The leading global derivatives trading platform and crypto exchange OKEx is taking a big step towards making it easier for its users to trade Ethereum-based assets by integrating with Polygon, one of the fastest growing Ethereum Layer-2 scaling solutions.
In a recent development, OKEx became one of the first exchanges to integrate with Polygon enabling a faster and cheaper crypto asset trading experience when conducting transactions between the OKEx platform and the PoS Polygon Network.
The arrival of support for Polygon’s full-stack scaling solution is a major improvement as it eliminates the lengthy and costly process that requires users to transfer ERC20 tokens from the platform to a Layer-1 wallet before moving them to the PoS Polygon Network. By eliminating intermediary processes, OKEx is encouraging more users to adopt Ethereum-based dApps and DeFi solutions and vice versa.
In a statement marking OKEx’s evolution, CEO Jay Hao stated, “Users are always our priority. OKEx is more than just a trading platform; we are a trading partner trying to make crypto travel as easy and efficient as possible. As Layer-2 technology, especially some of the big names in the market, has matured and become the solution to bottlenecks on Ethereum, we are delighted to be one of the first major crypto exchanges to take this innovation and bring Polygon solutions to our users.”
A similar sentiment was expressed by Polygon co-founder Sandeep Nailwal who stated, “We are pleased with the presence of Polygon integration for direct withdrawals on OKEx, one of the largest global exchanges. It will be an easy and seamless experience for new users to enter the Polygon and Ethereum ecosystems.”
The demand for Layer-2 solutions on Ethereum has increased in recent months brought about by network congestion and rising gas costs. This situation takes more time to complete transactions and makes microtransactions almost unsustainable in the Ethereum ecosystem. When ETH is at an all-time high, the exorbitant gas costs make people think twice before making any transaction. Polygon along with several other L2 projects present a solution that can solve this problem.
The deal was sweetened by OKEx’s announcement of the complete removal of withdrawal fees for users who directly transfer funds from the OKEx platform to PoS Polygon Network.