Coinbase has enlisted the support of Polygon's team to improve its user experience by incorporating Oxpolygon, Polygon's proof-of-stake mechanism, and its extension, as previously reported.
Coinbase announced on August 27th that it had established the Coinbase Protocol Team, a dedicated and skilled group of engineers tasked with "Integrating cutting edge technology with Coinbase products," among other responsibilities.
The organization is now concentrating on scaling its Ethereum network using L2 and other scaling methods. It revealed its preference for the Polygon POS network, which has already gained support from a number of top crypto exchanges and digital wallets, including Huobi Wallet, Okex, and Binance Exchange Wallet, among others, as of press time.
Getting Rid Of Excessive Prices And Waiting Times
Manish Gupta, EVP of Engineering at Coinbase, stated in announcing the move that the Polygon POS network will assist Coinbase in addressing some of its biggest difficulties, including lowering high prices and settlement times. Customers will be able to transact quickly and cheaply with supported layer 2 solutions while using the Exchange.
“Our goal is to investigate similar scaling approaches with L2s such as Optimism, Arbitrum, and Starkware over time in order to help level the playing field and guarantee retail users don't get priced out of being able to engage in this blossoming ecosystem.”
On Friday, Sandeep Nailwal, Co-Founder of Polygon, confirmed the planned scaling and said:
“We are delighted to be able to assist the Coinbase protocol team by providing Ethereum scalability solutions. Polygon PoS is the Ethereum scaling option with the fastest growth rate and the least amount of gas infrastructure. This will undoubtedly benefit the Coinbase customer experience.”
The POS Mechanism of Polygon
Polygon's Ethereum scaling solution and highly compatible infrastructure building solution have made it a highly regarded platform for many developers looking to scale up their blockchain platforms. It has a fundamental component called the Polygon SDK that is built for flexibility and independence. Developers can use this component to create Ethereum-compatible Blockchain Networks, as well as connect safe chains like Validium and standalone chains like Polygon POS.
According to Polygon's team, the network scaling solutions have found extensive usage, with over 567 million transactions per day taking place across over 500 DApps. According to the Polygon Network Dashboard Deflab, the Polygon PoS network is 2500 times more cost-effective than Ethereum, saving Coinbase customers a large amount of money in fees.
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