Hop supports instant $MATIC withdrawals
Instant $MATIC withdrawals and liquidity mining rewards for liquidity providers on Hop
Hop now supports instant $MATIC withdrawals from Polygon to Ethereum and other supported scaling solutions.
Hop your $MATIC from Polygon to Ethereum in minutes
Hop is the first bridge protocol to unlock instant $MATIC withdrawals. As such, they are eager to monitor how the transfer volumes will compare with the assets supported by Hop so far, where the cost and time savings from using Hop over the native Polygon bridge were more negligible. $MATIC withdrawals with Hop will take 4–5 minutes vs. 7 days and gas costs will amount to cents as costs are socialized across many Hop users. In most cases, depending on the liquidity, it will not only be faster but also cheaper to use the Hop bridge!
Plasma bridge withdrawal vs. Hop
To top things off, the Polygon team is granting $400,000 worth of $MATIC rewards to Hop liquidity providers in the $hMATIC — $MATIC AMM over the next year to help them attract and sustain deep liquidity. In other words, liquidity providers will earn trading fees on every $MATIC transfer through Hop and $MATIC liquidity mining rewards on top. The first tranche of rewards will be lasting 1 month and distribute 30,000 $MATIC to LP’s.
How do I become a liquidity provider?
If you have previously provided liquidity on Hop the process is identical to previous assets listed. Here is a video tutorial showing how to do it with USDC.
1) Go to Hop.exchange
2) Head to “Pool”
3) Provide $MATIC or $hMATIC (or both) into the pool in any proportion that you like. You can e.g only add 1000 $MATIC or only 1000 $hMATIC or provide both in any ratio.
4) You will receive LP tokens that reflect your ownership in the pool
5) Head to “Stake” section
6) Approve your LP tokens
7) Stake your LP tokens
8) Earn $MATIC
If you have any questions about the process, hop into our Discord or check out our user FAQ.
Get Involved!
SOURCE: https://medium.com/hop-protocol/hop-supports-instant-matic-withdrawals-5fe983fd9d35
