In an attempt to integrate Polygon’s oxPolygon and enhance its user experience, Coinbase has sought to incorporate Polygon’s Ethereum scaling solution. Coinbase recently announced establishing a protocol team whose primary responsibilities would be to “incorporate modern technologies into Coinbase offerings.”
Members of the team include experienced engineers from the firm. The first task of this team is to scale and integrate its Ethereum protocol through various scaling solutions starting with the L2. The firm announced that the team decided to choose Polygon’s pos protocol, and its choice has been validated by top exchanges such as Binance, Okex and Huobi.
Polygon To Help Coinbase Tackle Some Significant Issues
One of Coinbase’s top executives, Manish Gupta, revealed that the main reason why Coinbase sought Polygon’s help is to tackle essential problems, especially fees and transaction settlement period. Once the layer two solution upgrade is complete, transactions will be quick and cheap.
Gupta further said, “our main objective is to create a level ground and make sure retail users can participate in this nascent industry. We intend to explore other L2 scaling solutions like Starkware, Arbitrum and Optimism.” One of Polygon’s founders commented on the development, saying, “we are excited to offer our scaling solutions to help Coinbase and its teeming users.”
Most Developers Flock To Polygon
Polygon’s PoS tech, which is highly scalable and interoperable, has become an attractive feature for many developers who want to enhance their blockchain protocols. The SDK is the core feature of this PoS tech, and it’s highly flexible. Thus, developers can create Ethereum-built blockchain protocols to link several secured and single chains.
According to Polygon, its scaling solution is adopted in almost 570m transactions across more than 490 DApps every day. A Deflab data indicate that Polygon’s pos mechanism is over 2400 times more efficient and cost-effective than Ethereum. Thus, Coinbase users will be paying fewer fees. Polygon is convinced that more developers will still seek its support for their projects.
SOL Up By Over 460%
SOL has defied overvaluation risks after setting a new price milestone. Solana bulls continue to dominate the market this morning as SOL trades for almost $199. Many investors are buying with the conviction that Solana is the long-term solution to Ethereum.
The bulls were further strengthened by the announcement from FTX’s CEO, who revealed that Solana would be the token for its NFT marketplace when it is launched. The FTX CEO announced that creators could sell their artworks on its soon-to-be-launched NFT platform and receive their payments in SOL or $eth.
FTX’s NFT marketplace will also enable creators to transact on OpenSea (another NFT marketplace) from the FTX dashboard. FTX will launch its NFT platform in less than seven days from today, and creators can start minting their NFTs for sale immediately after launch.
SOL And NFT Boom
Solana’s solution to Ethereum’s high gas fees and poor performance has seen it emerge as a serious competitor to usurp Ethereum as the leader in smart contract solutions for the NFT space. Also, the team’s launch of a customised virtual works platform has enticed several investments into the blockchain. The combination of these factors had caused a strong rally for the blockchain’s token, SOL.
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