OKEx Integrates with Polygon for Seamless, Cheap Switch of ETH-based Tokens

OKEx, the main international crypto change 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 many fastest-growing Ethereum Layer-2 scaling options. With the most recent improvement, OKEx has develop into one of many first exchanges to combine with Polygon which can allow a faster and extra cost-efficient expertise whereas conducting transactions between the platform and Polygon PoS Community.

The inclusion of assist for the Polygon full-stack scaling resolution 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 Community. By eliminating 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, “Customers have at all times been a precedence to us. OKEx is greater than a buying and selling platform; we’re a buying and selling companion who strives to make the crypto journey as simple and as cost-efficient as potential. As Layer-2 expertise, particularly just a few large names available in the market, matures and turns into an answer to the congestion on Ethereum, we’re completely happy to be one of many first main crypto exchanges to take up this innovation and convey Polygon’s resolution to our customers.”

Voicing an analogous sentiment whereas declaring the advantage of integration with OKEx, the co-founder of Polygon Sandeep Nailwal mentioned, “We’re thrilled to see the combination with Polygon for direct withdrawals on OKEx, one of many largest international exchanges. This may make it simpler and extra seamless for brand new customers stepping 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 fuel prices. The state of affairs has elevated the transaction settlement instances whereas making microtransactions nearly unsustainable on the Ethereum ecosystem. When ETH was at its all-time excessive, the ridiculously excessive fuel prices made folks assume twice earlier than executing any transaction. Polygon, together with few different L2 initiatives has introduced a viable resolution that would deal with these points.

Additional sweetening the deal, OKEx has introduced an entire waiver of withdrawal charges for customers instantly transferring funds from the platform to Polygon PoS Community.

 

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