Incognito - Polygon bridge is the next Incognito bridge. After bridging to 11 major blockchains (Bitcoin, Ethereum, BSC, etc,…), we want to continue bringing privacy to those who hold MATIC or tokens on the Polygon network.
What problems are the bridge solving?
Open interoperability to Polygon’s tokens and dApps.
Polygon was gaining huge traction lately with massive adoption as well as rapid ecosystem development so having a bridge to it is a natural desire to expand interoperability for Incognito to wider users. Furthermore, users who hold Polygon’s tokens can benefit from the work too since they can:
- transfer Polygon’s tokens privately.
- trade for tokens anonymously, especially non-EVM tokens.
- interact with Polygon’s dApps anonymously, e.g., swapping anonymously on Uniswap v3 that’s launched on Polygon a few weeks ago.
Faster and cheaper Shielding/Unshielding.
Polygon is an Ethereum layer-2 blockchain - a solution for Ethereum’s scalability. It solved Ethereum’s low throughput and high transaction fees then the bridge also benefits from the improvement: shielding/unshielding transactions would be faster and cheaper as compared to its layer 1.
The following table shows the comparison of the shielding and unshielding fees between bridges at the writing time:
|Gas used shielding||Gas used unshielding||Gas price (Gwei)||Native token price ($)||Shielding fee ($)||Unshielding fee ($)|
How it works
The Incognito - Polygon bridge mechanism is quite similar to the Incognito - Ethereum trustless bridge that also applies the locking, minting, and burning mechanisms to maintain the 1:1 ratio between the private token on Incognito and the original token on Polygon.
- Step 1: To convert Matic/ERC20 on Polygon to private Matic/ERC20 on Incognito (pMatic/pERC20), the user simply needs to send Matic/Polygon token to the Incognito’s Polygon bridge smart contract to lock funds.
- Step 2: After the depositing transaction has at least 35 block confirmations in the Polygon chain, user can get the deposit proof and submit it to the Incognito chain.
- Step 3: The Incognito chain will verify the proof and extract its content to get the deposit amount and the user’s incognito address. If the proof is valid, the Incognito chain would mint the corresponding pToken with the same deposit amount to the user’s incognito address.
The process is shown in the following diagram.
- Step 1: Conversely, to get the public MATIC/ERC20 tokens back from pMATIC/pERC20 tokens, a user only needs to burn pToken on Incognito.
- Step 2: And then submit the burn-proof to the Incognito’s Polygon bridge smart contract.
- Step 3: The smart contract will verify the proof and unlock MATIC/ERC20 tokens in Polygon to the user’s address if the proof is valid (the unlocking amount would be equal to the burned amount from step 1).
The process is shown in the below diagram.
Note: Please take into account that rebase token and some specific tokens which deduct transaction fee directly from the sending amount won’t be supported over the bridge.
Refer to this post for further information: Unsupported ERC20 tokens on Incognito
We hope that the Incognito - Polygon bridge will help Incognito expand its utility by opening new interoperability to one of the most popular Ethereum’s scaling platform like Polygon. Apart from the bridge, the team was also working on Polygon’s dApps integration to build up Incognito pApps ecosystem.