Composable Finance Collaborates with Polygon for Integration Into Its Layer 2 Bridge
Disclaimer: Information as of Jun 7, 2021. For the most recent updates, dive into our comprehensive documentation here.
Composable Finance and Polygon are joining forces to integrate Polygon’s scaling solution into Composable’s Layer 2 — Layer 2 bridge.
What the Partnership Entails:
Composable‘s Layer 2 — Layer 2 Bridge links existing layer 2 (L2) scaling solutions together, vastly improving the time delays, complications, and costs associated with this process. Composable is incredibly excited to be able to collaborate with Polygon to integrate their scaling solution into this bridge; this will allow Composable to most optimally link Polygon with its bridge and other scaling solutions. Thus, Polygon users are able to simply and easily swap their assets to and from Polygon and other scaling platforms, without any restrictive delays or costs, ensuring they can maximize capital efficiency and financial flexibility.
More about Polygon:
Formerly known as Matic, Polygon is a prominent DeFi protocol — currently ranking fourth largest in the industry, with a total of US $6.5 billion in total value locked (TVL). Overall, Polygon describes itself as “a protocol and a framework for building and connecting Ethereum-compatible blockchain networks… supporting a multi-chain Ethereum ecosystem”. Polygon imparts all of the benefits of other multi-chain solutions like Polkadot, with the additional benefits of Ethereum’s network effects and improved security, openness, and powerfulness.
Polygon’s scaling commit-chain offering is particularly exciting. In this product, Proof-of-Stake (PoS) checkpoints are pushed to the Ethereum mainchain. This means one commit-chain can handle upwards of 65,000 transactions per block — a truly staggering number. To make use of Polygon’s scaling solution, users simply deposit Ethereum-based tokens into a Polygon Bridge smart contract, which they interact with using the Polygon commit-chain, while remaining able to withdraw these assets to the Ethereum mainchain.
Polygon’s scaling solution offers multiple benefits, including that it is incredibly user friendly. Further, Polygon makes use of a modified version of the Plasma Framework which ensures decentralization and security of commit-chain transactions.
This solution has already gained traction in the industry, with nearly 100 protocols building on Polygon including MakerDAO’s DAI (with MakerDAO being the largest DeFi protocol, having over $10 billion in TVL), Chainlink, and Aavegotchi. Clearly, Polygon’s offering is highly desired by the industry.
Now, through its partnership with Composable Finance, Polygon’s product will be even more useful, seamlessly linking with other scaling protocols for the fast and cheap transfer of assets. This will result in a more cohesive DeFi industry, benefitting users and protocols alike and making the field a more welcoming place for newcomers and widespread use.
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