Connecting Polygon to the Multi-Chain world by way of Hop Protocol with 200,000$ in Liquidity Rewards

by chainwire

Singapore, Singapore, eighth June, 2021, Chainwire

Polygon, the full-stack scaling answer for Ethereum, previously generally known as Matic Network, has introduced a 200,000$ Liquidity Program with Hop Protocol to attach Polygon to the Multi-Chain world.

Hop’s imaginative and prescient is to attach the fragmented Layer-2 panorama and allow seamless asset transfers and composability between DeFi purposes on varied networks. The Hop protocol supplies a scalable token bridge for Ethereum’s Scaling ecosystem utilizing a two-pronged strategy:

  1. Create a particular middleman asset referred to as an hToken (e.g., hETH, hDAI, and many others.) that may be shortly and economically moved from one community to the subsequent.
  2. Use Automated Market Makers (AMMs) to swap between the hTokens and their corresponding belongings on every community.

The finish result permits customers to seamlessly switch tokens from one community to the subsequent.

Demo: https://twitter.com/HopProtocol/status/1397983455821041664?s=20

Liquidity within the Hop AMM is a crucial prerequisite to facilitate massive switch volumes out and in of Polygon by way of the Hop Bridge and we’re thrilled to help the expansion of liquidity with 200,000$ in rewards for LPs.

In the primary section of liquidity mining on the time Hop launches, $200,000 value of rewards can be allotted to hUSDC – USDC liquidity suppliers on Polygon. In the longer term, Polygon will even help rewards for LPs supporting the seamless switch of $MATIC tokens between bridges.

This is an enormous step in direction of enabling a seamless expertise for customers on Polygon and bridging the hole between the Polygon ecosystem and different networks within the Ethereum sphere.

As a part of the initiative:

– Hop will combine Polygon (PoS) as one of many supported networks
– Hop will prioritize help for $MATIC by way of Plasma bridge
– LPs on the Hop AMM on Polygon can be incentivized with rewards and
– Hop will help future Polygon SDK chains

Scaling Access to DeFi

With the approaching launch of a number of Ethereum related chains because of Polygon SDK, Hop will help integrating and enabling a seamless expertise between these networks as effectively. Eventually, Hop will develop into a key lego piece within the Polygon ecosystem and assist it obtain its grand “Internet of Blockchains” imaginative and prescient.

About Hop

Hop is a protocol for sending tokens throughout rollups and their shared layer-1 community in a fast and trustless method. Rollups have the potential to scale the Ethereum community, however every rollup creates a siloed setting for its purposes. Moving belongings between rollups and the layer-1 community are gradual and costly, diminishing the financial savings customers achieve through the use of the rollup. The Hop protocol permits belongings to be moved instantly from rollup to rollup, offering price financial savings and enabling cross-rollup composability of purposes.

Discord | Demo | Twitter

About Polygon 

Polygon is the primary well-structured, easy-to-use platform for Ethereum scaling and infrastructure growth. Its core element is Polygon SDK, a modular, versatile framework that helps constructing and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium and many others and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling options have seen widespread adoption with 400+ Dapps, ~200M txns and ~1.3M+ distinctive customers.

If you are an Ethereum Developer, you are already a Polygon developer! Leverage Polygon’s quick and safe txns in your Dapp, get began here.

Website | Twitter | Reddit | Discord | Telegram 

Contacts

Marketing and Developer Relations

  • Arun Philips
  • Polygon
  • arun.philips@matic.community

Leave a Comment