- Wanchain is bringing its decentralized cross-chain solution to Polygon as part of a comprehensive industry-wide operation.
- The two will use a new strategy of decentralized liquidity pools to power cross-chain bridges.
Ethereum Layer 2 scaling solution Polygon, and the Wide Area Network (WAN) Layer 2 protocol Wanchain, recently announced their strategic partnership. This development aims at steering further adoption of Layer 2 cross-chain bridges. It will also fuel the progression of all-encompassing interoperable blockchain technology.
As part of the partnership, Wanchain will station direct decentralized Layer 2-to-Layer 2 cross-chain bridges to both Polygon and Arbitrum. Other than reinforcing Polygon’s position as the leading Ethereum scaling and infrastructure solution, the bridges will also augment and boost the ever-growing list of Polygon’s suite of solutions. Among them are Polygon Hermez, Polygon POS, Polygon SDK, and Polygon Avail. These products give developers easy access to all major scaling and infrastructure solutions such as sidechains and data availability solutions. Their introduction has brought Polygon widespread adoption – over 3,000 applications hosted, about 600 million transactions processed, around 60 million unique addresses, and over $5 billion in assets secured.
Wanchain is a decentralized blockchain interoperability solution that links the world’s standalone blockchain networks. It is the only project that facilitates truly decentralized cross-chain transactions between the world’s segregated and diverse blockchain ecosystems.
Already, the protocol’s infrastructure supports a variety of networks including Bitcoin, Ethereum, Wanchain, EOSIO, Binance Smart Chain (BSC), and Litecoin. Others are the XRP Ledger, Moonriver, Avalanche, and Polkadot. The latest integration with Polygon further establishes Wanchain’s reputation as the world’s most ultra-modern cross-chain solution.
Polygon and Wanchain Partnership
Polygon and Wanchain decided to work jointly since both share the vision of decentralized blockchain interoperability. The future will host multiple co-existing Layer 2 solutions. Safeguarding the value of scaling solutions requires different Layer 2 networks to allow direct transfer of assets, data, and commands among each other.
As an industry-first initiative, Polygon and Wanchain will use decentralized liquidity pools to power cross-chain bridges. This strategy differs from Wanchain’s previous industry standard of Lock-Mint-Burn-Unlock. Moreover, it marks an important milestone as the blockchain industry moves towards decentralized cross-chain function calls.
Li Ni, Wanchain VP of Business Development and Operations, states:
We recognized that need to pass through Ethereum when moving from one Layer 2 to another is self-defeating and completely undermines the improved scalability promised by Polygon. Wanchain’s new Layer 2 bridges preserve the high transaction throughput and low costs of Polygon while remaining efficient, versatile, and decentralized.
Sandeep Nailwal, the co-founder at Polygon, commented:
By extending inroads between Arbitrum and Polygon PoS, the cross-chain bridge will facilitate better liquidity and utility for ecosystem users on both sides while fostering greater overall interoperability and growth for the Ethereum Ecosystem.
Credit: Source link