{"id":196614,"date":"2021-08-11T23:00:55","date_gmt":"2021-08-11T22:00:55","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=196614"},"modified":"2021-08-17T17:18:03","modified_gmt":"2021-08-17T16:18:03","slug":"transferring-assets-between-ethereum-eth-and-polygon-this-will-help","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/transferring-assets-between-ethereum-eth-and-polygon-this-will-help\/","title":{"rendered":"This tool will help the transfer of assets between Ethereum (ETH) and Polygon"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Biconomy, a multichain relayer network building infrastructure to simplify the <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\"><span style=\"font-weight: 400;\">Ethereum<\/span><\/a><span style=\"font-weight: 400;\"> and Web 3.0 experience, announced today the launch of its Hyphen mainnet, as per a release shared with CryptoSlate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The protocol enables instant and low-cost token transfers across different blockchains.\u00a0<\/span><\/p>\n<h2><b>Why need an Ethereum-Polygon bridge?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">L2s have seen an exponential increase in demand with hundreds of dApps moving to Polygon to obtain faster transactions & cheaper gas fees. However, the user experience moving into and out of <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/polygon\/\"><span style=\"font-weight: 400;\">Polygon<\/span><\/a><span style=\"font-weight: 400;\"> is complicated and time-consuming.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The launch of Hyphen will allow users to make USDC and USDT transfers between Ethereum and Polygon, facilitating those transfers in a few seconds, rather than the 30 minutes to multiple hours it currently takes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cOn 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,\u201d said Sachin Tomar, CTO of Biconomy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He added, \u201cMore 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.\u201d\u00a0<\/span><\/p>\n<h2><b>Instant and more<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is a superhighway network that connects L2 communities while expediting network effects and increasing composability and interoperability.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt is evident that the future of web3.0 will be multichain but ETH 2.0 alone cannot onboard the next billion users,&#8221; explained Sachin Tomar, CTO of Biconomy. The ball\u2019s in the court of Polygon users now.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Biconomy, a multichain relayer network building infrastructure to simplify the Ethereum and Web 3.0 experience, announced today the launch of its Hyphen mainnet, as per a release shared with CryptoSlate. The protocol enables instant and low-cost token transfers across different blockchains.\u00a0 Why need an Ethereum-Polygon bridge? L2s have seen an exponential increase in demand with [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":196600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,61713,37],"tags":[76128,60923,76797,65672],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This tool will help the transfer of assets between Ethereum (ETH) and Polygon<\/title>\n<meta name=\"description\" content=\"Biconomy, a multichain relayer network building infrastructure to simplify the Ethereum and Web 3.0 experience.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/transferring-assets-between-ethereum-eth-and-polygon-this-will-help\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This tool will help the transfer of assets between Ethereum (ETH) and Polygon\" \/>\n<meta property=\"og:description\" content=\"Biconomy, a multichain relayer network building infrastructure to simplify the Ethereum and Web 3.0 experience.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/transferring-assets-between-ethereum-eth-and-polygon-this-will-help\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-11T22:00:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-17T16:18:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/08\/ethereum-polygon.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/transferring-assets-between-ethereum-eth-and-polygon-this-will-help\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/transferring-assets-between-ethereum-eth-and-polygon-this-will-help\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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