Polygon Network now available on Coinbase wallet
Polygon, the layer 2 solution on Ethereum, is now available on the Coinbase wallet and the decentralized applications on the Polygon network can now be accessed and used from within the Coinbase wallet.
This was announced by Coinbase on Tuesday and now the wallet supports Polygon which would help the users to reduce fees for carrying out various transactions from within the wallet. The company has said that over a million clients use the wallet app and they already have access to various decentralized finance apps like UniSwap, Compound, and Aave but they were pretty reluctant in carrying out transactions on these due to the high gas fees and long confirmation times.
This particularly affected those who want to perform smaller transactions as the high gas fees basically locked them out of performing any kind of transaction and this huge number of users would have had to sit out from the crypto and DeFi ecosystem. Coinbase hopes to resolve this problem by the introduction of Polygon which has emerged as a low-cost alternative for those who want to operate on Ethereum and develop or perform transactions on it.
The company has said that once the user has enabled Polygon in the wallet app, they would be able to perform transactions and access dapps on the Polygon network. This is likely to be a big boost for the Polygon network as it throws open the network to a huge number of users of the Coinbase wallet app. This is a win-win situation as the users, who could not perform transactions due to the high gas fees, would now be able to do so on Polygon and this is likely to attract a lot of new users into the crypto ecosystem and Polygon in specific and they are likely to continue to use Polygon in future as well.
Polygon has been making rapid strides since the beginning of the year ever since complaints began to pour in from users and developers about the congestion on the Ethereum network and the high gas fees. It benefited Polygon which, with its much lower gas fees, was able to attract the attention of users and now it has over 500 dapps running on the network which has helped grow its usage several folders over the last few months. It continues to receive a lot of attention from big and small investors and companies but with growth in attention, there have been some reported problems as well which the team needs to pay attention to in the coming months to maintain its growth rate.