Blockchain

Biconomy’s Hyphen supports low-cost transfers between Ethereum and Polychain

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Multi-chain infrastructure network Biconomy has officially launched its Hyphen mainnet, laying the foundation for instant low-cost token transfer across blockchains such as Ethereum and Polygon.

With the introduction of Hyphen, users can make nearly instant dollar coins (USDC) Transfer between Ethereum and Polygon instead of waiting 30 minutes or hours like the current transfer. The company said on Tuesday that Biconomy can facilitate rapid transfers by maintaining and rebalancing the liquidity of tokens at both ends of the chain.

Sachin Tomar, CTO of Biconomy, explain Current challenges faced by cross-chain transfer:

“On average, to transfer funds from Layer 1 to Layer 2 blockchain, it may take 40 minutes to 7 days for users to receive their funds […] “More specifically, it currently takes about 40-50 minutes to obtain ERC20 tokens from the Polygon network to Ethereum through their native bridge.”

In his view, these challenges will weaken network effects and bring users a more difficult experience. “The hyphen solves this problem,” he said, by enabling developers to provide value transfer between the Ethereum virtual machine network, various second-layer solutions, and side chains.

The future iteration of the Hyphen network will be completely decentralized, Biconomy Say In a Twitter post.

Biconomy recently summarized a $9 million private financing round This is led by DACM and Mechanism Capital. To date, the company has raised $10.5 million from private investors and processed more than $570 million in transaction volume.

along with The cryptocurrency market shows signs of recovery again, The demand for cross-chain swaps may rise, especially as decentralized finance or DeFi continues to be popular. Platforms such as Polkadot and Celer continue Very concerned Regarding cross-chain integration and interoperability, more and more developers are joining to promote this vision.

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