OKEx, the leading global crypto exchange and derivatives trading platform has taken a huge step in making it easier for its users to trade Ethereum based assets by integrating 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 quicker and more cost-efficient experience while conducting transactions between the platform and 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 that involved users transferring ERC20 tokens from the platform to a layer-1 wallet before migrating them to Polygon PoS Network. 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 evolution of OKEx, CEO Jay Hao said, “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 a similar sentiment while pointing out the benefit of integration with OKEx, the co-founder of Polygon Sandeep Nailwal said, “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 solutions on Ethereum has gone up in recent months owing to issues related to network congestion and increased gas costs. The situation has increased the transaction settlement times while making microtransactions virtually unsustainable on the Ethereum ecosystem. When ETH was at its all-time high, the ridiculously high gas costs made people think twice before executing any transaction. Polygon, along with few other L2 projects has presented a viable solution that could address these issues.
Further sweetening the deal, OKEx has announced a complete waiver of withdrawal fees for users directly transferring funds from the platform to Polygon PoS Network.