OpenSwap Bridge Testnet Update: Polygon Extension and Minor Bug Fixes
We are elated to inform you that Polygon is the next chain we are including on the OpenSwap Bridge testnet!
Our team has been working hard day and night to make sure that everything runs smoothly before rolling this out on mainnet. For those of you who have been following our updates, we have been keeping our promises in expanding our horizons to integrate into new chains, and we will continue working in this direction.
Why This Extension?
With a presence on Polygon being integrated into our platform, we at OpenSwap team decided to integrate with our crosschain bridge offering. Some notable platforms that are on Polygon are Curve, AAVE, Uniswap, SushiSwap along with many others, summing up to a TVL of $1.76 billion as of the date of publication.
There are several decentralized bridges out there, and as of last year, Binance had announced that they’re going to discontinue their centralized bridge in order to promote decentralization bridges.
Given OpenSwap’s strategic expansion of our crosschain bridge, we are delighted to announce that we will be rolling out our crosschain bridge offering on the Polygon Mumbai network. This would be considered as our test phase before rolling out to Polygon mainnet to ensure a smooth and streamlined experience for our bridge users.
OpenSwap’s Position on Polygon
The Polygon chain is one of the most popular EVM-compatible blockchains out there at this point in time. For those who don’t already know, Polygon is a Layer 2 solution and side-chain to Ethereum, and it provides users the enablement to interact from Polygon to Ethereum and vice versa.
With the bear trends dominating market sentiments, the OpenSwap team is optimistic that this integration will prove to be a great opportunity for us to jump on as our data indicate that Polygon is one of the leading EVM-compatible chains, and we anticipate that it will continue to retain their strong market positioning as we climb out of the bear cycle.
In the below chart, we list the top 10 EVM-compatible chains and their respective TVL (excluding Ethereum and Binance Smart Chain as they take up 55% of TVL), from the data taken, we can see that Polygon and Avalanche make up of over 51% of the remainder TVL. In addition to these static data, we can also see from trends that at around the time of July 2021, the Polygon TVL quadrupled from the NFT boom and we anticipate a chance of this effect to reoccur when the market cycle resets.
Other Minor Bug Fixes
We would also wish to take this opportunity to announce that our tech team had made improvements to some of the minor bugs identified through our testnet event. We have made minor changes on the tech front to ensure the OpenSwap DApp runs smoother on browsers. We will continue to make these minor fixes based on the information collected through our testnet event, contributed by our beloved Trolls and loyal supporters, to ensure that our DApp would be of the best possible status when we do roll out on mainnet.
As per mention above, we are rolling out the OpenSwap Bridge to the Mumbai network as an initial test event for our Polygon extension efforts. We hope that everyone can continue to play with our testnet bridge and provide valuable feedback to us so our team can work on further improving the overall user experience and mitigating the chances of bugs and errors.
For trolls of you who are new to playing with our testnet bridge, below we have prepared a quick guide for easier user navigation.
We urge our loyal trolls, friends, and followers to try conducting a test on our Mumbai network, and tell us your evaluation and feedback. Below is a quick step-by-step guide on how to use our crosschain bridge on Polygon testnet.
Adding the Network to Metamask
Simply click the network button on the top bar and select a network; a prompt will pop up on Metamask. Click approve and the network will be added to your Metamask automatically. Change the network to Polygon Mumbai testnet so that no real funds are used.
Currently, our bridge supports Kovan (Ethereum testnet), BNB Chain Testnet, Avalanche FUJI C-Chain testnet, and Polygon Mumbai Testnet. Other wallets might not be supported as of this moment so Metamask is recommended for trial.
Getting Testnet tokens from faucets
Simply go to these sites and get Testnet tokens. We recommend getting some testnet BNB to get started. You will also need these tokens for gas fees later on.
Select “BSC” as the Source Chain and “MATIC” as the Destination Chain
Select Polygon OSWAP Token from the destination chain token list
Approve and confirm the transaction
Review the record
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and an ANY-to-ANY single asset cross-chain bridge. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. OpenSwap aims to become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUILD.