- OKCoin has become the first exchange to integrate the Polygon bridge, allowing users to withdraw ERC20 tokens directly to the Polygon ecosystem.
- The integration will allow for faster transactions, while also saving up to 25 percent in transaction fees, which have been one of the biggest impediments to DeFi adoption.
OKCoin has become the first U.S exchange to integrate the Polygon layer 2 scaling platform, allowing Ethereum users to save massively on gas fees. The integration, which went live today, allows users to withdraw ERC20 tokens directly to the Polygon sidechain from their OKCoin wallets. In addition, the exchange will be listing Polygon’s native asset MATIC on its platform soon.
Ethereum’s ecosystem has continued to grow, with DeFi and NFTs accelerating its growth in the past few years. However, one of the biggest impediments to this growth remains the very high gas fees on the platform. This has especially hindered the adoption of DeFi. And while Vitalik Buterin leads the efforts towards transition into ETH2, layer 2 scaling platforms have offered an instant solution. The undisputed leader in the growing sector is Polygon, formerly known as Matic.
Now, it has become easier than ever to transfer Ethereum-based assets from OKCoin to the Polygon sidechain. Previously, users had to withdraw the assets to their Ethereum wallets before transferring them to the Polygon ecosystem. This would incur two transaction fees. However, with the new integration, users can withdraw these tokens directly into their Polygon-based apps and wallets.
OKCoin currently supports 13 ERC20 tokens, all of which will now be available for direct withdrawal onto Polygon. They include the altcoin market leader Ether, DeFi kings Uniswap (UNI) and Compound (COMP), stablecoin leader Tether (USDT) and leading oracles network Chainlink (LINK).
The incredible growth by Polygon
In 2021, many cryptos have seen massive growth. And it’s not just been the individual prices that have shot up; some sectors have also grown collectively such as NFTs and DeFi. Polygon stands out as one whose ecosystem has seen arguably the biggest growth this year.
Today, about $7.5 billion worth of assets are locked in the ecosystem, making it one of the biggest in the industry. What’s outstanding is that at the beginning of 2021, the figure stood at a mere $40 million, showing an 18,700 percent growth in four months.
This makes the interaction between exchanges and the Polygon blockchain crucial. OKCoin understands this, with COO Jason Lau stating:
Okcoin functions as a bridge from cash to the crypto ecosystem and this Polygon integration removes another friction point and a transaction fee for customers, helping them take advantage of everything crypto has to offer.
We focus on working with the best decentralized technologies in the last year, and Polygon’s growth has been astonishing. The value of USD in the polygon network grew almost 1400% to $7B since April. Now we can help the flow of capital to help grow Polygon in its next phase of adoption.
Sandeep Nailwal, the Polygon co-founder believes that the integration by OKCoin will go a long way in advancing the project. The blockchain network now has over 350 applications with more than 1 million users who collectively have made over 121 million transactions.
OkCoin’s support for Polygon will bring further adoption and liquidity to the Ethereum ecosystem, and enable a seamless experience for users around the world.