The TIME token, which fuels products and services across the Chrono.tech suite of applications, is now available on Polygon. Polygon is perhaps the best-known of the current scaling solutions for Ethereum, and numerous high-profile projects are already building on it, including Aave and Coinbase.
From Mainnet to L2
When Chrono.tech originally launched in 2017 and the TIME token contract was deployed, Ethereum was still in its relative infancy. Almost five years later, the growth of the Ethereum ecosystem has meant transaction fees for the main chain can be prohibitively expensive, with ERC20 token transfers often costing $20-30, and more complex operations such as token exchanges costing $100-200.
To address this problem, TIME was deployed on Binance Smart Chain earlier this year, and BSC was integrated into LaborX and other Chrono.tech products. We have now extended TIME’s cross-chain functionality to Polygon: a powerful and flexible EVM-compatible L2 solution.
Polygon has emerged as one of the strongest L2 solutions over the past several months, showing dramatic growth in its user base and token price as more and more DeFi users recognise its advantages.
One of the major benefits of Polygon is that – unlike BSC – it benefits from the network effect and interest in Ethereum, the foremost smart contracts platform. Polygon offers an open, multi-chain system that solves Ethereum’s scaling problem without sacrificing security, allowing fast transactions at a low cost. TIME transfers on Polygon will usually cost less than $0.01 in gas fees.
TIME now exists on three different chains. Tokens can be moved between Ethereum, BSC, and Polygon easily and seamlessly via the TIME Bridge: Chrono.tech’s custom solution for maintaining cross-chain liquidity.
While it’s a simple matter to switch chains, TIME’s total supply remains the same: there is still a fixed number of 710,113 TIME, just as there always has been.
TIME contract on Polygon: https://polygonscan.com/token/0xb970Bc1BD4fCD639c3...
Polygon-TIME on Quickswap (Polygon DEX): https://info.quickswap.exchange/token/0xb970bc1bd4...
Polygon and TimeWarp
As with Binance Smart Chain, support for Polygon has been added to TimeWarp, Chrono.tech’s TIME staking programme. Holders who migrate their TIME tokens to Polygon are able to stake directly into the Polygon pool on TimeWarp, enjoying the same benefits as mainnet token stakers but with far lower fees – making it cheaper to stake and compound new tokens they buy and earn.
In due course, we’ll also be adding Polygon support to LaborX, providing Customers and Freelancers with another option for paying and receiving tokens – including TIME, of course, which is distributed as Job Mining rewards every time a task is completed.
We’re very excited about the potential of Polygon and the functionality such a versatile L2 solution offers Chrono.tech, so stay tuned for more information about how we’ll be building on this in the future!