Hop supports instant $MATIC withdrawals
Bangalore, August 10, 2021 – Hop now supports instant $MATIC withdrawals from Polygon to Ethereum and other supported scaling solutions.
While the native Polygon bridge has seen considerable improvements over the last couple of months, cutting withdrawal times down from an average of 3 hours to merely 1 hour, one asset has been largely unaffected by these upgrades: $MATIC.
Today, there are primarily two bridges to move assets between Ethereum and Polygon. The first one is the Proof of Stake (PoS) bridge and the second one is the so-called Plasma bridge. If you have ever deposited or withdrawn a token such as USDC or ETH to or from Polygon, odds are that you have used the PoS bridge.
The Plasma bridge on the other hand is used for $MATIC withdrawals. It provides increased security guarantees but it also comes with longer withdrawal times of up to 7 days which has been a major pain point to Polygon users.
Hop your $MATIC from Polygon to Ethereum in minutes
Hop is the first bridge protocol to unlock instant $MATIC withdrawals. As such, we’re eager to monitor how the transfer volumes will compare with the assets supported by Hop so far, where the cost and time savings from using Hop over the native Polygon bridge were more negligible. $MATIC withdrawals with Hop will take 4-5 minutes vs. 7 days and gas costs will amount to cents. In most cases, depending on the liquidity, it will not only be faster but also cheaper to use the Hop bridge!
If you have any questions about the process, hop into Discord.
Hop is a protocol for sending tokens across scaling solutions and their shared layer-1 network in a quick and trustless manner. Scaling solutions have the potential to scale the Ethereum network, but each create siloed environment for its applications. Moving assets between scaling solutions and the layer-1 network is slow and expensive, diminishing the savings users gain by using the network. The Hop protocol allows assets to be moved directly from one scaling solution to another without ever touching Ethereum, providing cost savings and enabling composability of applications.
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Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 450+ Dapps, ~350M txns and ~13.5M+ unique users.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
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I have been writing about Cryptocurrencies and Blockchain technology since 2017. My work has been featured in major publications such as Forbes, CoinDesk, and Bitcoin Magazine. My mission is to educate the people about the potential of this transformative technology. When I’m not writing or teaching, I enjoy spending time with my husband and two young children.