OKEx Integrates with Polygon for Seamless, Inexpensive Transfer of ETH-based Tokens


OKEx, the main world crypto trade and derivatives buying and selling platform has taken an enormous step in making it simpler for its customers to commerce Ethereum primarily based belongings by integrating with one of the fastest-growing Ethereum Layer-2 scaling options. With the most recent growth, OKEx has grow to be one of the primary 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 Network.

The inclusion of help for the Polygon full-stack scaling answer 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 Network. By getting rid of the middleman step, OKEx is able to encourage extra customers to undertake Ethereum primarily based dApps and DeFi options, and vice versa.

In an announcement marking the evolution of OKEx, CEO Jay Hao mentioned, “Users have always been a priority to us. OKEx is more than a trading platform; we are a trading partner who strives to make the crypto journey as easy and as cost-efficient as possible. As Layer-2 technology, especially a few big names in the market, matures and becomes a solution to the congestion on Ethereum, we are happy to be one of the first major crypto exchanges to take up this innovation and bring Polygon’s solution to our users.”

Voicing an identical sentiment whereas stating the profit of integration with OKEx, the co-founder of Polygon Sandeep Nailwal mentioned, “We’re thrilled to see the integration with Polygon for direct withdrawals on OKEx, one of the biggest global exchanges. This will make it easier and more seamless for new users getting 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 scenario has elevated the transaction settlement instances whereas making microtransactions just about unsustainable on the Ethereum ecosystem. When ETH was at its all-time excessive, the ridiculously excessive gasoline prices made folks suppose twice earlier than executing any transaction. Polygon, alongside with few different L2 tasks has introduced a viable answer that might handle these points.

Further sweetening the deal, OKEx has introduced a whole waiver of withdrawal charges for customers instantly transferring funds from the platform to Polygon PoS Network.

 



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