The Poly Network is a heterogeneous interoperability network that has recently announced it is going live on Arbitrum. The layer2 Arbitrum protocol scales and lowers gas fees through an off-chain transaction for Ethereum.
The integration of Poly Network with Arbitrum protocol is looked at as a milestone for the former. With this integration, Poly Network has shown that it has blockchain-enabled assets and can freely move across blockchains and between layer1 and layer2.
Poly Network, at the moment, is charging zero fees for using its platform so that it can foster the Ethereum ecosystem efficiently. Gas costs still need to be paid by users. Also, three modes of services are being offered by Poly network, viz., NFT cross-chain service, cross-chain swap, and cross-chain asset transfer.
Users can now experience interoperability on Arbitrum through Poly Network support. Other heterogeneous blockchains supported by Poly Network are Bitcoin, Neo, Ontology, Ethereum, HECO, BSC, OEC, Polygon, etc.
With the Poly Network integration on Arbitrum, users will experience various layer1 protocols on different ecosystems. They can trade, provide liquidity, lend, yield farm, and much more at nominal charges, with great speed and high security for assets and management.
Arbitrum is also going to benefit from Poly Network. It can expand its ecosystem as now the protocol has improved over interoperability with the support of the Poly Network. Messages can be exchanged with different blockchain networks, including Ethereum. Its application scenario and user number will also increase. Arbitrum has a reputation as the best layer2 solution for 2021, offering unique features to blockchain networks.
Poly Network is also planning to expand its horizon to provide interoperability on Web 3.0 and connect more blockchains with the network to enable smooth movement of transactions.