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February 29, 2024
Polymesh News

Polymesh celebrates closure of POLY to POLYX Upgrade Bridge

Polymesh celebrates the closure of the POLY to POLYX Upgrade Bridge. With over 890 million POLY tokens bridged, the closure reflects the Polymesh ecosystem’s maturation and community support.

The Polymesh Association proudly announces the closure of the POLY to POLYX Upgrade Bridge, marking a new milestone for the Polymesh ecosystem. Facilitating the seamless migration of POLY tokens to POLYX, the Bridge has played a crucial role in the growth and development of Polymesh since its inception in October 2021.

Operating for over two years, the POLY to POLYX Upgrade Bridge officially closed on February 29, 2024, coinciding with the sixth anniversary of the original launch of POLY. The closure marks an important milestone in the evolution of Polymesh, reflecting the maturation of the ecosystem and overwhelming confidence for POLYX.

Key achievements include: 

  • Successful upgrade of over 890 million POLY tokens, representing approximately 89%+ of the POLY supply 
  • 100% uptime with zero security vulnerabilities – a remarkable feat for an industry rife with exploit

As connections between networks, token bridges consistently encounter challenges from protocol exploits and hacks. In 2022, token bridge exploits led to a loss of over $4 billion, and while 2023 experienced less year-over-year loss, high-profile hacks continued to plunder user funds as large as $200 million per network. The POLY to POLYX Upgrade Bridge has shown exceptional security, remaining incident-free throughout its entire operation –  a testament to the networks’ robust security. 

The decision to close the Upgrade Bridge is strategic, reflecting Polymesh’s achievements and support to date and a preference for reallocating resources toward future development. 

With the removal of the bridge module, this change is intended to be permanent, marking the end of a transformative era for the Polymesh ecosystem. POLY holders who did not utilize the POLY to POLYX Upgrade Bridge before the closing date will miss the opportunity to upgrade their tokens. 

Additionally, closing the bridge provides more certainty over the number of POLYX in circulation and new supply. Users can now easily model the new supply of POLYX via staking rewards only.

“The closure of the Upgrade Bridge stands as a testament to Polymesh’s success and underscores the Polymesh Association’s commitment to delivering secure infrastructure for tokenized real world assets,” says Graeme Moore, Head of Tokenization at the Polymesh Association. “We eagerly look forward to the ongoing growth and triumph of Polymesh as the leading blockchain for tokenized assets.” 

POLYX Snapshot on the POLY to POLYX Upgrade Bridge closing date
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