In our new article, let’s cover the basics of Polygon bridges, i.e. cross-network on-chain mechanisms used to move value between Polygon PoS bridge and other blockchains. In order to manage liquidity efficiently, DeFi investors and traders should find the best Polygon bridge in Web3.
What is a Polygon bridge?
In Web3 development, Polygon bridge is a tech mechanism designed for the transfer of assets between Polygon's network and Ethereum or other programmable blockchain.
Polygon (previously known as Matic Network) is a second-layer scaling solution for Ethereum and all-in-one DeFi hub that aims to provide faster and cheaper transactions than the Ethereum mainnet.
Using a Polygon bridge involves locking up assets in a smart contract on one network (e.g., Ethereum), which then mints equivalent assets on the other network (e.g., Polygon) in a process that ensures the total supply of the asset remains unchanged.
Why is finding the best Polygon bridge important?
Finding the best Polygon bridge is crucial for several reasons in the context of blockchain interoperability and asset management. Cross-chain bridges enable the transfer of assets and information between different blockchain networks, which inherently possess varying security protocols, transaction speeds, and fee structures.
Choosing a top Polygon bridge ensures enhanced security, minimizing the risk of asset loss through hacks or exploits. It also guarantees cost efficiency by reducing transaction fees and maximizes transaction speed, thus improving the user experience. Furthermore, compatibility with a wide range of assets and a user-friendly interface are essential for accessibility and widespread adoption.
How does the Polygon bridge work?
Let’s check out three phases of Polygon’s bridge operations. The Polygon-Ethereum bridge facilitates the transfer of assets between the Ethereum blockchain and Polygon's network through a process involving several key steps:
- Bridge locks the assets on one blockchain and mints equivalent amounts on another one. When transferring assets from Ethereum to Polygon, the bridge locks the assets in a smart contract on the Ethereum network. Then, an equivalent amount of assets is minted on the Polygon network, ensuring the total supply remains constant.
- Initial and target blockchains “speak” to each other. The bridge relies on validators or smart contracts to verify transactions and communicate between the Ethereum and Polygon blockchains.
- Tokens are destroyed on the “initial” blockchain and unlocked on the “target” one. For transfers from Polygon back to Ethereum, the process is reversed. The assets on the Polygon side are burned (destroyed), and the original assets on the Ethereum side are unlocked from the smart contract and returned to the user's wallet.
As a result, at any moment, the sum of transfer is only available on either Ethereum or Polygon blockchain.
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Best Polygon bridge: Characteristics
Here are some characteristics best Polygon bridge in 2024 should demonstrate to guarantee secure and confidential transfer of value between Polygon and target networks.
- Security. The bridge's security mechanisms ensure the safe transfer of assets between networks.
- Cost-efficiency. Transaction fees can vary significantly between different bridges.
- Speed. The time it takes to transfer assets between networks can impact user experience and operational efficiency.
- Usability. A user-friendly interface and straightforward process for transferring assets are important for accessibility to users of all experience levels.
- Compatibility. Different bridges may support various types of assets (e.g., ERC-20 tokens, ERC-721 tokens).
- Community and Developer Support. A bridge with strong community and developer support is likely to be more reliable, receive regular updates, and have a higher level of trust within the ecosystem.
Choosing the right Polygon bridge enhances the overall experience, efficiency, and security of engaging with decentralized applications (dApps) and assets across the Ethereum and Polygon networks, making it a critical decision for users looking to leverage the strengths of both platforms.
Best Polygon bridge in 2024
As such, we’re ready to check out some bridges Polygon network uses to transfer value to alternative blockchains. Polygon PoS bridge and relevant systems from third-party developers are necessary for modern DeFi strategies of liquidity management.
Polygon Bridge
Launched in August 2020, Polygon Bridge or Polygon PoS bridge is the official bridge provided by the Polygon Network team to transfer assets from between Ethereum and Polygon, two largest EVM blockchains.
Not unlike Polygon mainnet, the bridge is validated by Polygon validators and allows for asset as well as data movement between Polygon and Ethereum.
Validator nodes on the Polygon track on-chain events on Ethereum and once ETH-based tokens have been locked, new tokens are automatically minted on Polygon. Once in half an hour, validators submit new Polygon state checkpoints to the Ethereum smart contracts. To withdraw tokens users need to present a Merkle proof of a burn event that is verified against the checkpoints.
Image by L2Beat
As of Q1, 2024, the Polygon PoS bridge is responsible for over $2,5 billion in value locked.
Wormhole
Known as the best Polygon to ETH bridge, Wormhole platform is not a cross-chain bridge itself. It is a messaging protocol that supports development and operations of on-chain bridge systems between heterogeneous decentralized networks.
Via Wormhole-based applications, DeFi users can move data between Polygon, BNB Chain, Solana, Avalanche, Oasis Network, Ethereum, and so on.
Also, Polygon to Arbitrum bridge is available on Wormhole as well as Polygon to Optimism bridge. In order to use Wormhole, customers need to authorize MetaMask wallet on its Portal Bridge web interface.
Celer
Based on Celer, one of the oldest L2 solutions on the top of Ethereum, Celer’s cBridge is recognized as a reliable bridge Polygon to Ethereum transfers can be organized on. Launched in July 2021, cBridge has provided its support for over 15 blockchains, dApps and various on-chain scenarios.
DeFi natives use Celer’s cBridge to move USDT and USDC stablecoins between Polygon PoS and Ethereum mainnet as well as to a number of L1 and L2 solutions.
Celer supports the widest range of second-layer solutions on the top of Ethereum blockchain starting from heavyweights OP Mainnet and Arbitrum and including novel protocols like Scroll, Metis, zkSync, and Polygon zkEVM.
LayerZero
Launched in mainnet in 2022, LayerZero is one of the largest cross-chain bridge ecosystems. It connects 50+ blockchains of various types providing Polygon to Arbitrum bridge and Polygon to ETH connection.
LayerZero enables omnichain development thanks to unified semantics across blockchains. With LayerZero, application owners may define and control their own configurations for security and efficiency.
The popularity of LayerZero is catalyzed by the anticipation of ZRO airdrop in 2024 and the upcoming release of LayerZero v2 iteration.
Axelar
Unlike the majority of its competitors, Axelar is a Layer One Proof-of-Stake (PoS) blockchain itself. Backed by Dragonfly Capital, it connects 50+ blockchains via its universal messaging system.
Launched in 2020, it is powered by native token AXL. Axelar-based mechanism is known as a reliable and secure Polygon bridge. MetaMask wallet is required to authorize on its Web interface.
Top 5 best Polygon bridges in 2024: Review
Let’s sum up what we know about the best Polygon bridge for mainstream usage in 2024, its potential opportunities and tech specifications.
| N | Name | Launched | Design | Networks supported |
|---|---|---|---|---|
| 1 | Polygon Bridge | 2020 | Two-way Polygon to ETH bridge | 2 |
| 2 | Wormhole | 2021 | Protocol for bridges development | 15 |
| 3 | Celer | 2021 | Ecosystem of bridges | 15 |
| 4 | LayerZero | 2022 | L1 blockchain | 50 |
| 5 | Axelar | 2020 | L1 blockchain | 50 |
As such, Polygon bridge can be used through a variety of designs and schemes of cross-network collaboration.
Conclusion
Best Polygon bridges are inevitable elements of the global Web3 ecosystem as they ensure secure, confidential, and cost-effective value transfer between Polygon, Arbitrum, Ethereum and other EVM and non-EVM blockchains.
Official Polygon Bridge, Wormhole, Celer’s cBridge, LayerZero, and Axelar are among the best Polygon bridges in 2024.
