Following recent reports, OKCoin has now become the 1st US cryptocurrency exchange to incorporate Polygon. The move allows a significant reduction in ETH fees for Decentralized Finance users. Not only that, but users will also have the ability to directly make withdrawals from OKCoin to Polygon. Any transaction between Polygon and OKCoin is free for the normal contract payment.
OKCoin’s crypto exchange has issued a statement that states the company has recently incorporated Polygon into its crypto exchange platform. Following the official statement, the perks of this move for the customer include a decrease in ETH fees and the feature to withdraw directly to Polygon.
The latest integration get rids of the requirement to utilize ETH’s layer 1
The latest integration get rids of crypto exchange users to initially withdraw ERC20 tokens to a normal wallet and from there to Decentralized Finance protocol. The direct withdrawal functionality will also be of no charge for the OKCoin user, and OKCoin users will only need to compensate the fee to perform the Decentralized Finance transaction.
Specifically, the most recent integration will be beneficial to the ETH transactions along with those associated with Chainlink, USDC, USDK, YFI, YFII, Tether, Maker, DAI, Compound Finance, Uniswap and SNX.
OKCoin team moved on to highlight that there is a requirement for coherent Layer 2 solutions as ETH developers concentrate on transitioning the network to Ethereum 2.0. The team explained that the massive acceptance of Ethereum requires solutions in realtime stated here:
As the adoption of Ethereum skyrockets, the first layer of Ethereum does not have the capability to handle this much amount of a vast user base at the same time resulting in extremely slow and costly operation. Because of these prevailing issues, the need for layer two solutions is a must for the framework as ETH continues its move to Ethereum 2.0.
Nevertheless, problems still persist for access
Presently, one has to go from layer one then from there to layer two, which also takes extra fees. So to counter this conundrum, OKCoin integration of Polygon eliminates the requirement to use Ethereum’s layer 1 for the decentralized finance users.