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Hyphen From Biconomy Offers Low Cost Ethereum Polychain Transfers

Biconomy, a multichain infrastructure network, has officially launched its Hyphen mainnet, paving the way for low-cost token transfers across Ethereum and Polygon blockchains.
Users will be able to perform near-instantaneous USD Coin (USDC) transfers between Ethereum and Polygon with the launch of Hyphen, rather than waiting 30 minutes or hours as is now the case with transfers between Ethereum and Polygon.
Biconomy announced Tuesday that it can speed up transfers by maintaining and rebalancing token liquidity on both sides of the network.
“On average, to move assets from Layer1 to Layer2 blockchains, it can take anywhere from 40 minutes to 7 days for consumers to receive their funds,” said Biconomy’s chief technology officer, Sachin Tomar. “More specifically, it presently takes roughly 40-50 minutes to transport ERC20 tokens from the Polygon Network to Ethereum using their native bridge.”
Hyphen “solves that challenge” by allowing developers to enable value transfers between Ethereum Virtual Machine networks, various layer-two solutions, and sidechains, he said.
In a tweet, Biconomy stated that future incarnations of the Hyphen network will be totally decentralized.
As we continue to develop and improve Hyphen, we will totally decentralize the infrastructure across all supported networks.
Anyone will be able to supply liquidity, function as nodes, and contribute to the protocol in the near future!
Keep an eye out for additional information!
— Biconomy (@biconomy) August 10, 2021 Biconomy recently closed a $9 million round of private fundraising sponsored by DACM and Mechanism Capital.
To date, the company has raised $10.5 million in private funding and processed $570 million in transaction volume.
With the bitcoin market reviving, demand for cross-chain swaps is expected to increase, especially as decentralized finance, or DeFi, grows in popularity.
Systems like Polkadot and Celer continue to emphasize cross-chain interaction and interoperability, and more developers are joining in to support that ambition.
Related: Innovators and entrepreneurs will benefit from a multichain future.

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