Cryptocurrency News

OKEx integrates with Polygon for seamless, cheap transfer of ETH-based tokens

okex, the leading global crypto exchange and derivatives trading platform has taken a major step to make it easier for its users to trade Ethereum based assets by integrating them with one of the fastest growing Ethereum layer-2 scaling solutions. With the latest development, OKEx has become one of the first exchanges to integrate with Polygon which will enable a faster and more cost-effective experience when transacting between the platform and the Polygon POS network.

The inclusion of support for the Polygon full-stack scaling solution is a huge upgrade as it eliminates the otherwise unnecessary and costly steps in which users transfer ERC20 tokens from the platform to a layer-1 wallet before migrating to the Polygon POS network. includes doing. By getting rid of the intermediary step, OKEx is in a position to encourage more users to adopt Ethereum-based dApps and DeFi solutions, and vice versa.

In a statement marking the development of OKEx, CEO jai hao said, “Users have always been a priority for us. OKEx is much more than a trading platform; We are a business partner that strives to make the crypto journey as easy and affordable as possible. As Layer-2 technology, especially some of the big names in the market matures and becomes the solution to the crowd on Ethereum, we are one of the first major crypto exchanges to take this innovation and bring Polygon’s solution to our users Happy to be one. “

Polygon co-founder Sandeep Nelwal expressed a similar sentiment, pointing to the benefits of integration with OKEx.“We are thrilled to see integration with Polygon for direct withdrawals on OKEx, one of the largest global exchanges. This will make it easier and more intuitive for new users to the Polygon and Ethereum ecosystems.”

The demand for layer-2 solutions on Ethereum has increased in recent months due to issues related to network congestion and rising gas costs. The situation has extended transaction settlement times, while making micro-transactions on the Ethereum ecosystem virtually unsustainable. When ETH was at its all-time high, the ridiculously high cost of gas made people think twice before carrying out any transactions. Polygon, along with a few other L2 projects, have presented a viable solution that may address these issues.

Adding to the deal, OKEx has announced a complete waiver of withdrawal fees for users to transfer funds directly from the platform to the Polygon PoS network.

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