[Bangalore] Hop now support instant $MATIC withdrawals from Polygon to Ethereum and other supported scaling solutions.
While the native Polygon bridge has seen considerable improvements over the last couple of months, cutting withdrawal times down from an average of 3 hours to merely 1 hour, one asset has been largely unaffected by these upgrades: $MATIC.
Today, there are primarily two bridges to move assets between Ethereum and Polygon. The first one is the Proof of Stake (PoS) bridge and the second one is the so-called Plasma bridge. If you have ever deposited or withdrawn a token such as USDC or ETH to or from Polygon, odds are that you have used the PoS bridge.
The plasma bridge on the other hand is used for $MATIC withdrawals. It provides increased security guarantees but it also comes with longer withdrawal times of up to 7 days, which has been a major pain point to Polygon users.
Hop your $MATIC from Polygon to Ethereum in minutes
Hop is the first bridge protocol to unlock instant $MATIC withdrawals. As such, we’re eager to monitor how the transfer volumes will compare with the assets supported by Hop so far, where the cost and time savings from using Hop over the native Polygon bridge were more negligible. $MATIC withdrawals with Hop will take 4-5 minutes vs. 7 days and gas costs will amount to cents. In most cases, depending on the liquidity, it will not only be faster but also cheaper to use the Hop bridge.
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