Polygon, the Layer 2 solution on Ethereum, has announced a partnership with Wanchain which seeks to build a bridge for cross-chain interoperability with Polygon.
Wanchain has been working on cross-chain bridges and so far, it has been able to build bridges across networks like bitcoin, ethereum. BSC, avalanche, litecoin, and others. The idea is to make these blockchains interoperable so that they can pass messages to each other and the applications sitting on each of these chains would also become interoperable which would make the job of developers much easier and increase the net for more users to be onboarded into the various networks. With this partnership with Polygon, the network would be able to become part of the wider cross-chain network which will help Polygon to bring in its advantages that include higher speeds and lower gas fees for the users, and this will in turn help to increase the value of the network and grow its userbase.
Sandeep Nailwal, the co-founder at Polygon, commented: “By extending inroads between Abritrum and Polygon PoS, the cross-chain bridge will facilitate better liquidity and utility for ecosystem users on both sides while fostering greater overall interoperability and growth for the Ethereum Ecosystem.”
Cross-chain interoperability has always been a challenge for the developers and users and the problem has become more complicated over the last couple of years as many new networks have come into the picture and have also managed to onboard a lot of liquidity, users, and applications as well. With the chains being isolated, it was a problem for the networks as well as the applications as the userbase was limited to the network. With cross-chain, the liquidity, applications, and users would be able to move across several networks which will improve the overall utility of all the networks.
Wanchain is projected as one of the most effective cross-chain bridge solutions to be built and it has brought in a lot of value to those networks that it has worked with. Now the partnership with Polygon and other Layer 2 protocols in due course of time is likely to improve the profile of Wanchain as well as Polygon and bring in a lot more transactions for these different networks. It has also helped to bring Polygon the attention that it deserves from major investment companies around the world who are looking to buy up the native MATIC tokens.