OKEx Integrates with Polygon for Seamless, Cheap Switch of ETH-based Tokens
OKEx, the main world crypto change and derivatives buying and selling platform has taken an enormous step in making it simpler for its customers to commerce Ethereum based mostly belongings by integrating with one of many fastest-growing Ethereum Layer-2 scaling options. With the most recent growth, OKEx has turn into one of many first exchanges to combine with Polygon which is able to allow a faster and extra cost-efficient expertise whereas conducting transactions between the platform and Polygon PoS Community.
The inclusion of help for the Polygon full-stack scaling resolution is a large improve because it eliminates the in any other case pointless and expensive steps that concerned customers transferring ERC20 tokens from the platform to a layer-1 pockets earlier than migrating them to Polygon PoS Community. By eliminating the middleman step, OKEx is able to encourage extra customers to undertake Ethereum based mostly dApps and DeFi options, and vice versa.
In a press release marking the evolution of OKEx, CEO Jay Hao stated, “Customers have at all times been a precedence to us. OKEx is greater than a buying and selling platform; we’re a buying and selling accomplice who strives to make the crypto journey as straightforward and as cost-efficient as doable. As Layer-2 know-how, particularly a number of huge names out there, matures and turns into an answer to the congestion on Ethereum, we’re completely satisfied to be one of many first main crypto exchanges to take up this innovation and convey Polygon’s resolution to our customers.”
Voicing an analogous sentiment whereas mentioning the advantage of integration with OKEx, the co-founder of Polygon Sandeep Nailwal stated, “We’re thrilled to see the combination with Polygon for direct withdrawals on OKEx, one of many greatest world exchanges. This can make it simpler and extra seamless for brand spanking new customers moving into the Polygon and Ethereum ecosystem.”
The demand for Layer-2 options on Ethereum has gone up in latest months owing to points associated to community congestion and elevated gasoline prices. The state of affairs has elevated the transaction settlement instances whereas making microtransactions nearly unsustainable on the Ethereum ecosystem. When ETH was at its all-time excessive, the ridiculously excessive gasoline prices made individuals assume twice earlier than executing any transaction. Polygon, together with few different L2 initiatives has offered a viable resolution that would deal with these points.
Additional sweetening the deal, OKEx has introduced an entire waiver of withdrawal charges for customers immediately transferring funds from the platform to Polygon PoS Community.