With the rapid growth of blockchain projects, ensuring network compatibility has become a top priority for developers. One solution to this problem is cross-chain bridging.
The Polygon Network is a leading name that introduces a bridge that allows easy transfer of tokens between the Polygon Network and Ethereum, facilitating interoperability and supporting scalable solutions for the network. Therefore, it is becoming an increasingly important tool for developers as it can integrate different blockchain networks.
Let’s dive into how Polygon Bridge works and explore how to bridge tokens to this network.
What Is Polygon Bridge?
The Polygon (MATIC) blockchain is one of the best Ethereum Layer 2 solutions. It provides an extensible framework for Ethereum-compatible platforms, for which interoperability is required. That’s why the network introduced bridging tools.
Blockchain bridges are designed to allow for seamless token transfers. Cross-chain functionality is suitable for trustless smart contracts. It allows you to securely transfer your ERC tokens, including non-fungible tokens (NFTs).
Cross-chain bridges are applications that facilitate transactions between independent blockchains. One of the biggest problems with blockchains is that they are siloed. This means that they cannot communicate with each other without the help of other tools. This is where cross-chain bridges come in.
Polygon currently has two bridging options; One is a proof-of-stake (PoS) bridge and the second is a plasma bridge. Both MATIC bridges have their advantages. For example, where Plasma gives you better security, PoS Bridge will provide you with the convenience of instant withdrawals.
How Does Polygon Bridge Work?
The Polygon bridge has a dual consensus mechanism, which makes it efficient and decentralized. It adopts an architecture that allows arbitrary state transitions on its sidechain. In addition, it ensures that the bridge is compatible with the Ethereum Virtual Machine (EVM), through which smart contracts on the blockchain are executed.
Bridging mechanisms work while keeping the supply of assets in circulation unchanged. When you transfer your assets from Ethereum to the MATIC blockchain, it locks them on Ethereum and mints the same amount of 1:1 pegged tokens on Polygon.
Similarly, when you transfer an asset from Polygon back to Ethereum, it burns the peg tokens and unlocks them on Ethereum.
These two types of MATIC bridges use two different technologies for safe operation. PoS bridges use a proof-of-stake mechanism and rely on external validators. Plasma, on the other hand, relies entirely on the security of the Ethereum blockchain.
How to bridge tokens to the Polygon network with PoS
The Polygon network allows you to bridge tokens in two ways by offering two types of bridges. Users mostly prefer PoS bridging because it is flexible and more convenient to use. In addition, it supports many ERC tokens, including ERC-20, ERC-721, and ERC-1155.
If you want to transfer tokens from Ethereum to Polygon with PoS Bridge, you’ll need a cryptocurrency wallet like MetaMask. If you don’t have MetaMask, it might be handy to learn how to get started with it. Once you’re set up, you can follow these steps:
1. First, go to the Polygon wallet and click on Polygon Bridge.
2. It will give you five wallet options; Select your wallet to log in.
3. Now, enter your wallet details to connect the wallet to the Polygon network.
4. It will display a signed request for verification. First, verify the URL of the website and click on sign. Once you link your wallet, you will be redirected to MATIC’s bridge interface.
5. Next, deposit the tokens you need to transfer to the Polygon network. Click Deposit, select the name and number of tokens you want to transfer, and click Transfer.
6. Now, read the important reminders it shows carefully and pay attention to the deposit time, which is usually seven to eight minutes. Then you can continue.
7. You can review the gas fee quote charged on the deposit. If you are satisfied with it, you can click Continue. Then, review all transaction details, including model, amount, and gas charges, and click Continue.
8. Finally, you can approve the transaction in your MetaMask by clicking Confirm.
The transfer may take up to 10 minutes. You can track its status by clicking on the progress tab or by clicking View on Etherscan.
To withdraw your Polygon to Ethereum, switch to the withdrawal tag. The blockchain will automatically switch locations, but you will have to choose between a PoS bridge and a Plasma bridge to complete your exchange.
Polygon Bridge is an important cryptocurrency tool
Polygon offers an impressive and scalable infrastructure for the Ethereum-backed platform. Its cross-chain bridging mechanism makes it a convenient and economical option for transferring assets.
The network gives you two bridging options; Plasma and PoS. Plasma bridging is known for its strong security, but it’s fairly rigid. PoS bridges, on the other hand, allow for more flexibility, efficiency, and faster withdrawals.