Over the next month, entitled customers will be able to send and receive ETH, MATIC, and USDC on Polygon, and USDC on Solana. The Polygon unification marks the first time has enabled the capacity to send and receive these benefits on an L2 or sidechain.
Sending crypto on Ethereum has become increasingly costly for individual users and organizations. As one of the most robust programmable blockchains, Ethereum has the largest atmosphere of developers, products, and services. But as blockchain utilization has surged, gas fees (fees paid to miners to substantiate transactions on Ethereum) have skyrocketed, pricing out millions of would-be users. While these high gas fees have bring about more cheap networks like Polygon and Solana to increase in popularity over the past 18 months, the process of finance wallets on these networks can be multiplex and time-consuming.
Company is reducing the time, effort, and high fees of today’s experience by letting customers change fiat to crypto and fund their Polygon and Solana wallets in minutes and at a fragment of the cost. Over time, we’ll add support for more tokens and more web’s.
Access more of web3 at a fragment of the cost and time
On Ethereum, it can cost over $10 in gas fees to send small amounts of crypto from trading. This has driven a giant increase in development and activity on different networks, with over 30% of DeFi Total Value Locked now sitting outside of Ethereum. However, it’s not simple to move crypto across web’s. Users must buy crypto on an exchange, send it to their self-custodial wallet, then use a flyover to send their crypto to a different chain. As a result, it can take approximately 20 minutes, $50 in gas, and 10 protracted steps to move your strength from ETH to Polygon to purchase a NFT via OpenSea.
Institutional traders are increasingly active across different networks and dapps, but the process of bridging between networks is ineffective for them as well. We’ve removed the complication of managing different balances of a single benefit across networks with one comprehensive, unite balance.
Company aims to be the platform for transferring crypto throughout the cryptoeconomy by authorizing users to route funds to any network, making it easier and inexpensive to access web3 so that billions of people can power their economic lives with crypto rails. We’re excited to build on this substructure by adding support for more networks and benefits to make it simpler for users to dive deeper into web3.