Hop Protocol, a team that is working on the interoperability within the layer-two ecosystem of Ethereum is planning to extend support for the construction of the USDC Bridge between Ethereum, Polygon, and xDai Chain. The support will be rolled out to the layer-two networks and additional crypto assets in the coming weeks.
As revealed in a blog post shared on July 12, the USDC bridge has been introduced with restricted functionality and is currently extending support to the instant USDC transfers between the Ethereum mainnet, Polygon, and xDai Chain currently.
In addition to this, it was revealed that the team behind Hop Protocol is planning to stretch the number and assets that it supports over the coming weeks including assets such as Wrapped Bitcoin, Matic, Ether, Tether, and stablecoins Dai.
Talking about the working of the bridge, it locks up the tokens that a user wishes to transfer between the networks along with issuing its own “hTokens” that can be rapidly and conveniently transferred between layer-twos.
Moreover, to facilitate the exchange between hTokens and their fundamental assets, Hop is going to introduce the StableSwap automated market maker on each of the supported networks.
Vitalik Buterin, the co-founder of Ethereum, revealed back in the month of March that the sharding had been pushed behind the chain merge in the ETH2 roadmap while witnessing the success of layer-twos.
Also, he predicted that the rollups will be expanding Ethereum by a factor of 100. Though even after the predictions made by Vitalik Buterin, the ecosystem of Etheruem has not witnessed any significant rollups solutions launch to mainnet.
Talking further about the launch, Optimism is currently targeting July 26 for the launch and Arbitrum is yet to open up its protected launch.