OKEx Integrates With Polygon, How It Could Reduce Costs For DeFi Adoption

OKEx Integrates With Polygon, How It Could Reduce Costs For DeFi Adoption

Crypto exchange OKEx has announced an integration with scaling solution Polygon. The platform seeks to provide more access to Ethereum-based dApps. Thus, developers can build, and users can connect to them at a lower cost.

Ethereum is the number one platform for DeFi dApps. Uniswap, Curve, Aave, and others, operate on its network. The high operational cost has forced some users to look for alternatives. They have found them on Binance Smart Chain, Solana, and others.

However, DeFi on Ethereum remains popular and the features, security, and decentralization of their dApps along with the fast growth of its ecosystem continue to attract new users. OKEx leverage Polygon to provide its users with a better experience when transferring funds from the exchange platform to Polygon’s network and into DeFi.

OKEx CEO Jay Hao highlighted the importance of solutions such as Polygon for users which are “priority” for the platform. Hao added:

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.

OKEx At The Forefront Of L2 Scalable Solutions?

Before the integration with Polygon, OKEx users needed to go through 3 steps with two different fees to withdrawal their tokens. Now, the process has been simplified and users can directly send funds to the Polygon network, incurring in only one transaction fee for the contract. Polygon co-founder Sandeep Nailwal said the following on the integration with OKEx:

We’re thrilled to see the integration of 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.

Users can withdraw up to 23 assets with this integration and in total, they will save around 25% in transaction fees with faster transactions. With an ever-growing demand for DeFi, second layer scaling solutions have become a necessity and its integration could be the norm in the short term as users look for cost-efficient platforms.

Polygon’s native token MATIC has been highly resilient during the most recent downwards trend in the crypto market. At the time of writing, this token trades at $1,50 with an 8.4% in the daily chart and a 54.9% profit in the 30-day chart.

Polygon has attracted a lot of attention in the past months and has consolidated important partnerships. Its integration with OKEx is the latest in a long line of cooperation.

At the same time, OKEx has been consistent in its desire to bring in the most innovative solutions for the benefit of its users.