Coinbase is working to integrate Polygon's scaling solution.
Polygon, in fact, is a second layer based on Ethereum which enables fast transactions and more importantly very cheap, while waiting for Ethereum to move to Proof of Stake (PoS).
Polygon's own protocol is based on PoS and it is already active and used by many users.
Polygon on Coinbase
Coinbase has created a team of experienced engineers focused precisely on scaling solutions for the various blockchains and building communities. The goal is to contribute to open source projects, integrate cutting-edge technologies with the Coinbase platform, and also support developers with the company's grant programs.
Coinbase Executive Vice President of Engineering, Manish gupta, Said the first choice for scaling Ethereum is the Polygon network.
Polygon PoS is already compatible with other crypto exchanges and wallets, and scaling with Polygon will help Coinbase reduce transaction costs on Ethereum and reduce time, for example, by allowing users to withdraw quickly and cheaply.
This will not only narrow the gap between those who can afford to pay high fees and, for example, the majority of retail customers who instead move amounts too small to absorb current fee levels smoothly, but, for example, It could also allow fast arbitrage between different exchanges due to very fast transaction times.
Polygon co-founder, Sandeep nailwal, said:
“We are happy to be of great help to the Coinbase protocol team by offering scaling solutions to Ethereum. Polygon PoS is the fastest growing Ethereum scaling solution with a high speed infrastructure and low gas consumption. This will definitely help improve the Coinbase user experience. "
The relationship between Polygon, Aragon and NFT
Those already using Polygon include, for example, Origin and Aragon.
Origin Protocol (OGN) is a platform for bring NFT to market and integrates Polygon to try and bring NFT to the masses.
He has previously distributed NFTs like 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, on the other hand, use Polygon to optimize DAO creation and management, because it reduces the cost of creating a DAO by over 5,000 times, from over $ 500 on Ethereum to around $ 0.1 on Polygon.
Polygon itself is creating a DAO for the DeFi sector, aiming to accelerate the growth of decentralized finance, in an effort to integrate another million users.
Aragon Client is now available from Polygon and enables users to create and manage DAOs easily, quickly, and cost-effectively.
In fact, Aragon Client is also based on Ethereum and aims to simplify DAO creation and management.
At this point in Ethereum, DAO creation, administration and even voting is sometimes prohibitively expensive, but thanks to Polygon these costs are drastically reduced.
The co-founder and executive director of the Aragón Association, Luis Cuende, said:
“Joining the Polygon PoS ecosystem marks an incredible step toward the evolution of DAO. Empowering users to implement fast and efficient DAOs directly into Polygon with their existing Web3 wallet and connecting to Polygon PoS, rather than requiring a vinculum, is an innovative step.
Aragon is using Polygon as a full stack scaling solution. The integration with Polygon brings a reduction of more than 5000x in the DAO creation cost, from more than $ 500 in Ethereum, to around $ 0.1 in Polygon. This is a game changer for DAOs. "
So it's not that surprising that the Polygon ecosystem now has over 500 dApps, including SushiSwap, Curve, Aave, Balancer, and Kyber.
Coinbase is giving away Bitcoin
Coinbase has just launched a competition that will allow one lucky winner to receive $ 100,000 in Bitcoin.
There is time until September 7 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
Furthermore, the exchange has also announced the participation of ETH2 for UK clients. 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 you to earn up to 5% APR per year.