Biconomy, a multichain relayer network building infrastructure to simplify the web3.0 experience, announced the launch of its Hyphen mainnet. Hyphen enables instant and low-cost token transfers across different blockchains.
Recently, L2s have seen an exponential increase in demand with hundreds of Dapps moving to Polygon to obtain faster transactions and cheaper gas fees. However, the user experience moving into and out of Polygon is complicated, and time consuming. The launch of Hyphen will allow users to make USDC transfers between Ethereum and Polygon, facilitating those transfers in a few seconds, rather than the current 30 minute to hours it currently takes.
“On average, to transfer funds from Layer2 to Layer1 blockchains, it can take anywhere from 40-min to 7-days for users to receive their funds. More specifically, it currently takes around 50 min to get ERC20 tokens from the Polygon Network to Ethereum via their native bridge. This results in weakened network effects, low composability, and an overall more difficult experience for the end-user. Hyphen solves that problem,” said Sachin Tomar, CTO, Biconomy.
Hyphen enables developers to offer instantaneous value transfers between EVM chains, various L2s, and sidechains. It also enables quick onboarding from L1 to L2s, further solving the scaling and congestion issues on Ethereum. It is a superhighway network that connects L2 communities while expediting network effects and increasing composability and interoperability. By maintaining and rebalancing token liquidity on both sides of the chain and instantly transferring tokens on the second chain after accepting tokens on the first chain, it is able to provide cheaper and instant transfer of funds across blockchain ecosystems.
“It is evident that the future of web3.0 will be multichain but ETH2.0 alone cannot onboard the next billion users. For a multichain future to become a reality, L1s, sidechains, and various scaling solutions need to be seamlessly integrated removing any friction for the end-user. Hyphen provides the instant and seamless bridge structure that will provide the infrastructure for a collaborative and connected web3.0,” continued Sachin Tomar, CTO, Biconomy. he Hyphen mainnet launch comes on the heels of an exceptional year, in which Biconomy announced a US$ nine million private funding round led by DACM and Mechanism Capital, the upcoming launch of its native token $BICO, and its expansion to support over 30+ Dapps.
Cross-chain technology also helps in creating stability in the market by discouraging monopolization by large corporations.