Authors: Jack Melnick, Hamzah Khan. Polygon Labs
Launch Hop on Polygon zkEVM Mainnet
Point of Contact: Hamzah Khan, TG: @khanHamzah, email: hamzah@polygon.technology
Proposal summary
We propose to Hop community to deploy Hop Bridge protocol to the Polygon Zero Knowledge Ethereum Virtual Machine rollup known as “Polygon zkEVM” on behalf of the community.
We believe this is the right moment for Hop to deploy on Polygon zkEVM, for several major reasons:
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Polygon zkEVM is a new zk-rollup that provides Ethereum Virtual Machine (EVM) equivalence (opcode-level compatibility) for a transparent user experience and existing Ethereum ecosystem and tooling compatibility. Additionally, speed of fraud proofs allows for near instant native bridging of funds bridge (rather than waiting seven days).
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An Ethereum L2 scalability solution utilizing cryptographic zero-knowledge technology to provide validation and fast finality of off-chain transaction computations.
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A new set of tools and technologies were created and engineered and are contained in this organization, to address the required recreation of all EVM opcodes for transparent deployment and transactions with existing Ethereum smart contracts.
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Polygon is aligned with Ethereum and its values.
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Hop is already deployed on POS with good success
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Hop gaining market-share through early mover advantage
Polygon mainnet launch went live on March 27. Our aim is to have Hop as one of our early stage bridge partners, as we view Hop as a highly crucial product for users to bridge their assets across various chains.
Incentive rewards
We propose to redirect 15% of the current Polygon incentives (430k $HOP * 15% = 64.5k $HOP), and focus on ETH and USDC only. That will drive $1.5M in TVL which would be sizable relative to current bridge TVL on Polygon zkEVM. Incentive map below-
Polygon zkEVM
- ETH - 32,250
- USDC - 32,250
Polygon PoS
- ETH - 150,500
- USDC - 144,050
- DAI - 30,100
- USDT - 40,850
About Polygon Labs
Polygon Labs is the leading platform for Ethereum scaling and infrastructure development. It is rapidly building a suite of protocols that will offer developers easy access to all major scaling and infrastructure solutions:
L2 solutions/rollups (Polygon zkEVM, Polygon Miden 1); and
Sidechains (Polygon PoS).
The Polygon PoS network is by far the most adopted scaling effort in the Ethereum ecosystem, with 3,000+ applications hosted, 1B+ transactions processed, 100M+ unique user addresses and ~$5B+ in assets secured.
Motivation
There’s significant value in Hop being available on an EVM equivalent ZK rollup. Deploying early on zkEVM helps solidify Hop’s place as a leading DEX and a thought leader.
Additionally, given the community and user uptake Hop has seen on Polygon PoS, it’s only natural to make its deployment on Polygon zkEVM a priority.
Partner Details
Polygon Labs
This proposal is being made by Hamzah Khan, Head of DeFi, an employee of Polygon Labs. Polygon Labs is a legal entity focused on the ecosystem growth and maintenance of the suite of Polygon networks.
Partner Legal
The legal entity that is supporting this proposal is Polygon Labs Services (Switzerland) AG, a Swiss corporation known as “Polygon Labs”.
Delegate Sponsor
There is no delegate co-authoring or sponsoring this proposal. Instead, this is a proposal submitted by Hamzah Khan of Polygon Labs to support the growth of Polygon as part of the overall Polygon community.
Conflict of Interest Declaration
There are no existing financial or contractual relationships between Polygon Labs and any of Sushiswap’s legal entities, including Sushiswap, SUSHI tokens, nor investments of Sushiswap.
What potential risks are there for this project’s success? How could they be mitigated?
Deploying on zkEVM should pose minimal risks, relative to deploying on alternate blockchains. As an Ethereum Layer Two, it uses Zero Knowledge proofs to inherit Ethereum’s core safety, while allowing developers to easily deploy existing EVM codebases. The bridge has been disintermediated, and Sushiswap can expect reputable Oracle providers to be available as data providers from Day One. Polygon’s zkEVM testnet has been running for the past six months. Additionally, the deployment has been audited multiple times, by auditors including Spearbit and Hexens. Risks are outlined in detail here: Welcome to zkEVM | Polygon Wiki 1.
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