Polygon network comes to Coinbase Wallet
– Coinbase Wallet (@CoinbaseWallet) July 13, 2021
Formerly known as the Matic Network, Polygon is a second layer solution designed to reduce the time and cost of transactions on the Ethereum network. It is also compatible with Binance’s Smart Chain and any other Ethereum-powered network.
To access this new feature, Coinbase Wallet users simply go to the “Active Networks” setting in their mobile app to select Polygon from the drop-down menu of available networks. Once enabled, this change will be automatically applied in mobile and browser extensions.
Going further – Coinbase launches browser extension for its Coinbase Wallet
Coinbase tackles fees in DeFi
According to Coinbase’s release, more than 1 million Coinbase Wallet customers use decentralized finance (DeFi ) apps such as Uniswap, Compound or even Aave, and NFT platforms like OpenSea or Zora.
However, transaction fees are often high and confirmation times long. As a result, users who wanted to make small transactions are at a disadvantage.
Indeed, the current average fee on the Ethereum blockchain currently stands at $6.24, according to metrics platform BitInfoCharts. While this may seem like a pittance for large wallets, it can be prohibitive for lambdas users.
“We are excited to support the Polygon network, which has recently emerged as one of the leading solutions to Ethereum’s problems. This integration will enable faster and cheaper transactions, and make it easier to access dApps on Polygon,” Coinbase explained in its statement.
Finally, the Polygon integration could help Coinbase’s small-transaction users, who “are currently deprived of the ability to access dApps.bility to participate in this new open financial system,” to take advantage of DeFi.
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About the author : Lilian Aliaga
Freelance writer located between Paris and Toulouse. I want to share my passion for the world of crypto-currencies to as many people as possible. I am also interested in technical analysis and trading.
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