Home Coinbase Coinbase Connects Wallet to Polygon Network For L2 Scaling

Coinbase Connects Wallet to Polygon Network For L2 Scaling

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In an announcement on the corporate weblog on July 13, Coinbase acknowledged that the Polygon Community is now accessible on the Coinbase Pockets cellular app and extension, and extra scaling options are coming.

Coinbase claims that greater than one million of its pockets clients are utilizing DeFi protocols corresponding to Uniswap, Compound, and Aave, and NFT platforms like OpenSea and Zora.

It additionally acknowledged that transaction charges on Ethereum have been fairly excessive recently and there have been lengthy waits for confirmations when the community has been below heavy load. Combining this with Coinbase’s own excessive fees makes utilizing the trade an costly process.

Coinbase Laying on Layer 2

Coinbase acknowledged that utilizing the Ethereum layer 2 scaling aggregator Polygon is so simple as deciding on it from the energetic networks of their pockets app.

Customers will want some crypto on the Polygon platform to start with since Coinbase doesn’t assist layer 2 natively. As soon as the 2 wallets are related, customers might want to use the Polygon Bridge to ship any ERC-20 tokens from the Ethereum mainnet to Polygon.

They’ll then use any of the Polygon built-in dapps and protocols corresponding to Aave to delve into DeFi. Coinbase stated that its mission was to onboard hundreds of thousands of customers into the world of DeFi.

“Within the coming months, we’ll proceed to take steps to make it simpler for customers to entry and work together with quite a lot of Layer 2 networks each on cellular and net.”

In October 2020, Coinbase added assist for optimistic rollups utilizing the Optimistic Ethereum platform. On the time the scaling tech was largely experimental and operating on testnets on platforms corresponding to Synthetix.

As reported by CryptoPotato in late June, Coinbase plans to launch its own a dapp store after acquiring a crypto custody license from German monetary regulator BaFin.

MATIC Tokens Proceed Downwards

Polygon’s native token, which remains to be known as MATIC, has seen no constructive market actions from the announcement.

The token has dumped a painful 9.5% on the day because the market hunch gathers momentum and DeFi tokens take the brunt. MATIC is at present buying and selling at $0.90 in accordance with CoinGecko, having misplaced greater than 20% over the previous week.

MATIC, like most of its DeFi brethren, is means down from its all-time excessive, languishing 66% under it regardless of all the partnerships and momentum the protocol itself has had lately.

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