A Multi Bridge World – Using Hop Protocol
A multi bridge world is something that has been envisioned by the Ethereum community for quite some time now, and this new multi bridge system is now closer than ever thanks to the Hop Protocol. This is the first step of many, and I expect to see many other bridges introduced into this ecosystem over time, all with one common goal, to scale Ethereum in order to cater for mass adoption. This is what will bring Ethereum to the world, and that is why this new update is so important to our community.
What are bridges? And why do we need them?
Well, I’m glad you asked, as it can be very easy to get lost in all this craziness if you are a beginner and don’t have continuous exposure to the crypto space. A bridge is basically a means of transportation for your crypto assets, what this means is that a bridge will provide the user with a way to move their assets from one network to another network entirely. We also need this bridge to migrate your assets efficiently, reducing wait times that we are used to significantly. Luckily, with Layer 2 technology, we are starting to see these new and improved bridges emerge to help harness the true power of Layer 2 Ethereum.
You may be thinking, why do I need to move my assets? Well, with the ongoing rollout of Layer 2 scaling solutions, users will begin to see many more options and possibilities arise (basically, different ways to put their assets to work). As I explained recently in a previous newsletter, different Layer 2 protocols will be good for different things within the DeFi space. This is where our bridges come in.
Hop Protocol – Fast asset migration between scaling solutions
Users will now be able to bridge between Optimistic Ethereum and the Polygon PoS chain, with the bridge also being able to move funds to and from the Ethereum mainnet. Although this is only just the beginning, I expect to see bridges between many different protocols in the future. Essentially, we want to get to a point we Ethereum users are able to live entirely on Ethereum Layer 2.
How to use the Hop Protocol – Beginner Guide
Below, I have listed a simple beginner friendly guide, on how users can migrate their assets from the Polygon network (PoS chain) to Optimistic Ethereum (Layer 2 solution)
Step 1. Navigate to the Hop Protocol bridge via the link here
Note: You can also access the app via the official Hop Protocol Twitter page.
Step 2. Connect your MetaMask (or other Ethereum wallet)
Step 3. Select the asset you wish to transfer (at the moment only USDC is available for transfer, with more to be added in the future).
Step 4. Select the network you wish to transfer assets from, in this case, select ‘Polygon’. Then select the network you wish to transfer to, in this case, select ‘Optimism’.
Step 5. Select the amount of the asset that you wish to transfer to Optimistic Ethereum.
Step 6. Select send, approve the transaction on MetaMask, and the wait for your funds to be deposited (this should be within minutes).
Note, this is a new bridge that is still in a very early stage, so approach with caution.
Thanks for reading
Liam Donald
This newsletter is for educational purposes only and should never be considered as financial or investment advice