bitoftrade is delighted to announce that we’re expanding and bringing you a streamlined trading experience with Polygon. We’ve integrated with Polygon Network to bring you to lower fees and faster transaction speeds.
Read on to learn all about Polygon, its advantages, and what it offers its users.
What is Polygon?
Polygon is “Ethereum’s internet of blockchains”. It’s a multichain ecosystem that uses Ethereum to build and connect blockchain networks. Founded in 2017 under the name Matic Network, the service was renamed Polygon prior to the 2021 Mainnet launch. Its former name now refers solely to the native MATIC token.
Polygon’s biggest advantage is that it offers multiple use cases, so there’s a wealth of opportunities just a few clicks away. Exchanging tokens, data, and assets is seamless with Polygon’s cross-chain bridge feature that connects networks for an enhanced user experience.
Plus, it’s built to scale, making mass adoption a potential reality as users migrate to take advantage of reduced Polygon gas fees.
Advantages of DEX on Polygon
The main advantages of decentralized exchanges using Polygon are its cross-chain bridge and its relatively lower barrier to entry for users.
Cross-chain bridge for transferring assets
Polygon Network serves as a bidirectional cross-chain bridge. Users have the ability to trade a wide range of tokens when bridging crypto across multiple blockchains like Ethereum, Polygon, and Solana. Assets and data are also freely transferable, and users can view their balance across various blockchains for a seamless user experience with the Polygon Bridge.
Lower barrier to entry into the DeFi market
Cross-chain bridging allows users to choose which blockchain their assets are stored on, so they can determine the best DEX on Polygon. They’re able to choose the best DEX on Polygon and the most efficient trading pathways across multiple platforms, opting for a blockchain with lower transaction fees and higher speeds. Ethereum currently charges higher fees and so it has a high barrier to entry. With Polygon, users can trade at a fraction of the cost.
Why we’ve integrated with Polygon Network
The addition of Polygon Network to our platform offers users a wide array of unique opportunities. There are multiple use cases for Polygon that make it ideal for DeFi investors. Its network enables:
Payments
Polygon manages superior transaction speeds for dApps, merchants, and users to settle payments across multiple blockchains using a wide variety of cryptocurrencies. Plus, it provides a cross-chain token exchange.
Borrowing and Polygon lending
Users without sufficient funds to execute trades can borrow assets to fulfil transactions, based on a system of tokenized debt and merchant assessments of creditworthiness.
Atomic swaps
Atomic swaps allow users to exchange assets across blockchains without the need for third-party intermediaries.
Liquidity providers
The Polygon liquidity program enables users to lend and borrow crypto assets and earn interest on deposits.
What does Polygon offer users?
Built to scale
Blockchains like Litecoin, Bitcoin, and Ethereum have come up against the ‘scalability trilemma’ in decentralized finance (DeFi). In a trade-off between scalability, security, and decentralization, scalability is sacrificed when security and decentralization are prioritized.
Owing to its popularity, Ethereum struggles to handle high-level transaction throughput. Its limited bandwidth causes competitive bidding wars that push gas fees and trading costs up. Polygon’s built to withstand high throughput, solving the issue of scalability in DeFi.
Polygon provides a Layer-2 Ethereum scaling solution that’s built to accommodate widespread user adoption. The Polygon DEX aggregator processes transactions using the Mainnet Ethereum blockchain (layer-1), so it remains fully decentralized, without sacrificing security, while managing increased user volume.
Polygon upholds a decentralized model with ‘security as a service’ provided by the base network Ethereum. An ideal fit for decentralized finance applications, Polygon is providing a secure and scalable solution to keep crypto decentralized.
Interoperability
Interoperability enables the exchange of information freely and seamlessly across multiple blockchains for settling payments using any cryptocurrency. It makes trading accessible and user-friendly.
Polygon gas fees
Polygon Network gas fees are considerably lower than fees on competitor networks. As it’s relatively inexpensive to trade using Polygon, it’s an attractive alternative given the rising gas fees we’ve seen in recent times on Ethereum. On average, Polygon gas prices save $140m daily.
Polygon transaction times
One huge advantage for users is Polygon Network speed. It manages increased transaction speeds at a fraction of the cost of its competitors. It’s empowering the crypto community with its Polygon POS Chain that can theoretically manage 7,200 transactions per second (tps). The Bitcoin blockchain, by comparison, can handle only around 5 tps. As a result, there’s a comparatively low barrier to entry for staking with Matic. Plus, it’s built to scale and withstand increased user volume.
You’ll be happy to know that it’s easy and straightforward to connect the Polygon Network to your MetaMask wallet. You’ll be trading with lower transaction fees and higher speeds in no time at all.
Connect Polygon Network to your MetaMask and streamline your trading experience!
bitoftrade is a fully decentralized cryptocurrency exchange. Our platform enables anonymous trading, with no KYC (know your customer) registration protocols required. Trading is simple and accessible with user-friendly wallets, and you’ll receive a summary of the exchange fees estimation before you execute any transaction on our platform.
With bitoftrade, users have full control of their assets, and our partnership with Polygon extends their investing capabilities, bridging multiple networks for an enhanced user experience. Polygon is built to scale, handling high volume transactions at low costs and keeping crypto decentralized. It’s accessible and user-friendly, bringing the world to Ethereum.
To access the Polygon network via bitoftrade, enter the following link and connect your Metamask to the Polygon PoS bridge platform.
Users who’ve experienced the Ethereum network before will have a seamless transition to Polygon, as the trading process is very similar, making it quick and easy to connect with your MetaMask.
Coming soon:
We're expanding the bitoftrade platform even further, adding three new networks: Fantom, Binance Smart Chain, and Avalanche. Users will benefit from a wider selection of tokens on offer. Bridging across multiple networks gives users greater options when determining which blockchain to trade on. They can select the network with the fastest transactions speeds and lowest fees, for an enhanced trading experience.
Visit our blog to discover more about all things crypto.
Join the bitoftrade community and have your say:
Find us on our Telegram channel.
Find us on LinkedIn.
Find us on Twitter.
Find us on YouTube.
Find us on Discord.
