According to research, there are currently over 2,782 decentralized applications on the ethereum network. The excessive gas fees on the ethereum base layer has become a barrier for most people to plug into the DeFi and Web3 space, thus, creating the need for protocols and dapps such as Aave, Curve, Sushiswap and more, to move between various scaling solutions in order to address the issue of scalability.
However, this migration also presents new challenges as various scaling solutions have fragmented and isolated ecosystems. Migrating between L1 base layer & various L2s, sidechains, and other scaling options is slow, expensive and complicated. Currently, users may need to wait for hours to move their funds into & out of sidechains or L2s. On the Ethereum scaling ecosystem, some solutions have more protocols and users, however they are isolated from dapps on another solution. This results in weakened network effects and low composability.Well, thanks to Hyphen -- the instant cross-chain transaction infrastructure, it provides simple APIs that enables users to seamlessly offer instantaneous value transfers between EVM chains, various L2s, as well as quick onboarding from L1 to L2s.
Why is Hyphen unique and pioneering?
Recently, Biconomy, the multichain transaction system with the aim of simplifying web3 experiences introduced Hyphen -- the missing cross-chain bridge to bring mass adoption to multi-chain web3.
The web3 space envisions multiple scaling solutions and blockchains in the future, each having their own use cases, economics and activities. This way dapps and protocols can possess the flexibility to choose the solutions that are most desirable and also provide their users with the option to choose. Some users may request a feature on Ethereum and conveniently pay the higher fees while other regular users might demand the same feature on a L2 sidechain and so on. Therefore, multiple scaling options improves accessibility and usability for the web3 ecosystem as well as ensures highly scalable networks with increasing decentralized demands thereby preventing a single network from being too congested.
At the moment, various scaling solutions have fragmented ecosystems that have critical implications on the ecosystem:
- Users are unable to easily move their assets between various L2s because it's really expensive and time-consuming.
- Dapps on different layer 2s will not be able to interact with each other.
- Due to friction between scaling solutions for both protocols and users, each L2S solution will act as its own closed economy, thereby reducing the network effects for the ecosystem.
Interestingly, Hyphen has come to the rescue! Powered by Biconomy, Hyphen is providing amazing solutions to scaling and congestion issues on Ethereum. Moreover, to achieve the vision of a multi-chain, multi-layer sphere, the web3 sphere needs a superhighway network to seamlessly connect all the L2 communities together. Consequently, this will facilitate an increase in network effects, high compatibility and interoperability. Meanwhile, here are some of the ways Hyphen is offering a frictionless multi-chain user experience with its dazzling features:
- Easy access to inter-blockchain liquidity on supported EVM chains
- Seamless experience for users as they navigate effortlessly between Ethereum and various layers.
- Multi-chain composability for end users
- Offers flexible options for gas payment
- Quick and simple onboarding to L2s from ETH through fast, cheap and gas-efficient inter-chain transactions.
- Breaks barriers and brings together ecosystems to encourage collaboration and interoperability
Additionally, as a dapp scales to a multi-chain architecture, Hyphen helps to prevent users from getting frustrated or isolated into a walled ecosystem by addressing added blockchain complexities. Thus, blockchain transactions are made simple with powerful APIs to abstract away blockchain complexities so Dapps can delight everyday users.
The way forward
Hyphen solves the critical problem of fragmented and isolated L2s by enabling instantaneous cross-chain value transfers. It has facilitated easy onboarding to any dapp on layer 2. Now, users can send funds to supported chains quickly. They have launched their testnet to connect Ethereum & polygon with instant transfers.
Undoubtedly, Hyphen is an ingenious solution to various protocols and dapps critical scaling issues, thus making the multichain experience on various dapps frictionless. Interestingly, in Hyphen's V2 or V3, dApps can easily send smart contract calls between their components on various chains. Thus, it's time to start integrating Hyphen into your dApp to enable you access its unique functionalities and solutions such as support for multiple L2 scaling solutions and token and so on, so as to offer an improved user experience.
"Thus, Hyphen will make the entire web3.0 network into one seamlessly interconnected ecosystem! That’s our vision for Hyphen. No Dapp, protocol or scaling solution will exist in isolation. It can easily connect to the globalized web3.0 ecosystem through Biconomy’s superhighway & bridge infrastructure! Said: Aniket Jindal, co-founder & COO Biconomy
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.