Polygon Hermez Bridged USDC (X Layer)Price

(USDC)

Polygon Hermez Bridged USDC on X Layer is a digital asset representing the stablecoin USDC on the X Layer network. X Layer is a Zero-Knowledge Ethereum Layer 2 solution developed through a strategic collaboration between the global cryptocurrency exchange OKX and Polygon Labs. It is built using the Polygon Chain Development Kit and is designed to provide high security and scalability for decentralized applications and users. The term Bridged USDC refers to a specific implementation that follows the Bridged USDC Standard introduced by Circle. This standard allows for a consistent and secure method of bridging USDC from Ethereum to new blockchain networks. A key feature of this standard is that it provides a seamless pathway for the bridged token to be upgraded to native USDC if the issuer chooses to do so in the future. This approach helps prevent liquidity fragmentation and ensures a smoother experience for developers and users. The inclusion of the Hermez name in the token title originates from the underlying technology stack. Polygon Hermez was an early zero-knowledge rollup project that later merged with the Polygon ecosystem to form the foundation of its zkEVM technology. The bridge used to move assets to X Layer utilizes this zero-knowledge infrastructure to ensure that transactions are both fast and cryptographically secure. Within the X Layer ecosystem, this token serves as a primary stable asset used for liquidity in decentralized finance protocols, trading on various exchanges, and as a medium of exchange within decentralized applications. It benefits from the AggLayer, a component of the Polygon ecosystem that enables unified liquidity and cross-chain interoperability among different networks built with the same development kit. Major entities involved in this project include OKX, which manages the X Layer network and its integration with the broader OKX ecosystem; Polygon Labs, which provides the technical framework and scaling technology; and Circle, the original issuer of USDC that provides the bridging standards. The project aims to offer a robust environment for Web3 activities by combining the user base of a major exchange with advanced scaling solutions. Learn more

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