OKCoin-Polygon Integration Goes Live: Users to Save 25% on Gas Fees

Cryptocurrency exchange OKCoin has become the first of its kind to integrate the Ethereum layer 2 project Polygon bridge. This move will allow Ethereum users to save up to 25% on escalating gas prices. The integration will also permit users to withdraw ERC20 tokens from their OKCoin wallets to the Polygon ecosystem. Polygon’s native asset MATIC is also expected to appear on the OKCoin exchange soon.

As of now, the exchange supports 13 ERC20 tokens, all of which will be available to users for transfer from their OKCoin wallet to Polygon’s sidechain.

Easier Transfer of Ethereum-Based Assets From OKCoin to Polygon Sidechain

In the last few years, decentralized finance and NFTs have fuelled the growth of Ethereum’s ecosystem. However, the skyrocketing gas fee on the platform has hindered this growth. It has also prevented the broader adoption of decentralized finance. Ethereum’s co-founder Vitalik Buterin has acknowledged the issue and is currently at the helm of several initiatives to transition into ETH2. But layer 2 scaling platforms have emerged as an effective solution to the problem. And Polygon is leading this fast-growing sector.

With Polygon’s integration in the OKCoin exchange, it’s easier than ever to transfer Ethereum-based assets to Polygon’s sidechain. Users can now skip depositing assets to their Ethereum wallets and save on the dual transaction costs in the process. 

Polygon Records Massive Growth in 2021

Many cryptos have recorded growth in 2021. Sectors such as NFTs and DeFi have also progressed. But Polygon’s ecosystem has possibly made the biggest leap this year.

At present, Polygon is the industry’s largest ecosystem with nearly  $7.5 billion worth of assets parked into it. Interestingly, Polygon started the year with a mere $40 million in assets, which means the ecosystem recorded 18,700 percent in growth.

This shows the Polygon blockchain is increasingly vital to exchanges and OKCoin’s COO Jason Lau understands this. In his response to the integration, he stated:

“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.”

Elaborating on Polygons growth, he added:

“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.”

Polygon co-founder Sandeep Nailwal believes that integration with OKCoin will result in the project’s advancement. “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,” Nailwal commented.

Currently, the Polygon network is home to 350 applications with more than 1 million users who have made more than 121 million transactions.