OKCoin becomes the first US-regulated exchange to integrate Polygon (MATIC)
The integration will drastically reduce Ethereum fees for DeFi users
Users can now directly withdraw their finds from OKCoin into Polygon (MATIC)
The transaction between OKCoin and Polygon is free save for the regular contract fee
The digital asset exchange of OKCoin has announced the integration of Polygon (MATIC) onto its trading platform. According to the official announcement, the integration will drastically reduce Ethereum fees for DeFi users by allowing them to directly withdraw their funds from OKCoin into Polygon.
With this move, OKCoin becomes the first US-regulated crypto exchange to add support for Polygon (MATIC).
Integrating Eliminates the Need to Use Ethereum’s Layer 1
The integration eliminates the need for OKCoin users to first withdraw their Ethereum or ERC20 tokens onto a regular wallet and then into the various 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 only have to pay the usual smart contract fee to complete the DeFi transaction.
In particular, the integration of Polygon will benefit Ethereum transactions as well as those concerning the ERC20 tokens of Tether (USDT), Chainlink (LINK), Maker (MKR), USDC, DAI, USDK, Compound Finance (COMP), YFI, SNX, YFII and Uniswap (UNI).
Need to Embrace Layer 2 Solutions as ETH 2.0 is Being Developed
The team at OKCoin went on to point out that there was a need for efficient Layer 2 solutions as Ethereum developers focused on the network’s transition to ETH2.0. They explained that skyrocketing adoption of Ethereum, needed real-time solutions as explained below.
With skyrocketing adoption, transactions on Ethereum’s first layer have become slow and expensive. This is why development on layer 2 solutions is considered a priority in the ecosystem while Ethereum continues on its transition to Eth 2.0.
However, there are still hurdles to access them: Currently, you have to go through layer 1 first, and then access layer 2 from there, which takes time and incurs extra fees from the network.
Our integration removes the need to go through layer 1 to access Polygon.