Biconomy Launches Instant Cross-Chain Infrastructure Between Ethereum and PolygonAugust 10, 2021
Multichain relayer network Biconomy has announced the launch of Hyphen, a cross-chain superhighway for instant transactions.
Biconomy enables Web3.0 developers to easily build applications. It reduces the friction between blockchain-based applications and end-users. Their relayer network is made up of a collection of software development kits (SDKs) and APIs designed to make DeFi more accessible and understandable for everyone, regardless of their knowledge and experience.
In a press release, Biconomy said that the launch of Hyphen will allow users to make USDC transfers between Ethereum and Polygon, facilitating those transfers in a few seconds, rather than the 30 minutes to hours it currently takes. Biconomy currently powers over 5 million users to interact on Polygon.
“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. “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.”
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 ETH2.0 alone cannot onboard the next billion users,” continued Sachin Tomar, CTO of Biconomy. “For a multichain future to become a reality, L1s, sidechains, & various scaling solutions need to be seamlessly integrated removing any friction for the end-user. Hyphen provides the instant and seamless bridge structure that will provide the infrastructure for a collaborative and connected web3.0.”
Source: Read Full Article