Connecting Polygon to the Multi-Chain World via Hop Protocol With $200,000 in Liquidity Rewards
June 8, 2021 – Singapore, Singapore
Hop’s vision is to connect the fragmented layer-2 landscape and enable seamless asset transfers and composability between DeFi applications on various networks. The Hop protocol provides a scalable token bridge for Ethereum’s scaling ecosystem using a two-pronged approach.
- Create a special intermediary asset called an hToken (e.g., hETH, hDAI, etc.) that can be quickly and economically moved from one network to the next.
- Use automated market makers (AMMs) to swap between the hTokens and their corresponding assets on each network.
The end result allows users to seamlessly transfer tokens from one network to the next. See the demo below.
Polygon to Ethereum withdrawal in 1m30 instead of 3hrs
ETH DeFi will become multi-chain DeFi soon. pic.twitter.com/ANKsLPkqfm
— HopProtocol (@HopProtocol) May 27, 2021
Liquidity in the Hop AMM is an important prerequisite to facilitate large transfer volumes in and out of Polygon via the Hop Bridge, and we’re thrilled to support the growth of liquidity with $200,000 in rewards for LPs.
In the first phase of liquidity mining at the time Hop launches, $200,000 worth of rewards will be allocated to hUSDCUSDC liquidity providers on Polygon. In the future, Polygon will also support rewards for LPs supporting the seamless transfer of $MATIC tokens between bridges.
This is a big step towards enabling a seamless experience for users on Polygon and bridging the gap between the Polygon ecosystem and other networks in the Ethereum sphere.
As part of the initiative
- Hop will integrate Polygon (PoS) as one of the supported networks.
- Hop will prioritize support for $MATIC via Plasma bridge.
- LPs on the Hop AMM on Polygon will be incentivized with rewards.
- Hop will support future Polygon SDK chains.
Scaling Access to DeFi
With the imminent launch of multiple Ethereum-connected chains, thanks to Polygon SDK, Hop will support integrating and enabling a seamless experience between these networks as well. Eventually, Hop will become a key Lego piece in the Polygon ecosystem and help it achieve its grand ‘internet of blockchains’ vision.
Hop is a protocol for sending tokens across rollups and their shared layer-1 network in a quick and trustless manner. Rollups have the potential to scale the Ethereum network, but each rollup creates a siloed environment for its applications. Moving assets between rollups and the layer-1 network are slow and expensive, diminishing the savings users gain by using the rollup. The Hop protocol allows assets to be moved directly from rollup to rollup, providing cost savings and enabling cross-rollup composability of applications.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting secured chains like Plasma, Optimistic Rollups, zkRollups, Validium and others, as well as stand-alone chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with over 400 DApps, ~200 million transactions and ~1.3 million unique users.
If you’re an Ethereum developer, you’re already a Polygon developer. Leverage Polygon’s fast and secure transactions for your DApp here.et started
Arun Philips, marketing and developer relations at Polygon
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