Coinbase Exchange, the North American cryptocurrency exchange platform is devoted to embracing layer 2 scaling technologies with its latest move to integrate the Polygon Network. An announcement made on July 13 on the company blog stated that the Polygon Network is now available on the Coinbase Wallet mobile app.
As claimed by Coinbase in the blog post, over a million users are using Defi protocols such as Compound, Aave, Uniswap, and NFT platforms like OpenSea and Zora.
In addition to this, it also acknowledged the fact that the transaction fees on Ethereum have been a bit high and pretty much waiting was also there for confirmations. This fee when combined with the excessive fees of the Coinbase exchange makes it an expensive procedure.
Talking about the usage of Ethereum Layer 2 Scaling aggregator Polygon, Coinbase revealed that it is as simple as selecting it from the active networks mentioned in their wallet app.
Addressing their goal to onboard millions of users into the world of Defi, Coinbase said:
The native token of Polygon, MATIC, even after so many partnerships and momentum, has witnessed no positive response from the market after this announcement.
The token has shed approximately 10% in a single day as the market collapse gathers momentum and Defi tokens take the impact.
In the past week itself, it has been seen that MATIC has lost over 20% of its value like most of the Defi brethren.
Moreover, it should be noted that at the time of writing this article, MATIC is 66% down from its all-time high.