The developers of the Hop protocol for the interaction of Ethereum’s second level solutions have launched a “bridge” for the USDC stablecoin between Ethereum, Polygon and xDai.
According to the Medium Hop Protocol blog post, the USDC “bridge” launched with limited functionality and now supports “instant” transfers of USDC between the Ethereum mainnet, Polygon, and xDai Chain. The Hop developers plan to expand the number of supported assets over the “next two weeks”, including crypto assets ETH, MATIC and WBTC, stablecoins DAI and USDT, as well as Ethereum’s second-tier solutions – Optimism and Arbitrum.
The Bridge blocks cryptoassets that the user wants to transfer between networks and issues hTokens for fast and cheap transfers between Ethereum’s second-tier solutions and the main network. Upon redemption, the hToken are destroyed.
The Hop developers also plan to launch an automated market maker StableSwap on each supported network to facilitate the exchange of hTokens and their underlying assets. Hop will offer liquidity providers a 0.04% reduction in transaction fees.
The deployment of StableSwap on Polygon also implies the launch of a liquidity mining program for USDC liquidity providers with a MATIC allocation of more than $ 180,000 planned for distribution. networks.
Ethereum projects are increasingly using second-tier networks to reduce fees and scale. For example, at the end of June, Cream Finance, a decentralized lending protocol, announced the imminent integration of its second-tier Polygon solution to improve transaction speed and lower fees.
