Polygon PoS Bridge

Bridge

Polygon's Proof of Stake (PoS) Bridge is the canonical smart contract to move assets to and from Polygon's PoS sidechain. Assets are locked on the source chain and minted on Polygon.

Risk Rating
Watch Out
Protocol Code Quality
Protocol Maturity
Protocol Design
Summary
What we like
Offers an easy way to quickly transfer ERC-20 tokens to the Polygon network.
What we like less
Requires more trust assumptions as its consensus mechanism relies on extrernal, trusted validators. Malicious actions can result in loss of user funds.
What it means for you
Offers you a simple way to transfer your crypto assets from Ethereum to Polygon to access decentralized applications with lower gas fees and faster transaction speeds.
Information
Exploit/Hacks
Unknown
Info
  • Website
  • Token: MATIC
  • Tags: Bridge
Key Metrics
Risk Assessment
Watch Out
Protocol Code Quality
  • Code reviewed by several experienced auditors including CertiK, Halborn and PeckShield
  • Public team promotes accountability
  • No documented protocol hacks since launch
Protocol Maturity
  • Core protocol launched in 2020; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Top 1% by total value locked reduces risk
  • Multisig wallet controls protocol upgrades
  • Multisig consists of at least 4 signers, which means the protocol is less susceptible to centralization risks
  • Timelock is at least 48hrs, which provides users with sufficient time to exit if any malicious upgrades are approved
  • Low voting power concentration reduces risk
Protocol Design
  • No death spiral concerns
  • Externally verified bridge system that is reliant on an external set of validators who have to post collateral that gets burned in case of malicious activities; this system does not guarantee user funds will be reimbursed
  • Bridge messages are validated by node operators on the destination chain
  • The Polygon PoS Bridge is managed by the Polygon PoS chain team, which increases how much oversight the bridge receives as it is key to the well-functioning of the Polygon chain
Things to know about Polygon PoS Bridge

How Polygon PoS bridge works

The Polygon PoS bridge supports the transfer of ERC-20 tokens and is the recommended option for most users. Deposits on the PoS bridge are completed almost instantly but withdrawals may take a while to confirm. When bridging tokens to Polygon, the tokens are locked on Ethereum with the same number of tokens minted on Polygon. When bridging back to Ethereum, the pegged tokens on Polygon are burned and the Ethereum assets are then unlocked.

What is the consensus mechanism?

The PoS bridge uses a Proof-of-Stake (PoS) consensus algorithm to secure its network. Polygon relies on a set of external validators who run full nodes, produce blocks, validate and participate in consensus. Validators must stake a certain amount of MATIC tokens which are at risk of getting slashed in case of any malicious actions like double signing. The bridge mechanism requires at least two-thirds of the validators to agree on the locked token event on Ethereum to mint the corresponding token amount on Polygon.

Risks of using the Polygon PoS bridge

The Polygon PoS bridge requires greater trust assumptions as it is secured by a set of external validators who must post bond as collateral. The bridge contract also retains admin authority and is controlled by a 5/8 multisig wallet. Among the eight signers, four are Polygon co-founders, and the other four are key members from Polygon DeFi projects. Owners of the contract can upgrade and replace the contract at any time (without a timelock period), which means the multisig can withdraw all user assets in the contract.