DeversiFi Launching Bridge to Polygon

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In Brief
  • Layer2 decentralized finance (DeFi) trading platform DeversiFi is launching a bridge to Polygon, enabling frictionless transfers between the platforms.

  • The Layer2 bridge will enable Polygon users to instantly transfer USDC, DAI and USDt to their DeversiFi wallet.

  • CEO and Co-Founder of DeversiFi, Will Harborne, credits Polygon for on-boarding a new wave of users into DeFi.

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Layer2 decentralized finance (DeFi) trading platform DeversiFi is launching a bridge to Polygon, enabling frictionless transfers between the platforms.

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The Layer2 bridge will enable Polygon users to instantly transfer USDC, DAI and USDt to their DeversiFi wallet. Minutes later their funds will be available in their DeversiFi exchange account on Ethereum. Moreover, withdrawals back to Polygon occur even faster. In order to enable accessibility, the bridge will initially be free, while DeversiFi plans to expand the assets it supports over the next few months. 

CEO and Co-Founder of DeversiFi Will Harborne credits Polygon for on-boarding a new wave of users into DeFi. ”With the launch of this new bridge, the Polygon and DeversiFi communities, for the first time, can move seamlessly between the two DeFi ecosystems without ever touching layer 1 Ethereum, all for free,” he explained.

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Polygon support

Originally released in 2017 as MATIC, Polygon now has 125,000 daily users, and the largest number of crypto exchange and wallet users outside of Ethereum. Wallets it supports include Binance Exchange Wallet, Trust Wallet, Coinbase Wallet, Huobi Wallet, OKEx Wallet. High profile decentralized applications (dApps) like SushiSwap, Curve, Aave, Balancer, and Kyber also use Polygon.

Last month, Polygon announced the launch of Polygon Studios, a new division focusing on gaming development and non-fungible tokens (NFTs). The primary objective of Polygon Studios is to develop their reputation as the go-to platform for blockchain gaming. To this end, it works directly with creators to build games that run on the blockchain. The second arm of the project will deal with NFTs. They will work more with influencers and brands to help build up an NFT marketplace.

Meanwhile, DeversiFi recently introduced its DVF token using its own fair launch distribution mechanism, DeversiFi Launch Market (DLM). Harborne said his company built the DLM mechanism because it believes token distributions should be available to everyone in the fairest way. He pointed out that usually initial token distribution mechanisms on Layer 1 are constrained by gas prices and front-running. This ends up favoring those that react the fastest. 

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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