- Okcoin is integrating with Polygon to form a bridge for direct ERC-20 withdrawals
- The bridge will lead to a 25% transaction fee discount
- Also, Okcoin plans to list Polygon’s MATIC token
Okcoin, a licensed US exchange available in over 184 countries, integrated with Polygon to create a bridge for ERC-20 token withdrawals. Also, the Okcoin-Polygon bridge allows users to save 25% on transaction fees.
Notably, Okcoin is the first US exchange to integrate with Polygon a layer-2 blockchain in the Ethereum ecosystem. Plus, the integration makes Okcoin the fastest and cheapest gateway onto Polygon’s decentralized finance (DeFi) platform.
Year to date, Polygon has grown by over 187 times since year start. The blockchain started the year with a total value locked of $40 million. However, Polygon’s value locked has spiked to $7.5 billion in a matter of months. Speaking on the integration, Okcoin COO Jason Lau, shared, “Okcoin functions as a bridge from cash to the crypto ecosystem and this Polygon integration removes another friction point and the transaction fee for customers.”
Lau also commented on Polygon’s growth stating,
We focus on working with the best decentralized technologies in the last year, and Polygon’s growth has been astonishing. The value of the USD in the Polygon network grew almost 1400% to $7 billion since April. Now we can help the flow of capital to help grow Polygon in its next stage of adoption.
In fact, Okcoin will enable users to directly access Polygon, bypassing the long and expensive process prior to the integration. Before, users had to move their assets to Ethereum from an exchange, and only then could they transfer onto Polygon. Apart from being long and tedious, the process was also expensive. This is because the process incurred a double transaction fee.
However, the Okcoin-Polygon bridge gives users a 25% transaction discount. In addition, as a Layer 2 platform on Ethereum, this means the bridge will serve two functions. First, Polygon will be able to offer additional relief to the often congested Ethereum network. Secondly, the discount will allow Ethereum users to save on often exorbitant gas fees. In addition, the bridge will also work for ETH, UNI, USDT, and LINK among other cryptos.
In addition, Okcoin plans to list Polygon’s bullish MATIC token which will be available in USD and EUR trading pairs.