OKCoin Integrates Polygon (MATIC), Reducing ETH Fees for DeFi Users

OKCoin becomes the first US-regulated trade to integrate Polygon (MATIC)the mixing will considerably cut back Ethereum charges for DeFi customersCustomers can now straight away withdraw their finds from OKCoin into Polygon (MATIC)The transaction between OKCoin and Polygon is free retailer for the common contract fee

The virtual asset alternate of OKCoin has announced the integration of Polygon (MATIC) onto its trading platform. in step with the official statement, the combination will extensively scale back Ethereum charges for DeFi users by means of permitting them to immediately withdraw their finances from OKCoin into Polygon.

With this transfer, OKCoin turns into the primary US-regulated crypto alternate to add make stronger for Polygon (MATIC).

Integrating Eliminates The Will To Use Ethereum’s Layer 1

the combination eliminates the need for OKCoin customers to first withdraw their Ethereum or ERC20 tokens onto a normal wallet after which into among the DeFi protocols. With this new integration, withdrawals of Ethereum and ERC20 tokens can be made directly to Polygon with OKCoin facilitating the transaction for free. Users best must pay the usual good settlement fee to finish the DeFi transaction.

In particular, the mixing of Polygon will benefit Ethereum transactions in addition as the ones regarding the ERC20 tokens of Tether (USDT), Chainlink (HYPERLINK), Maker (MKR), USDC, DAI, USDK, Compound Finance (COMP), YFI, SNX, YFII and Uniswap (UNI).

Wish To Embrace Layer 2 Answers as ETH 2.0 is Being Developed

The group at OKCoin went directly to indicate that there has been a necessity for environment friendly Layer 2 answers as Ethereum developers taken with the community’s transition to ETH2.0. They defined that skyrocketing adoption of Ethereum, wanted real-time solutions as explained below.

With skyrocketing adoption, transactions on Ethereum’s first layer have become slow and costly. this is why construction on layer 2 answers is considered a concern in the surroundings while Ethereum keeps on its transition to Eth 2.0.

However, there are nonetheless hurdles to get right of entry to them: Lately, you have to undergo layer 1 first, and then get right of entry to layer 2 from there, which takes time and incurs extra charges from the network.

Our integration gets rid of the need to go thru layer 1 to get admission to Polygon.