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Coinbase wants to integrate Polygon

Exchange

en.cryptonomist.ch 03 September 2021 09:40, UTC
  
Reading time: ~4 m

Coinbase is working to integrate Polygon’s scaling solution. 

Polygon in fact is an Ethereum-based second layer that allows for fast and most importantly very cheap transactions, while waiting for Ethereum to move to Proof-of-Stake (PoS). 

Polygon’s own protocol is based on PoS and is already active and used by many users. 

Summary

Polygon on Coinbase

Coinbase has set up a team of experienced engineers focused precisely on scaling solutions for the various blockchains and on community building. The aim is to contribute to open source projects, integrate cutting-edge technologies with Coinbase’s platform and also support developers with the company’s grant programmes.

Coinbase’s EVP of engineering, Manish Gupta, said that the first choice for scaling Ethereum is the Polygon network.

Polygon PoS is already supported by other crypto exchanges and wallets, and scaling with Polygon will help Coinbase lower transaction costs on Ethereum and reduce time, for example by allowing users to withdraw quickly and cheaply. 

This will not only reduce the gap between those who can afford to pay high fees, and e.g. the majority of retail customers who instead move amounts too small to absorb the current fee levels without problems, but e.g. it could also allow for fast arbitrage between different exchanges due to very fast transaction times. 

Polygon will be integrated on Coinbase

Polygon co-founder Sandeep Nailwal said: 

“We are happy to be of a good help to the Coinbase protocol team by offering scaling solutions to Ethereum. Polygon PoS is the fastest-growing Ethereum scaling solution with high speed and low gas infrastructure. This will certainly help to improve the Coinbase user experience”.

The relationship between Polygon, Aragon and NFT

Among those already using Polygon are, for example, Origin and Aragon. 

Origin

Origin Protocol (OGN) is a platform for bringing NFTs to market and integrates Polygon to try and bring NFTs to the masses. 

It has previously distributed NFTs such as those of celebrities and brands like Paris Hilton, 3LAU and the Rolling Stones. Paris Hilton herself has joined Origin as an investor and consultant.

Aragon

Aragon, on the other hand, uses Polygon to optimize the creation and management of DAOs, because it reduces the cost of creating a DAO by more than 5,000 times, from over $500 on Ethereum to around $0.1 on Polygon. 

Polygon itself is creating a DAO for the DeFi sector, with the aim of accelerating the growth of decentralized finance, in an effort to integrate another million users.

Aragon Client is already live on Polygon and allows users to create and manage DAOs easily, quickly and cost-effectively. 

In fact, Aragon Client is also based on Ethereum and aims to simplify the creation and management of DAOs. 

By now, on Ethereum, the creation, management, and even voting on DAOs are sometimes prohibitively expensive, but thanks to Polygon these costs are dramatically reduced. 

Aragon Association co-founder and executive director Luis Cuende said:

“Joining the Polygon PoS ecosystem marks an incredible step towards the evolution of DAOs. Empowering users to deploy fast and efficient DAOs directly onto Polygon with their existing Web3 wallet and by connecting to Polygon PoS, rather than requiring a vinculum, is a groundbreaking step forward.

Aragon is using Polygon as a full-stack scaling solution. Integrating with Polygon brings more than a 5000x reduction in the cost of DAO creation, from well over $500 on Ethereum, to around $0.1 on Polygon. This is a game-changer for DAOs”.

Therefore, it’s not all that surprising that the Polygon ecosystem now has more than 500 dApps, including SushiSwap, Curve, Aave, Balancer and Kyber. 

Coinbase to win Bitcoin

Coinbase has just launched a competition that will allow one lucky winner to receive $100,000 in Bitcoin. 

We’ve officially unleashed the beast of all sweeps! Here’s how to enter to win $100,000 in Bitcoin …

👋Follow @coinbase & @MrBeast
💬Reply w/#CoinBeastSweepstakes
🛑Ends 09/07

No Purc Nec. See rules→https://t.co/ECBL4tz4gW pic.twitter.com/kPQTHsNvCT

— Coinbase ➡ #CoinBeastSweepstakes (@coinbase) September 2, 2021

There is time until 7 September to participate, and all you need to do is become a follower of the Twitter accounts @coinbase and @MrBeast and reply to the launch tweet with the hashtag #CoinBeastSweepstakes. 

Coinbase and Ethereum staking

In addition, the exchange has also announced the staking of ETH2 for UK customers. In fact, soon UK residents will be able to earn rewards by staking their ETH on the Ethereum 2.0 testnet, namely Beacon Chain, thanks to Coinbase. 

Staking will allow them to earn up to 5% APR per year. 

👋👋👋
Bonjour, hola, and hallo!

ETH2 staking waitlists are officially live in the UK and many countries in the EU. Sign up now and make sure you’re in the front of the line to get up to 5% APR in staking rewards.

Get started → https://t.co/1r4zVDOLRk pic.twitter.com/IIiOvX9xq8

— Coinbase ➡ #CoinBeastSweepstakes (@coinbase) September 2, 2021


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