Carnation - Polygon Labs DeFi
Jack - Polygon Labs DeFi
Proposal Overview
After numerous requests from dApps building on Polygon zkEVM, we’d like to propose for the DAO the addition of an Across bridging route to Polygon zkEVM.
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 (rather than waiting seven days).
Polygon zkEVM mainnet beta launched in March of 2023 as a zk-rollup years before many people thought possible. With new technology also comes the ethical imperative to build it right. In the time since, the focus by core developers at Polygon Labs and the broader community has been testing, making the protocol more reliable, and building robust infrastructure for developers and users. In short, the focus has not been on liquidity—but that’s changing. Q2 of 2024, the pivot will be on growing liquidity.
As of 3/7/24, there has been $173m net bridged to Polygon zkEVM, showing user interest in deploying on the new chain as it begins to prioritize dApp growth. Additionally, the fast finality of zero-knowledge based chains both on-and-off the native bridge means that solvers utilizing Across’ infrastructure should bear lower duration risk, theoretically leading to tighter spreads for the end user.
We propose the following tokens and routes to be enabled at deployment time:
Token[s]: ETH, USDC, USDT, DAI, WBTC, MATIC
Route: Supported Chains <> Polygon zkEVM
Project Background
Polygon Labs is a leading contributor to Ethereum scaling and infrastructure development. It is rapidly building a suite of protocols and tools that will offer developers easy access to all major scaling and infrastructure solutions:
- L2 solutions/rollups (Polygon zkEVM, Polygon Miden)
- Chain Development Kit (CDK) as a rollup development framework
- Sidechains (Polygon PoS)
The Polygon PoS network is among the most adopted scaling efforts in the Ethereum ecosystem, with 3,000+ applications deployed, 1B+ transactions processed, 100M+ unique user addresses and ~$5B+ in assets securing the network. The PoS network already has Across integration, and an Across integration with zkEVM is an important next step to further unite these two public chains together with seamless bridging UX.
Motivation
Across would be offering several benefits to the Polygon ecosystem:
- Across’s fast and cheap bridging will offer a smoother experience for users to access Polygon zkEVM
- Polygon PoS is currently integrated with Across already, and being able to use Across to directly permit bridging between the Polygon PoS and Polygon zkEVM chains would make for a better UX for users going between these two chains
- Intent-based trading enabled by Across would offer users better execution on x-chain swaps.
An integration with Polygon zkEVM would also bring benefits to Across:
- Marketing support
- Access to users from the broader Polygon ecosystem
- Organic bridging demand for users going between Polygon PoS and Polygon zkEVM
Implementation
If approved, the Across team will lead the technical implementation outlined in this proposal. The adapter will have a completed audit by OpenZeppelin prior to deployment.
The Polygon Labs engineering team will make a dedicated engineering resource available to support and collaborate with the Across team on engineering, technical discussions, and reviews.
New Chain Requirements
| Criteria | Description | Details |
|---|---|---|
| EVM Chain & Bridges | EVM chain with a canonical token and message bridge to mainnet. 30D MA TVL of chain > $75M |  30D MA TVL: ~$140M |
| RPC Node Providers | ≥ 2 independent RPC node providers | 13 RPC providers, a list can be found here |
| Support Channel | Dedicated support channel with technical members and priority support for contract development and debug | The core Polygon Labs team has open communication channels directly with the Across core team. |
| Bridging Volume | 30D MA bridging volume to/from chains on all bridges for tokens and chains that Across supports > $2M |  30D MA net bridging volume on native bridge > $60K |
| Unique Bridging Addresses | 30D MA unique bridging addresses (by recipient address) to/from chain on all bridges for tokens and chains that Across supports > 1000 | 30D MA unique bridging addresses on native bridge > 100/day |
| Token Grant for Across DAO | Bonus: Token grant for Across DAO to distribute to users for transfers to new chain | 50,000 MATIC |
Resources
Polygon home page: https://polygon.technology/
Polygon zkEVM security and audit resources: Disclosures - Polygon Knowledge Layer
Polygon zkEVM block explorer and chain activity statistics: Polygon zkEVM Charts and Statistics | Polygon zkEVM
List of DeFi applications building on Polygon zkEVM: https://defillama.com/chain/Polygon%20zkEVM
Next steps
The proposal will be in Request for Comment (RFC) phase for at least 7 days. After receiving feedback and if the community agrees, a governance vote (on snapshot) will commence to assess the DAO’s desire to deploy on Polygon zkEVM. If the vote passes, the core team[s] will collaborate to deploy on the target chain. There will be transparent communication throughout this process!