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