3 August 2021, BVI — DeversiFi, a Layer 2 Decentralized Finance (DeFi) trading platform powered by StarkWare’s scalable technology, launches the first L2 bridge for Ethereum scaling project Polygon, to enable instant, free and frictionless deposits and withdrawals between the two platforms while increasing liquidity across chains.
Currently, Polygon has the largest number of crypto exchange and wallet users outside of Ethereum with its Binance Exchange Wallet, Trust Wallet, Coinbase Wallet, Huobi Wallet, OKEX Wallet support. DeFi bluechip Dapps such as Sushiswap, Curve, Aave, Balancer, Kyber also chose to use Polygon making it one of the most widely adopted blockchains outside of Ethereum.
This new L2 bridge will allow Polygon users to instantly transfer their USDC, DAI and USDt to their DeversiFi wallet on the Polygon network. Minutes later their funds will be available in their DeversiFi exchange account on Ethereum, with withdrawals back to Polygon occurring even faster.
“Polygon has on-boarded a whole new wave of users into DeFi on it’s 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,” said Will Harborne, CEO and Co-Founder of DeversiFi.
“The DeversiFi team was the first one to launch a DEX on the StarkWare ZK-Rollup (Validium) technology and is already launching an AMM and ways to earn yield. We are aligned in that we both have a mission to make DeFi easy for everyone,” said Sandeep Nailwal, Co-Founder of Polygon.
Polygon, which was first created in 2017, has more than 125,000 active daily users who’ll now be able to benefit from this seamless, frictionless bridge to L2 on DeversiFi.
To help make DeFi and the costs of depositing between different blockchains more accessible, the bridge will initially be free. Once on DeversiFi users can send their tokens between accounts, withdraw quickly to layer 1, participate in fair token launches or swap and trade with the deepest liquidity out of any layer 2 exchange.
Initially launching with USDC, DAI and USDt, DeversiFi plans to expand the assets it supports over the next few months.