Fuelling the speedy movement of assets between layer 2’s and sidechains, users will be able to seamlessly and quickly transfer funds between ecosystems without paying gas!
It's our mission at DeversiFi to make DeFi truly accessible and we're excited to announce today that we've launched the first L2 bridge between Ethereum scaling project Polygon, to enable fast, gas free and frictionless deposits and withdrawals between the two platforms while increasing liquidity across chains.
This bridge is just the first piece in the puzzle, by helping make the costs of depositing between different blockchains more accessible.
“Polygon has on-boarded a whole new wave of users into DeFi on it's low cost side-chain. 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,” said Will Harborne, CEO and Co-Founder of DeversiFi.
Why build the bridge?
At the beginning of DeFi summer 2020, DeversiFi launched one of the first layer 2 decentralized exchanges with the goal of giving traders all the benefits of a centralized exchange (speed, ease of use, liquidity, privacy) whilst always staying in complete control of their funds. It was our belief that the market would congregate around one layer 2 solution on Ethereum.
Fast forward 18 months and there has been an explosion in DeFi adoption, with not only several other Ethereum Layer 2 systems launching, but also several competing and specialist blockchains. Polygon has become the go-to for cheap & fast trading, and therefore building a bridge where Polygon & DeversiFi users can seamlessly and quickly transfer their assets between ecosystems without paying gas is a much-needed missing piece of the DeFi ecosystem.
How will it work?
To help make DeFi and the costs of depositing between different blockchains more accessible, the bridge will initially be gas free. The bridge will allow Polygon users to instantly transfer their USDC, DAI and USDt to their DeversiFi wallet on the Polygon network.
Within minutes their funds will be available in their DeversiFi exchange account on Ethereum, with withdrawals back to Polygon occurring even faster.
Here's a quick guide on how to use the bridge:
“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. The bridge to Polygon is another first. We are aligned in that we both have a mission to make DeFi easy for everyone.” Sandeep Nailwal, Polygon Co-Founder.
Polygon, which was first created in 2019, has more than 125,000 active daily users who’ll now be able to benefit from this seamless, frictionless bridge to L2 on DeversiFi.
Once on DeversiFi, 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 layer 2 exchange.
With plans to decentralise the bridge further as its capacity scales up, we hope to make it fully trustless in the next few months. In the meantime, users looking for a completely trustless experience can always deposit and withdraw from and to DeversiFi via Ethereum layer 1.
The bridge is initially launching with USDC, DAI, and USDt, but we have plans to expand the assets it supports over the next few months.
DeversiFi makes DeFi easy. Swap, Invest and Send without paying Ethereum network fees.