Coinbase announces support for the Polygon blockchain and its applications
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Answer Coinbase announces support for the Polygon blockchain and its applications
Coinbase announced that its mobile, desktop, and browser extension applications now support dApps based on the Polygon (formerly MATIC) blockchain.
The Coinbase announcement came as follows:
We are excited to announce support for @0xpolygon on Coinbase and its browser extensions, with more expansion solutions coming soon.
We are excited to announce our support for @0xpolygon Network on the Coinbase Wallet mobile app and extension, with more scaling solutions to come soon.
– Coinbase Wallet (CoinbaseWallet) July 13, 2021
Formerly known as the Matic Network, Polygon is a Layer 2 Ethereum solution designed to reduce transaction times and costs on the Ethereum network.
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Polygon is also compatible with the Binance Smart Chain and also supports any other Ethereum-compatible network.
Polygon also contains a digital currency called MATIC, which is used for governance, storage and gas fees.
According to the announcement, the integration will allow Coinbase customers to conduct their transactions faster and cheaper as well as have easy access to Polygon-based dApps.
Before users can exploit “Polygon” they first need to switch the active networks setting to “Polygon” in their wallet settings menu.
Once enabled, this toggle will be automatically reflected in both your phone and browser extensions.
Coinbase and the quest to ease DeFi transaction fees:
As revealed by Coinbase, Coinbase wallet users already have access to decentralized finance (DeFi) platforms such as Uniswap, Compound, and Aave, but those who want to conduct smaller transactions have remained in A disadvantage due to higher transaction fees and longer confirmation times.
While the Ethereum fee may not seem like a big deal to crypto whales, it is a drawback for younger users.
As such, the integration and integration of Polygon can help Coinbase users with smaller transactions and allow them to participate in the DeFi sector.
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