Improving user experience in the Multi-Chain world via Hop Protocol with Liquidity Mining Rewards at launch

June 8, 2021 — Polygon, the full-stack scaling solution for Ethereum, formerly known as Matic Network, has announced a 200,000$ Liquidity Program with Hop Protocol to connect Polygon to the Multi-Chain world.

Hop’s vision is to connect the fragmented Layer-2 landscape and enable seamless asset transfers and composability between DeFi applications on various networks. The Hop protocol provides a scalable token bridge for Ethereum’s Scaling ecosystem using a two-pronged approach:

  1. Create a special intermediary asset called an hToken (e.g., hETH, hDAI, etc.) that can be quickly and economically moved from one network to the next.
  2. Use Automated Market Makers (AMMs) to swap between the hTokens and their corresponding assets on each network.

The end result allows users to seamlessly transfer tokens from one network to the next.

Liquidity in the Hop AMM is an important prerequisite to facilitate large transfer volumes in and out of Polygon via the Hop Bridge and we’re thrilled to support the growth of liquidity with 200,000$ in rewards for LPs.

In the first phase of liquidity mining at the time Hop launches, $200,000 worth of rewards will be allocated to hUSDC — USDC liquidity providers on Polygon. In the future, Polygon will also support rewards for LPs supporting the seamless transfer of $MATIC tokens between bridges.

This is a big step towards enabling a seamless experience for users on Polygon and bridging the gap between the Polygon ecosystem and other networks in the Ethereum sphere.

As part of the initiative:

- Hop will integrate Polygon (PoS) as one of the supported networks
- Hop will prioritize support for $MATIC via Plasma bridge
- LPs on the Hop AMM on Polygon will be incentivized with rewards and
- Hop will support future Polygon SDK chains

Scaling Access to DeFi

With the imminent launch of multiple Ethereum connected chains thanks to Polygon SDK, Hop will support integrating and enabling a seamless experience between these networks as well. Eventually, Hop will become a key lego piece in the Polygon ecosystem and help it achieve its grand “Internet of Blockchains” vision.

About Hop

Hop is a protocol for sending tokens across rollups and their shared layer-1 network in a quick and trustless manner. Rollups have the potential to scale the Ethereum network, but each rollup creates a siloed environment for its applications. Moving assets between rollups and the layer-1 network are slow and expensive, diminishing the savings users gain by using the rollup. The Hop protocol allows assets to be moved directly from rollup to rollup, providing cost savings and enabling cross-rollup composability of applications.

Discord | Demo | Twitter

About Polygon

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 400+ Dapps, ~200M txns and ~1.3M+ 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.

More from the Polygon Blog
The Business Case for Blockchains Going Green

Nothing says “you have arrived” like people caring about your carbon footprint. Polygon has recently marked that milestone with a commitment to becoming carbon negative by the end of the year. Below is the case for why other projects should follow our lead and how to go about doing it. Ethereum’s smart contract blockchain has […]

Read More
Announcing Polygon Pod, a Podcast From the Epicenter of Web3

What’s the future of DeFi? How can blockchain projects shake the reputation for being bad for the environment? What in the world are zero knowledge proofs? How can Web3 attract and accommodate the next billion users? When Flippening? You want to know the answers and so do we. That’s why Polygon is launching Polygon Pod […]

Read More
Introducing Polygon Nightfall Mainnet: Decentralized Private Transactions for Enterprise

We’re in the early innings when it comes to enterprise needs for blockchains. Whether it’s supply chain management or marketplaces, the potential for secure business transactions on a public ledger has enormous implications. That’s why we’re pleased to announce Polygon Nightfall, a blockchain solution that leverages cutting edge Optimistic-Zero Knowledge technology to give businesses an […]

Read More
Introducing Polygon ID, Zero-Knowledge Identity for Web3

At Polygon, we believe that putting people firmly in control of their digital identities is at the core of Web3’s promise to empower users over networks. We have been working behind the scenes to fulfill this promise and today are proud to introduce Polygon ID, the self-sovereign, decentralized and private identity for the next iteration […]

Read More
Polygon Is Going Carbon Negative in 2022 With a $20 Million Pledge

Today marks the start of a new, sustainable era for the Polygon ecosystem -- the core team has committed to eliminating all of the network’s carbon debt going back to inception and making the chain climate positive into the future. Polygon’s Green Manifesto announced today is part of a broader vision for sustainable development that […]

Read More
Getting Started With MetaMask on Polygon

MetaMask is the most popular cryptocurrency wallet app and browser extension used to access the Web3 universe. In just a few simple steps, you can unlock this powerful tool and begin exploring the Polygon ecosystem.  There are more than 19,000 decentralized applications (dApps) running on Polygon. That list includes DeFi protocols like Aave and Uniswap […]

Read More
crossmenuchevron-down-circle