Coinbase Wallet adds support for Polygon’s Layer-2 network

The Coinbase Wallet cryptocurrency wallet has gained support for decentralized applications (dapps) on the Polygon blockchain. Mobile app users and browser-extension users can now transact on this network.

We’re excited to announce support for @0xpolygon network on the Coinbase Wallet mobile app and extension, with more scaling solutions to come soon.https://t.co/QeBcjYHTSU

— Coinbase Wallet (@CoinbaseWallet) July 13, 2021

According to a press release, more than a million Coinbase Wallet users interact with DeFi applications such as Compound and Uniswap, as well as NFT platforms.

Developers say users often face high fees and slow transaction processing. This has created a need for “cost-effective scaling solutions”.

“We are pleased to support the Polygon network, which has recently become one of the leading scaling solutions. This integration will enable faster and cheaper transfers and provide easier access to dapps on Polygon,” Coinbase says.

According to Etherscan, at the time of writing Ethereum processes 14 transactions per second with an average fee of around $5, according to The Block. In the same period, Polygon handles over 60 transactions, with an average transfer cost of about $0.00004, according to Polygonscan.

In late June, Polygon’s daily transaction volume surpassed the Binance Smart Chain’s figure by 2.38x and Ethereum’s by 6.59x.

Earlier, the 1inch liquidity-aggregation protocol team deployed the 1inch Aggregation Protocol on the Polygon network.

In October 2020, Coinbase Wallet added support for the layer-2 Optimistic Rollup solution for Ethereum.

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