Coinbase made an announcement on its blog on July 13, stating that the Polygon Network is now accessible in the Coinbase Wallet mobile application and extension. Further scaling solutions were also announced by the stock market.
Coinbase claims that over one million customers use Defi protocols like Uniswap and Compound as well as NFT platforms like OpenSea or Zora.
The platform acknowledged that Ethereum trading fees are very high recently and that confirmations have taken a while because of the network’s strain. Coinbase makes it difficult to use the exchange due to its high fees.
Coinbase stated, “Using the Ethereum Tier 2 scale Aggregator – Polygon is easy – select it from our list of active networks in your wallet application.”
To get started, users need to first have some cryptocurrencies that are on the Polygon platform. Coinbase doesn’t support Tier2. Once the wallets have been connected to each other, users will need Polygon Bridge in order to send ERC-20 tokens between the main Ethereum network and Polygon.
To immerse themselves into the Defi world, they can use any of the polygon-integrated Dapps or protocols such as Aave. Coinbase stated that its mission is to bring millions of people into the World of Defi.
In the coming months, we will continue to take steps to make it easier for users to access and interact with different Tier 2 networks on both mobile devices and browsers.
Polygon | MATIC continues to slide
Since the announcement, there have not been any positive price movements for the native Polygon token MATIC. This token also lost up to 9.5% in the course of the day.
The overall market crash is gathering momentum and DeFi tokens are feeling the effects. MATIC currently trades at $0.90 and has lost more than 20% in the past week.