RNDR introduces Layer 2 Scaling solution with Polygon (Matic)
Scaling into the future with Polygon (Matic)
Today we are excited to announce that RNDR has implemented a Layer 2 scaling solution designed to reduce transaction costs and time down to a fraction of their current states, and reduce the environmental impact of operating within the ETH ecosystem, transitioning RNDR transactions from a high impact Proof-of-Work model to a lower energy intensive Proof-of-Stake system. Below we’ll explain how this Ethereum//Polygon bridge works and what it means for users.
Why use L2?
Over the course of 2020 the Ethereum blockchain saw a boom in DeFi applications being created and used. This DeFi summer saw Ethereum prices skyrocket throughout the year, with people being drawn to one of the more popular chains in the crypto world. Unfortunately this boom period for Ethereum translated to a boom in gas prices and congestion. As a result, even the smallest RNDR transactions becoming exponentially slower and more expensive, preventing the network from scaling and causing headaches for everyday users.
What is L2?
Up until today, every time a node operator is paid out for work rendered or a creator uses RNDR to pay for a scene, that transaction has passed through the Ethereum blockchain. This affords RNDR users with the security that every transaction can be publicly recalled and tracked through blockchain explorers such as Etherscan, allowing for a public, verifiable record of all transactions made on the network.
While this affords RNDR a level of accountability, it has meant being at the whims of rising gas prices and chain congestion. What the PoS Bridge allows is for RNDR to reap all of the benefits of operating on Ethereum, while avoiding the drawbacks. This is done by separating transaction verification from the ETH chain and onto Polygon (Matic) as a sidechain, where every transaction is verified by a robust system of external validators before being passed through the ETH chain. This means that individual transactions no longer have to pass through Ethereum to be validated, reducing the time and cost that is passed onto users for verifying individual transactions.
About Polygon (Formerly Matic)
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Matic POS, designed for flexibility and independence. Polygon’s Layer 2 Chains have seen widespread adoption with 90+ Dapps, ~7M txns and ~200K unique users.
The RNDR team reviewed a number of scaling solutions, including implementing ZkSync in 2020, before landing on Polygon (Matic). Ultimately the decision came down to what presented immediate benefits for users while giving RNDR the opportunity to easily scale the network moving forward. In the immediate term, Polygon (Matic) greatly reduces gas fees for all RNDR users operating within the network, which will mean faster payouts for node operators and cheaper token transfer costs for creators.
Of note: users will pay an initial fee of ~$24 in gas when they enter onto the network, as well as transferring any RNDR from exchanges onto Polygon.
In the long term, Polygon’s infrastructure integrates seamlessly with the Ethereum chain, allowing the RNDR development team to maintain the same tools and development frameworks that have allowed them to scale the network infrastructure to its current state.
For a more in depth breakdown of Layer 1 vs. Layer 2 blockchain, please check out the RNDR Knowledge base.
To begin moving your tokens onto the Polygon (Matic) network, go to https://wallet.matic.network/bridge. If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.