Yesterday, multichain network Biconomy launched its Hyphen mainnet, an infrastructure to make cross-chain transactions between Ethereum and its Layer 2 networks instantaneous and low-cost.
According to reports, Hyphen would aim to improve the user experience when choosing to use Ethereum’s Layer 2s, such as Polygon to achieve faster and cheaper transactions.
Specifically, Hyphen will allow users to make USDC and USDT transfers between Ethereum and Polygon, facilitating these transfers in seconds, rather than the current 30 minutes to several hours.
The cross-chain infrastructure was developed by Biconomy, which specializes in building infrastructure to simplify the Web 3.0 experience.
In this regard, Sachin Tomar, CTO of Biconomy said:
“On average, to transfer funds from Layer2 to Layer1 blockchains, it can take anywhere from 40-min to 7-days for users to receive their funds. More specifically, it currently takes around 40-50 min to get ERC20 tokens from the Polygon Network to Ethereum via their native bridge. This results in weakened network effects, low composability, and an overall more difficult experience for the end-user. Hyphen solves that problem”.
Hyphen, instant value transfers arrive for the Ethereum Virtual Machine
In addition to improving the user experience, Hyphen also supports developers precisely because of the instant value transfers between Ethereum Virtual Machine (EVM) chains, various Layer2 and sidechains.
By creating rapid onboarding from L1 to L2s, the new infrastructure further solves scaling and congestion issues on Ethereum.
To elaborate, Tomar adds:
“It is evident that the future of web3.0 will be multichain but ETH2.0 alone cannot onboard the next billion users. For a multichain future to become a reality, L1s, sidechains, & various scaling solutions need to be seamlessly integrated removing any friction for the end-user. Hyphen provides the instant and seamless bridge structure that will provide the infrastructure for a collaborative and connected web3.0”.
Meanwhile, the second largest crypto by market capitalisation ETH continues to maintain its price above $3,000.
However, some crypto investors, specifically Lark Davis, have pointed out that the fees for transactions on the Ethereum blockchain are still too high. This would suggest that despite the blockchain’s performance in various application fields, the use of ETH would remain reserved for the wealthiest users.