Wanchain, an Ethereum interoperability project, will provide a cross-chain connection between Polygon and Arbitrum.
Wanchain and Polygon have formed a strategic cooperation to provide a decentralised bridge between the sidechain and Arbitrum, Ethereum’s popular Layer 2 rollup solution.
The Wanchain team said in a Tuesday news release shared with Crypto Briefing that their proposed bridge would enable direct transfers between Polygon and Arbitrum without the need to utilise the Ethereum mainnet.
Li Ni, Wanchain’s vice president of business development and operations, said the following about the proposed Polygon-Arbitrum bridge:
“Wanchain’s new Layer 2 bridges maintain Polygon’s high transaction rate and low transaction costs while staying efficient, adaptable, and decentralised.”
Wanchain will join established Polygon multichain bridges like as Hop Protocol, AnySwap, Wormhole, Connext, and Celer.
The Wanchain bridge will use liquidity pools to facilitate the transfer of tokens between the two networks. Hop Protocol pioneered the use of liquidity pools to connect assets across Ethereum, Polygon, and Layer 2 technologies.
Polygon co-founder Sandeep Nailwal said that the cross-chain bridge would “enable more liquidity and usefulness for the Polygon ecosystem.” Polygon is one of the most active scaling initiatives on Ethereum, with its main Proof-of-Stake sidechain and other rollup solutions like as Hermez and Miden.
Constructing a Polygon-Arbitrum will almost certainly aid the Wanchain team in acquiring new users and generating some value for their interoperable technology stack.
Polygon has grown dramatically in the previous year, to the point that it now serves some of the largest decentralised apps (dApps) on Ethereum, including OpenSea, Aave, SushiSwap, Curve, and Balancer. Similarly, Arbitrum is the most extensively deployed Layer 2 solution on Ethereum, supporting about $2.4 billion in total value locked across many decentralised applications.
Wanchain was one of the first initiatives focused on interoperability to emerge on the crypto landscape. Following its initial coin offering in 2017, the project attempted to market itself as an ETH killer but encountered significant resistance. The current cross-chain architecture of Wanchain supports Bitcoin, Ethereum, EOS, Binance Smart Chain, Litecoin, and XRP Ledger.
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