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.
Share this article
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.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Layer 2 DeFi Platform DeversiFi Plans Fair Token Launch
Layer 2 DeFi platform DeversiFi is launching its native DVF token using a new fair launch distribution mechanism called “DeversiFi Launch Market.” DeversiFi Plots Fair Token Launch DeversiFi is promising…
DeversiFi DEX Announces New Token and Airdrop
DeversiFi, a layer 2 DEX backed by Bitfinex, ConsenSys, and Ledger, has announced a new governance token and airdrop. DeversiFi Token Expected Later This Year DeversiFi, previously Ethfinex, has introduced…
How to Trade Using the Inverse Head and Shoulders Pattern
In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…
Polygon Transactions Explode After DeFi Expansion
Polygon’s on-chain activity suggests exponential growth over the last month, largely driven by DeFi projects expanding to the platform. Polygon Experiences DeFi Growth As Ethereum faces scaling issues and high…