a DEX on the StarkWare ZK-Rollup (Validium) technology and is already launching an AMM and ways to earn yield,” said Polygon Chief Operating Officer Sandeep Nailwal.
“The bridge to Polygon is another first. We are aligned in that we both have a mission to make DeFi easy for everyone.”
What is Polygon?
The Polygon decentralised protocol and ecosystem was first created in 2019 for building and connecting Ethereum-compatible blockchain networks in response to the Ethereum’s straining network capacity, which has been increasingly plagued by high gas-fees, slowing transaction fees, and encroaching environmental impacts.
Polygon presents a scalability solution for Ethereum, with the new secure ecosystem onboarding an influx of projects on the side chain.
Following significant investments from investor Mark Cuban, the MATIC project now boasts more than 125,000 daily users who stand to benefit from this seamless, frictionless L2 bridge.
Polygon has succeeded in a wave of impressive integrations, recently being chosen to integrate with the Graph project (GRT).
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