- Wanchain will construct a decentralized bridge between Polygon sidechain and Arbitrum.
- The deliberate bridge will enable transferring funds with out the necessity to use the Ethereum mainnet.
- The Wanchain bridge will use liquidity swimming pools to maneuver tokens between two networks.
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Ethereum interoperability mission Wanchain will launch a cross-chain bridge between Polygon and Arbitrum.
Wanchain Will Deploy an Ethereum Layer 2 Bridge
Wanchain has entered a strategic partnership with Polygon to create a decentralized bridge between the sidechain and Arbitrum, a preferred Layer 2 rollup answer on Ethereum.
In a Tuesday press launch shared with Crypto Briefing, the Wanchain crew mentioned their deliberate bridge will enable transfers immediately between Polygon and Arbitrum with out the necessity to use the Ethereum mainnet.
Commenting on the deliberate Polygon-Arbitrum bridge, Li Ni, VP of enterprise improvement and operations at Wanchain, mentioned:
“Wanchain’s new Layer 2 bridges protect the excessive transaction throughput and low prices of Polygon whereas remaining environment friendly, versatile and decentralized.”
Wanchain will be part of different current multichain bridges on Polygon, together with Hop Protocol, AnySwap, Wormhole, Connext, and Celer.
The Wanchain bridge will use liquidity swimming pools to maneuver tokens between two networks. Hop Protocol was the primary to deploy a bridge that leveraged liquidity swimming pools for bridging belongings between Ethereum, Polygon, and Layer 2 options.
Sandeep Nailwal, the co-founder at Polygon, mentioned the cross-chain bridge will “facilitate higher liquidity and utility for the Polygon ecosystem.” The Polygon groups boast one of many prime scaling initiatives on Etherereum, consisting of its flagship Proof-of-Stake sidechain and different rollup options like Hermez and Miden.
Building a Polygon-Arbitrum will doubtless assist the Wanchain crew purchase new customers and probably drive some worth for its interoperable tech stack.
In the final yr, Polygon has quickly expanded to a stage the place it presently helps a number of the greatest decentralized purposes (dApps) on Ethereum together with OpenSea, Aave, SushiSwap, Curve, Balancer, and others. Similarly, Arbitrum is presently essentially the most broadly adopted Layer 2 answer on Ethereum that helps about $2.4 billion in complete worth locked throughout numerous dApps.
Wanchain was one of many first interoperability initiatives to hit the crypto scene. After its preliminary coin providing in 2017, the mission made efforts to place itself as an ETH killer however struggled to search out significant adoption. Wanchain’s current cross-chain infrastructure helps Bitcoin, Ethereum, EOS, Binance Smart Chain, Litecoin, and XRP Ledger.
Disclosure: At the time of writing, the writer of this piece owned ETH, MATIC, and different cryptocurrencies.
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