Armani BinsKey Takeaways
DeversiFi now lets users move stablecoins to and from Polygon via a bridge.
Users who transfer tokens to DeversiFi will be able to trade, earn yield and withdraw funds to Ethereum.
The bridge currently supports USDC, USDT, and DAI.
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DeversiFi has become the first DEX to enable a Layer 2 bridge with Polygon.
New Bridge Between Polygon and DeversiFi
DeversiFi, a Layer 2 decentralized exchange built on Ethereum, has launched a bridge with Polygon for cross-network transactions.
In a Tuesday press release, the project announced that users can now transact three stablecoins (USDC, USDT, and DAI) on a new bridge connecting the exchange to the network.
With the solution, stablecoins can be sent back and forth between DeversiFi and Polygon without touching Ethereum mainnet.
Polygon has emerged as the most popular EVM-based commit chain in recent months. It’s used by hundreds of dApps, particularly those in the DeFi space. The likes of Aave, Curve, and Balancer have all launched on the network in recent months, helping attract more than $8 billion in total value locked and 125,000 active daily users.
DeversiFi is based on Starkware, a Layer 2 scaling solution leveraging ZK-Rollups on Ethereum. It enables off-chain trading of ERC-20 tokens that can be verified on-chain through its smart contract. Users who transfer tokens will be able to trade on the Layer 2 exchange, earn yield, and withdraw assets to Ethereum mainnet.
Last month, the exchange announced that it would organize a fair launch of its native tokens through a liquidity mining program. For such events, the bridge will let users migrate their stablecoin liquidity to DeversiFi without having to pay gas fees on Ethereum.
Elaborating on the benefits of this bridge, DeversiFi CEO and co-founder Will Harborne said:
“Polygon has onboarded a whole new wave of users into DeFi on its low cost commit-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.”
The bridge will initially be free to use, though a transaction fee may be added at a later stage.
Following Polygon’s huge growth in 2021, centralized exchanges like Coinbase, Binance, OKEX, and Huobi have all announced support for Polygon wallets. Unlike centralized exchanges, though, DeversiFi is the first Layer 2 exchange to support Polygon through an on-chain bridge.
This news was brought to you by ANKR, our preferred DeFi Partner.
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