Major US crypto exchange Coinbase announced yesterday that it will partner with Polygon (MATIC). The ethereal (ETH) The scaling solution has really put itself on the map in the last year, as this partnership with Coinbase demonstrates.
Polygon is a scaling solution for Ethereum. The Ethereum network often suffers from an overloaded network with high transaction costs as a result. Because Polygon is built on top of the Ethereum network, this gives the Ethereum network the opportunity to process transactions faster and limit transaction costs.
Coinbase on zee encountered layer 2
July 13 announced the American exchange giant that Polygon is now available on the Coinbase Wallet app for smartphones.
According to Coinbase, millions of Coinbase Wallet users are using Decentralized Finance (DeFi) protocols like Uniswap, Compound, and Aave. Transaction costs are often high and transactions take too long. This, coupled with the already high costs of Coinbase itself, makes it unattractive for users of such protocols to use Coinbase.
This is why the integration with Polygon is a logical step according to Coinbase.
Integration with Polygon will significantly reduce the problems experienced by users of these DeFi protocols. Transaction costs are reduced and the time required to process transactions is reduced.
For Coinbase Wallet users, selecting the Polygon network is a breeze. You simply have to select Polygon from the active networks in the application.
Integration with other platforms is only a matter of time
Coinbase has also announced that the integration with Polygon will not be the last of its kind.
Therefore, Coinbase’s mission is to attract millions of DeFi users who are currently located elsewhere.
“In the coming months, we will continue to take steps for users to access and interact with Layer 2 networks both on mobile devices and on the Web.”
Also, Coinbase recently announced planning to have one Decentralized application (dApp) store so that customers can securely manage their crypto within these dApps. In any case, Coinbase is not standing still, that is clear.