The Polyverse Testnet has been released by Polymer, an Ethereum rollup that aims to become Ethereum’s interoperability hub. Polymer is the latest project to attempt to address blockchain interoperability.
Today we’re excited to announce the launch of the Polyverse Testnet! Start your adventure, and quest into the Polyverse for an opportunity to shape the future of blockchain interoperability. 🔮🌌 pic.twitter.com/lo0DY2qPkI
— Polymer Labs 🛜 (@Polymer_Labs) March 5, 2024
Polymer combines the data availability of Eigenlayer, the settlement functionality of the Optimism stack, and the interoperability features of Cosmos SDK to offer the most secure and scalable interoperability solution.
The modular IBC-based networking protocol Polymer Labs had earlier raised $23 million in a Series A led by Distributed Global, Maven 11, and Blockchain Capital. Participating in the round were additional investors Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital.
Polymer is a modular layer-2 network that uses the data availability layer of Eigenlayer, the IBC protocol of Cosmos SDK, and the settlement capabilities of OP stack. It was created by Peter Kim and Bo Du.
The testnet will be introduced in three stages: “Discovery,” “Into the Unknown,” and “Basecamp.” Basecamp, the initial phase, is set to go live today to encourage developers to help move liquidity from other rollups onto the testnet.
The next week will mark the start of Phase 2, “Into the Unknown,” in which Polymer will pick a few decentralized apps to recommend to end users in exchange for prizes. Subsequently, the ultimate stage, called Discovery, will concentrate on enhancing and perfecting incentive systems to stimulate involvement.
In contrast to many current interoperability protocols, Polymer is intended to function as a layer-2 Ethereum rollup solution, akin to the ‘interoperability hub’ on Cosmos, rather than as a third-party bridge. Its goals are to interface with other layer-2 solutions and give Ethereum IBC.
Polygon had also announced an integration with Catalyst, a permissionless cross-chain AMM for the modular future, as the first launch partner. Token vaults are implemented by Catalyst between chains to enable swaps.
For these vaults to carry out the AMM logic created by Catalyst, they must speak to one another. Here’s where Polymer’s IBC standard comes into play. In order to settle the AMM logic for swaps, Polymer Hub serves as a transport layer that facilitates communication across Catalyst vaults.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
