The development of PolkaBridge has been gaining steam and our first priority is a smooth, hassle-free launch of our “Multichain Automated Market Maker (AMM)” decentralized exchange. Currently, we are present on the Ethereum blockchain and we plan to onboard the Polkadot blockchain fully once it launches with all functionality. However, our mission is to ensure wide compatibility and offer our product to diverse communities. That’s why we plan to launch on Ethereum’s full-stack scaling solution Polygon.
Why did we choose Ethereum?
The Ethereum blockchain is the world’s leading smart contracts blockchain in terms of adoption and usage. It powers an overwhelmingly large percentage of the cryptoverse and its most prominent crypto assets are ERC-20 tokens. The blockchain holds the record for the highest fees generated, monetary value settled and the number of unique addresses. Ethereum commands the highest number of developers building on the blockchain and it has more users than most other blockchains combined.
However, Ethereum has a scalability problem. It’s not economical for the average user to transact on the Ethereum base layer because of two reasons: high fees and even higher processing times. Such an environment is unfeasible for a decentralized finance ecosystem aiming for mass adoption and usage, which requires fast processing times and low fees to allow everyone to participate.
Luckily, Polygon has a solution. It offers a full-stack scaling solution, which uses different methods to scale the Ethereum blockchain by batching transactions and optimizing their processing. This makes it possible for projects to leverage Ethereum’s power economically while maintaining Ethereum Virtual Machine compatibility and inheriting security from the base layer.
Welcome to Polygon
Today, Polygon is the number one Ethereum scaling solution in terms of decentralized applications present (giving it strong network effects) and the number of users. It currently helps scale over 400 DApps, which include the top DApps on the Ethereum blockchain — Aave, Curve Finance and SushiSwap — trying to expand their reach to the average users. Since we want to use Ethereum in an economical manner, we decided to integrate with the Polygon ecosystem.
This means that anyone with an Ethereum wallet can connect to the Polygon commit-chain and start accessing our DeFi ecosystem. All they need is MetaMask and PolkaBridge (PBR) tokens on Polygon. We will discuss how to do that below as well as migrate tokens across blockchains. By simply onboarding Polygon, this would allow Ethereum users to enjoy PolkaBridge without having to spend an exorbitant amount of money and wait for long processing times.
We hope that this would increase our coverage and help bring more users to PolkaBridge. It’s also a key factor in ensuring long-term stability and is likely to enhance the value of PBR as well. Polygon is the best in the industry by far and PolkaBridge aims to grow with it. After all, Ethereum users would be able to access class-leading DeFi ecosystem PolkaBridge upon its launch and not have to worry about high fees or slow network speed.
Stake PBR on Polygon with lower fees and high APY
PolkaBridge’s integration with Polygon would also introduce a staking functionality, similar to the one present on the Ethereum blockchain. This will allow users to purchase PBR from QuickSwap (Polygon’s Uniswap alternative) or bridge it directly from Ethereum to stake on the Polygon chain. We will publish detailed guides for that purpose closer to the launch.
2. Stake PBR on PolkaBridge (choose Matic Mainnet network).
3. 200,000 PBR will be distributed to the staking pool as the reward for all stakers every month.
PolkaBridge is a decentralized all-in-one financial applications platform. The PolkaBridge ecosystem is expected to include cross-chain AMM, farming, lending, a fundraising platform (launchpad), prediction, nonfungible tokens and more. All products will be developed with Polkadot at the center.
Telegram channel: https://t.me/polkabridge
Telegram group: https://t.me/polkabridgegroup
Polygon contract: https://polygonscan.com/token/0x0d6ae2a429df13e44a07cd2969e085e4833f64a0
Ethereum contract: https://etherscan.io/token/0x298d492e8c1d909d3f63bc4a36c66c64acb3d695