Polygon (MATIC) and Liquality tie up for cross-chain bridge

Karthik Subramanian

Polygon (MATIC), one of the fastest-growing Layer 2 solutions out there, and Liquality Wallet have tied up to enable cross-chain bridge functionality into the Polygon ecosystem.

Though several bridges are available for Polygon including their own PoS bridge, there are very slow and also difficult to handle for users who are used to friendly features in their wallets and apps.

The Liquality Wallet seeks to give a smooth and seamless experience to the users who want to use Polygon assets and dapps inside a multi-chain wallet. Also, it cuts down on the transaction time on the bridge from around 8 minutes for deposit and 3 hrs for withdrawing (as in Polygon’s PoS bridge) to around 2 minutes for atomic swaps on the Liquality Wallet. Also, the swap is one-click as well which makes it very user-friendly.

This bridge can also be used by dapps like SushiSwap and Aave as well as users can switch to the Polygon network from within the wallet and perform the transaction. More users prefer to use the Polygon (MATIC) network nowadays as the ethereum network awaits upgradation into 2.0 for improving the transaction speed, reduce network congestion as well as gas fees. MATIC has been growing quickly as the alternative of choice at this time for users and also for developers who continue to develop a range of different products on the MATIC network.

This is indeed a setback for ethereum as these developers would have developed on the ETH network in a normal course but have now been forced to develop on the MATIC due to the various issues. But, it is not that the Polygon (MATIC) network is without issues. There have been complaints of poor customer support for retail users and also issues with slow network and transactions taking a long time in this network as well.

It is clear that the MATIC network is still a work in progress and it is expected that it will take some time for it to reach the smoothness and efficiency that people are used to when working with ethereum. But the market opportunity would also not last long as ethereum gets ready with its 2.0 version and once that version is released and stable, it is expected that the developers would switch back to ethereum from Polygon (MATIC). It is literally a race against time and against ethereum for MATIC and it remains to be seen how they cope with it.

Read this next

Retail FX

Texas Slaps Forex Scam with Cease and Desist Order

The Texas State Securities Board (TSSB) is following through on its promise to crack down on online trading fraud.

Industry News

JPMorgan Chase to open its UK neobank next week

JPMorgan Chase, the biggest US bank by total assets, will next week launch its City’s digital-only bank, which offers a range of savings and loan products under its ‘Chase’ brand in the UK.

Retail FX

TIOMarkets UK reports $78,461 in 2020 revenues

TIOmarkets’ FCA-regulated entity reported its financial results for the year ending December 31, 2020. The company posted a revenue figure that was nine times the amount it reported in the fiscal year of 2019.


Equiduct deploys big xyt’s data analytics for equity market structure

“Banks, asset managers, exchanges and market participants across the globe consistently rely on big xyt as an independent reference for equity market structure”.

Retail FX

BDSwiss partners with PayRetailers to address payment landscape in LATAM

PayRetailers’ suite of payment options via single seamless API integration will be available for BDS Markets Ltd. only.

Digital Assets

Coinbase applies for NFA license while awaiting SEC lawsuit

A license from the National Futures Association (NFA) would open the door to cryptocurrency derivatives trading.

Industry News

Euroclear acquires MFEX to enhance offering for fund distributors and fund managers

This transaction brings together two highly complementary businesses.

Industry News

Madoff Victim Fund sends $568 million to 31,000 victims of Ponzi scheme

Bernard L. Madoff used his position as chairman of BLMIS to steal billions from his clients.

Digital Assets

Revolut uses Bitcoin to Pay for its office space

Revolut, the company that is looking to build a financial super app, has used bitcoin to pay for its largest office space in Dallas, Texas to the flexible workspace provider WeWork.