What does Cross Chain mean on Polygon & Arbitium One Networks?

[adaseb]

Ok So I understand that for Polygon, the native token is Matic which is used for all the gas fees. For Arbitium One its ETH.

I am confused if its possible to hold ERC20 tokens like USDT or USDC on these chains and not on ETH chain.

Basically is it possible to hold Tether on Polygon or Arbitium One? Because its called Cross-chain for some reason. However when I look at the block explorer some address in Polygon contain ERC20 tokens which are Tether or USDC, So I am completely confused here.

[noorman0]

-snip-

Basically is it possible to hold Tether on Polygon or Arbitium One? Because its called Cross-chain for some reason. However when I look at the block explorer some address in Polygon contain ERC20 tokens which are Tether or USDC, So I am completely confused here.

Yes only if USDT supported the L2 network you mentioned, they would be fundamentally different blockchains. That means you have to go through a "swap" process (their term: cross-chain bridge). Most network-based developers such as Polygon and Arbitrum will provide the tool themselves or at least make a recommended list of third-party cross-chain bridges on their website.

[hugeblack]

Polygon woks like LN layer 2 network which built on the top of bitcoin blockchain Thus, one ETH address can contain more than one ERC20 token for more than one blockchain, and then by using the private key and the specified path, you can access those currencies.
Most wallets scan multiple blockchains quickly.
you can have more than one token on same address but to move between them (ETH TO MATIC) The bridging protocol is needed.
Unfortunately, these bridges are the weakest link, as they are easy to hack, or they may suffer from liquidity problems.

[mk4]

It's possible, but it's only recommended to do so if there's ample liquidity on the bridges(whereas stablecoins mostly have good liquidity); because bridges mostly works like a DEX whereas you're going to need liquidity to not get rekt because of spreads.

Totally up to you what bridges you want to use, but I've personally had good experience with Synapse and Hop.

[adaseb]

Here is where I am confused.

On some Defi services it says that withdraws can take up to 4 hours because layer 2 blocks are mined in around that time. However Arbitium and Poly has ultra fast block times so I don't know where they are getting this 4 hours from?

Says Cross-chain withdraws require verification at L2 (due to some ZK proofs) and these take time.

[hugeblack]

Here is where I am confused.

Think of it as if you are using the Lightning Network within 2nd layer. Confirmations are instant, but you need to make one transaction on mainnet network if you want to transfer your Matic to Ethereum, so the bridging time is supposed to be the same as the time to perform a mainnet transaction.
which DEX ask for 4 hours? maybe it is a liquidity problem

[Cryptomiles1]

You don't need to be confused mate, when something mean to crosschain is just like a network interoperability. You can possibly switched from polygon to other network and usually the spending side pays the feel while receiving side doesn't incur any charges but needs the network native token to spend as gas fee to be able to send out to other address or possibly to exchange.