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Hop Protocol Is Now Live On Polygon, xDai, and the Ethereum Mainnet

Hop-Protocol-Launches-USDC-Bridge-Ethereum-Polygon-xDai
  • Hop Protocol launched the USDC bridge between Ethereum, Polygon, and xDai.
  • It starts with instant USDC transfers between Ethereum, Polygon, and xDai Chain.

Hop Protocol announced it has launched the USDC bridge between Ethereum, Polygon, and xDai.

According to Hop Protocol, it has launched its Hop bridge for the first time. Hop is a protocol for sharing tokens across rollups and their shared layer-1 network in a fast and trustless way.

Yesterday, the team announced in a series of tweets that they are proud to officially launch the Hop bridge. What is more, it starts with instant USDC transfers between Ethereum, Polygon, and xDai Chain.

In addition, the team said that they will be rolling out the initial set of assets out one-by-one starting with USDC. “This will ensure a smooth launch,” the team added.

Also, the team noted that once the USDC bridge is running smoothly, they will add more tokens as fast as they can. The supported tokens will include DAI, USDT, ETH, WBTC, MATIC. And also, the forthcoming layer-two networks Optimism and Arbitrum.

Moreover, the Hop team also tweeted saying,

Today, liquidity providers can provide liquidity between Hop USDC and native USDC on both Polygon and xDai Chain to help power the Hop protocol.

The bridge secures tokens that a user wishes to transfer between networks, issuing its own “hTokens” that can be promptly and cheaply transferred between layer-twos. Besides, “The hTokens are destroyed on redemption,” says the team.

Also, Hop stated it will launch a StableSwap automatic market maker on each supported network. This is to help exchange between hTokens and their underlying assets. Further, the team said that Hop offers liquidity providers a 0.04% cut of all fees made on transactions.

The StableSwap deployment on Polygon would also allow a liquidity mining program for USDC liquidity providers. But with over $180,000 worth of MATIC slated for distribution.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.