Cryption Network Launches Cross-Chain Farming for PolyDEX
The blockchain space in general and decentralized finance, in particular, is constantly evolving with every passing day. This has necessitated blockchain-based projects to be innovative in order to be better positioned to serve their users at all times. Any project in the blockchain ecosystem that is not constantly innovating is bound to be left behind by the others who take innovation seriously in the industry.
After a number of partnerships and launches in the past, Cryption Network has announced a new project launch. Cryption has launched Cross-Chain Farming for PolyDEX on September 9, 2021. This will be the first of its kind in the decentralized finance marketplace, and according to the team, they are glad to become the first to pull it off.
Cross-Chain Farming For PolyDEX
Cross-chain farming allows users to deposit ETH on the Ethereum Mainnet and then use the deposited ETH to generate liquidity pool tokens on PolyDEX on the Polygon Network. With only a single click, users will be enrolled in their farm of choice. The cross-chain is dependent on two types of Polygon-Ethereum bridges. These bridges include the POS Token Bridge and the State Sync mechanism & FxPortals as a Data Bridge.
The POS Token Bridge is simply a set of contracts designed to help transfer assets from the root chain to the child chain. Here, the root chain is Ethereum, while the child chain is Polygon. The token contracts on the root and child chains need to be mapped out before one can use the POS Bridge. On the other hand, State Sync Mechanism and FxPortals is the mechanism that helps you read data from Ethereum on the Polygon chain. The Bridge also needs the mapping of the root and child contracts.
How Cross-Chain Farming Works
First, the user deposits ETH on the Ethereum mainnet in a contract by highlighting the details of the farm that the person wants to enroll in. The smart contract will process the information provided by the user and then prepares the cross-chain farming metadata. It also triggers the POS token bridge to move ETH over to Polygon, received on the Cross-Chain Farming Intermediator contract.
The smart contract also triggers the FxPortals to port the metadata from Ethereum to Polygon, and it will again be received on the Cross-Chain Farming Intermediator contract. Immediately the Polygon validators process the State Sync event; both ETH and metadata are moved from Ethereum and received on the Polygon Network. Once this is done, the intermediator contract decodes the metadata and then triggers another smart contract on Polygon. This “new/second” smart contract converts ETH to the tokens needed to add liquidity in the corresponding pair to get liquidity pool (LP) tokens in return. Once the LP tokens have been received, the farming contract of PolyDEX’s core will be triggered to deposit liquidity pool tokens for the user.
Once the process is completed, users will start earning farming rewards.
How to Engage in Cross-Chain Farming
In Cross-Chain Farming, the user will log on to app.polydex.org/farms and then select the Network as Ethereum Mainnet. Once this is done, click on “Deposit ETH” on the farm you want to make your deposit. At this point, you will have to enter the amount of ETH you desire to deposit into the farm and then click on “confirm” on metamask. Three processes will automatically be executed for cross-chain farming. The processes include:
At this stage, the transaction is already submitted to the Ethereum Mainnet, although it is yet to be confirmed.
- Deposited on Ethereum
Here, you have deposited the ETH on the Ethereum blockchain, which will quickly be sent to the Polygon Network.
- Staked on Polygon
At this point, your ETH is already staked on PolyDEX, and you have started farming.
It takes a maximum of 12 minutes for the Bridge to transfer your ETH to Polygon Mainnet. You will have to change your Network provider to Polygon Mainnet in order to see your LP tokens. At this point, you have begun to earn farming rewards.