Coinbase said it aimed to include the first scaling solution for Indian company Polygon’s Layer 2 (L2).
Just when Polygon reveals network support for both Coinbase Wallet and the expansion. They are now planning to incorporate the scaling solution to cut pricing and settlement times.
In the blog post, the exchange said:
“One of the most exciting projects our protocol team is working on is to help scale Ethereum through integration with L2 and other scaling solutions. Scaling Ethereum will help address some of the biggest challenges, including high prices and long settlement times. We want to allow our customers to quickly and cheaply withdraw directly onto a supported L2 solution.”
Level the Playing Field
They have noted that they aim to assist level the playing field. Additionally, guarantee that merchants are not priced because they can engage in the ecosystem.
Although an exact date has not been given for integration into L2. Therefore, Coinbase said its prototype team intends to contribute to open source projects. Therefore, by integrating state-of-the-art technology with Coinbase products and supporting developers via Coinbase funding programs.
In 2017, Jayanti Kanani, Sandeep Nailwal and Anurag Arjun founded Polygon, the Matic Network in Bengaluru, intending to resolve the scalability difficulties of Ethereum.
Last year, the blockchain start-up rebuilt Polygon and invited Mark Cuban, an American technology billionaire and prolific start-up investor.
The initial exchange sale saw the creator sell part of his MATIC tokens. Which he then received from his friends and family and eventually raised $5 million from the Binance.
Creators now seek to turn Ethereum into a multi-chain environment that offers safe Layer 2 chains
Layer 2 describes blockchain applications handling transactions outside Ethereum layer one or mainnet and leverages a robust and de-centred security architecture from the mainnet. Layer 2 is a collective word.
Polygon and its indigenous MATIC token have made significant surges in the blockchain and crypto-development sectors on the strength of its scaling solution.