New York – December 5, 2023 – Polymer Labs, a leading developer in the Ethereum ecosystem, today announced its plan to revolutionize interoperability within Ethereum rollups. Polymer is launching a Layer 2 rollup leveraging the Inter-Blockchain Communication (IBC) Protocol to exclusively serve as the Interoperability Hub for Ethereum, connecting billions of dollars in value across rollups.
Ethereum has become the most vibrant and robust network in Web3, hosting a diverse community of developers and users. However, its scalability challenges have prompted the creation of a growing number of Layer 2 solutions including rollups, DApps and bridges.
While Layer 2s offer scalability benefits, they also introduce challenges related to interoperability and composability including liquidity fragmentation, end user friction, and complexities for developers. Existing interoperability solutions such as token bridges are widely used but have proven unreliable and susceptible to hacks, leading to a lack of standardization within the Ethereum ecosystem with billions lost in exploits. Polymer is best positioned to capture value in this growing interoperability market which is projected to surpass $170B by 2030 (Source: VanEck, Blockchain Bridges, 2022).
Polymer expands IBC which is the most secure and tested interoperability solution having already connected over 100 chains, with more than $30 billion in transfers facilitated and $0 in user funds lost due to hacks.
Polymer synthesizes the best features of Ethereum and Cosmos to deliver the most secure and scalable interoperability solution to the largest user base in Web3. It combines Optimism stack’s settlement functionality, Eigenlayer’s data availability and the Cosmos SDK’s interoperability features – all built on top of Ethereum’s security. Polymer enables developers to build seamless, composable applications across Ethereum rollups, enhancing the user experience and expanding the reach of blockchain technology.
While focused on connecting the Ethereum ecosystem today, Polymer’s ambition is to ensure that the interoperability layer of the decentralized web is neutral, open, permissionless and uniform across all ecosystems and chains including Solana, Celestia, and more. In the near-term, the company will be releasing their public testnet. Developers interested in exploring the capabilities of Polymer are encouraged to sign up for early access.
About Polymer Labs:
Polymer Labs, composed of skilled distributed systems and infrastructure engineers, crypto pioneers, and accomplished business operators, is at the forefront of advancing Ethereum interoperability with IBC. With technical values based on TCP/IP, Polymer’s mission is to establish the next generation of the internet by ensuring that the interoperability layer of the decentralized web is neutral, open, permissionless, and uniform across ecosystems. As the creators of the Ethereum Interoperability Hub, the first modular IBC-based networking Layer 2, Polymer sets a new standard in blockchain technology.
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