The U.S. arm of the cryptocurrency alternate Okcoin has built-in with Ethereum layer-2 scaling venture Polygon to permit customers to straight entry the DeFi ecosystem, with out utilizing an Ethereum pockets.
The perform of the combination is to permit customers to keep away from skyrocketing gasoline charges on Ethereum, which have gotten so excessive they’re pricing some smaller gamers out of the burgeoning DeFi area.
Customers can now withdraw any of the 13 obtainable buying and selling ERC-20 property (together with ETH, UNI, USDT, LINK, COMP and extra) from their Okcoin pockets to Polygon’s sidechain. In doing so, customers can save as much as 25% on gasoline charges as a result of they not should bridge their property from an alternate to an Ethereum pockets to Polygon, incurring two transaction charges for utilizing the token bridge.
“Polygon has gotten large early traction as a scaling resolution and has taken the lead in scaling Ethereum,” stated Okcoin COO Jason Lau. “Tasks and customers have each flocked to reap the benefits of the advantages it presents by means of a lot quicker and cheaper ERC transactions. It’s seen each property and transactions enhance dramatically for the reason that starting of the yr. Tasks like AAVE, Sushiswap, Balancer and 1inch even have integrations, so there’s a free movement by means of the Polygon community.”
Lau stated this integration makes it faster to get property onto Polygon with one-click withdrawals. Transactions are additionally cheaper, as customers can skip their very own pockets and transfer property on to Polygon.
The consumer expertise can also be extra streamlined, with Okcoin dealing with the complexities of bridging property between the bottom layer and layer 2.
Lau identified that top gasoline charges are pushed by Ethereum’s personal rising recognition, and Polygon is the one of many main gamers serving to to scale the community. He stated Okcoin’s integration with Polygon will make it simpler to entry layer 2 DeFi purposes, with handy cost rails resembling debit, credit score, Apple Pay and ACH.
The following steps contain giving customers open entry to the Polygon ecosystem for issues like yield farming. This is able to basically let customers farm on Sushiswap, for instance, straight through Okcoin, much like the present Okcoin Earn function. With Earn, Okcoin covers gasoline charges and customers can deposit stablecoin property into DeFi liquidity protocols to earn annual proportion yield from protocols resembling Curve, YFI and Compound.
With the Polygon integration customers can bypass the method of getting to deposit funds to their ETH pockets, then switch funds from Ethereum to Polygon, then go, for instance, to Sushiswap or Curve, discover a yield supply and make investments: They will do all of it from the Okcoin platform.