Biconomy launches Hyphen, an instant cross-chain transaction platform

The system will offer fast value transfers between Ethereum and Polygon, and enable quick onboarding from Layer-1 networks to Layer-2 networks

Biconomy, a multichain relayer network building infrastructure to simplify the web3.0 experience, announced the launch of its Hyphen mainnet on Friday, the company said in a release. Hyphen enables instant and low-cost token transfers across different blockchains.

L2s (secondary frameworks or protocols built on top of existing blockchain systems) have recently seen an exponential increase in demand with several Dapps (decentralised apps) moving to Polygon to obtain faster transactions and cheaper gas fees. However, the user experience moving into and out of Polygon is complicated and time consuming. The launch of Hyphen will allow users to make USDC (USD Coin) transfers between Ethereum and Polygon, facilitating those transfers in a few seconds, rather than the current 30 minute to hours it currently takes.

“On average, to transfer funds from Layer-2 to Layer-1 blockchains, it can take anywhere from 40 minutes to seven days for users to receive their funds,” Sachin Tomar, CTO of Biconomy, was quoted as saying in the press release. “More specifically, it currently takes around 40-50 minutes 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 enables developers to offer instantaneous value transfers between EVM chains, various L2s, and sidechains. It also enables quick onboarding from L1 to L2s, further solving the scaling and congestion issues on Ethereum. It is a superhighway network that connects L2 communities while expediting network effects and increasing composability  and interoperability. By maintaining and rebalancing token liquidity on both sides of the chain and instantly transferring tokens on the second chain after accepting tokens on the first chain, it is able to provide cheaper and instant transfer of funds across blockchain ecosystems.

“It is evident that the future of web3.0 will be multichain but ETH2.0 alone cannot onboard the next billion users,'' continued Sachin Tomar, CTO of Biconomy. “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.”

The Hyphen mainnet launch comes on the heels of an exceptional year, in which Biconomy announced a $9M private funding round led by DACM and Mechanism Capital, the upcoming launch of its native token $BICO, and its expansion to support over 30 Dapps.