Polygon (MATIC) is an Ethereum token that powers the Polygon Network, a platform, and framework for constructing and connecting Ethereum-compatible blockchain networks. Polygon is a Layer-2 solution that tries to help the Ethereum network expand and perform better. To enable Ethereum transactions faster and cheaper, the protocol employs sidechains, which are blockchains that exist in conjunction with the Ethereum main chain, similar to fast HOV lanes.
To utilize Polygon, you must first “bridge” a portion of your crypto to Polygon (through the official Polygon Bridge), after which you will be able to interact with a wide range of prominent crypto apps that were exclusively available on the Ethereum main blockchain.
Users may deposit Ethereum tokens into a Polygon smart contract, interact with them within the platform, and then withdraw them to the Ethereum main chain. The MATIC token is intended to pay the processing fee and engage in consensus via proof-of-stake.
Arbitrum and it’s working
Arbitrum is a layer 2 solution that boosts the speed and scalability of Ethereum smart contracts while also introducing extra privacy protections. The platform is built to make it simple for developers to execute unaltered Ethereum Virtual Machine (EVM) contracts and Ethereum exchanges on a second layer while still benefiting from Ethereum’s superior layer 1 security.
It is designed to solve some of the drawbacks of current Ethereum-based smart contracts, such as inefficiency and high execution costs, which have harmed the Ethereum user experience and usually make transactions a costly job.
Arbitrum uses the transaction rollup approach to collect batches of submitted transactions on the Ethereum main chain and execute them on an inexpensive, scalable layer 2 sidechains while utilizing Ethereum to assure proper outcomes. This approach offloads the majority of the computational and storage burden that Ethereum now bears, while also allowing new kinds of strong layer 2-based Dapps.
Arbitrum uses the technology called optimistic roll-up. It enables Ethereum network contracts to scale by delivering messages between Ethereum main chain smart contracts and Arbitrum secondary layer chain smart contracts. Much of the payment services are done on the second layer, and the values were recorded on the main chain, significantly enhancing speed and efficiency. It is ambitious in the sense that any validator may post a rollup block and certify the validity of subsequent blocks, whilst the name rollup refers to how available data can be used to rebuild the chain’s whole history from an efficient log of events.
Individual nodes, like in many other blockchains, might opt to join the Arbitrum chain. Validator nodes monitor the chain’s status, whereas network nodes help to consolidate layer 1 transactions. Aggregators who send activities to the layer 1 chain receive ETH incentives, while the remainder of the user interchange fees is allocated to other network members such as validators.
Bridging Polygon (MATIC) to Arbitrum Cryptography
Here we are going to see bridging crypto from polygon to arbitrum using three bridges.
Synapse, originally Nerve, is a cross-chain technology that enables smooth blockchain bridging. Synapse has already crossed over $420 million to and from Arbitrum since its inception in late August. They also provide support for other ecosystems like Avalanche, Fantom, BSC, and Polygon.
To begin, go to the Synapse Protocol website. Connect your wallet and choose the chains you want to bridge from and to (Polygon to Arbitrum in our case). You will be able to exchange USDC, USDT, DAI, SYN, and nUSD, Synapse’s stable coin. If you wish to trade another token, such as ETH, you must first convert it to one of the supported tokens on another site, such as SushiSwap, and then repurchase it on Arbitrum.
You’ll then click Bridge Token once you’ve approved your wallet to perform the transfer. Once the transaction is completed, you will get the tokens within a few minutes. As you can see, Synapse presently charges a transaction fee of 10 USDC for Arbitrum bridges.
Hop is a location where users may swap numerous tokens between several chains. So far, they mostly accept stable coins like USDC, DAI, and USDT, but they also support ETH and Matic. This implies that you can easily switch your tokens from Polygon to Arbitrum using these tokens.
It is also less expensive than many other sites that demand exorbitant fees, so it is an excellent choice. Simply go to hop. exchange, choose the token you would like to swap, the chain it is now on, and the one you want to send, then click the approve button and send it. It is a straightforward utility that enables you to alter chains. It also has additional networks, although the majority of its traffic comes from ETH and the Polygon chain bridge.
Hop has a solid staff behind it that has been in the crypto sector for a long time, and it has a lot of promise for the future. Although it is not the largest bridge operation in the world at the moment, it is probably the most promising bridge too.
Celer network by c bridge
The Celer network, as a layer 2 protocol, assists users in moving goods from the ETH world to several other chains. They also make it quick and affordable with their new and enhanced version. It is the primary choice for such swaps and has a large volume.
One of the most well-known and often utilized bridge networks, it attracted a wider audience by providing enhanced technologies to connect networks. Liquidity providers for these swaps offer the money required for such swaps; similarly to any yield farm, we have persons on both sides of the isle liquidity farming and collecting a fee from their funds.
People might transfer money from one side to the other using these monies without having to provide anything directly to anybody. This strategy achieves a non-custodial solution for linking your money between networks.
Like hop, you must first go to cbridge, link your wallet, select the currency you want to exchange and the system it is currently on, then select just one you want to go to and approve/send. This strategy is used in most areas, and cbridge is no exception.
Since cBridge is non-custodial and decentralized, your funds are always in your hands.
To get started, go to cBridge and link your wallet. Choose the source and destination chains, as well as the crypto to bridge. The program presently supports USDT, USDC, DAI, BUSD, WETH, and WBTC, as well as a few more minor tokens.
If you want to bridge from Polygon to Arbitrum or another cross-chain variant, try the three L2 bridges. As you can see from the photographs, certain platforms charge a lesser fee than others at times, so shop around to find the best deal.
Bridging and interoperability will be two major issues in crypto in the next years. There are several L1 blockchains, but they do not yet communicate with one another, making it impossible to migrate from one to the other. This is the fundamental issue that these L2 bridges are attempting to address.
To participate in the rise of these L2 tokens, you may wish to have access to some of them in your portfolio. Hop presently lacks a native token, however, Synapse’s is $SYN and Celer’s is $CELR. Both have appreciated significantly since their beginnings, although they are still in their early stages of development.