Polygon (formerly Matic), has announced a partnership with leading cryptocurrency exchange, OKex. This will enable users to move funds between both networks quickly and effortlessly.
OKex, who announced the partnership via an official blog post, stated that the collaboration would focus on enabling faster, and cheaper token transfer to Polygon network. It would also extend fast and cheap network fees when interacting with other supported decentralized finance (DeFi) protocols on Polygon.
As a result of the integration, OKEx is now one of the first crypto exchanges to integrate with Polygon. Invariably helping users eliminate excessive cost while transferring ERC20 tokens from the platform to a Layer 1 wallet before moving them to Polygon Proof-of-Stake (PoS) Network.
Sandeep Nailwal, co-founder of Polygon while expressing his delight with the partnership said the network was thrilled with the integration of OKEX. According to him, “This will make it easier and more seamless for new users getting into the Polygon and Ethereum ecosystem.”
Jay Hao, OKEx CEO in a statement also disclosed that the need to provide users top-notch services led to the integration. He stated that the exchange was more than just a trading platform. Explaining that Okex is a trading partner that seeks to make the user’s crypto journey easy and cost-efficient.
“As Layer 2 technology,… we are happy to be one of the first major crypto exchanges to take up this innovation and bring Polygon’s solution to our users,” he added.
Notably, due to the integration OKEx would also be able to boost user’s adoption of Ethereum based dApps and DeFi solutions. Also, OKEx’s Polygon partnership, for now, would only support 23 tokens namely; BAL, BAT, CEL, COMP, CRV, DAI, ETH, GHST, GUSD. Including, LINK, MKR, PAX, SNX, SUSHI, TUSD, UNI, USDC, USDT, USDK, wBTC, YFI, YFII, ZRX.
OKEx Joins Kusama parachain Slot Auction
Meanwhile, Okex recently joined the Kusama parachain slot auction. Enabling users to stake KSM for the project of their choice.
🔥@OKEx, a world-leading cryptocurrency spot and derivatives exchange has integrated Polygon for quick and cost-efficient access to DeFi!
🏎 This means that users can withdraw 23 assets directly to Polygon, at extremely low costs and high speeds.
— Polygon (previously Matic) (@0xPolygon) June 9, 2021
According to the top crypto exchange, the minimum staking amount is 0.1 KSM. After investing, Okex will cast users’ votes on-chain every 2 hours based on the KSM locked in each project.
Jay Haom via his official Twitter handle, noted that the exchange was excited with the new development. “Chaos is coming! Big milestone for the Kusama and Polkadot ecosystem. OKEx will fully support the Kusama parachain slot auctions,” he tweeted.
Notably, Altair, the Kusama parachain built by Centrifuge, will also be launching a crowdloan for one of the first parachain slots on Kusama. OKex, according to Altair will support the Altair crowdloan. The exchange users will be able to stake their KSM to the Altair slot and receive $AIR tokens in return.
At the time of publication, MATIC’s price dropped by 12.9% and traded at $1.36. It currently has a market cap of $8,564,411,911 and a 24-hour trading volume of $1,905,969,806. The token has a circulating supply of 6.2 billion MATIC coins and a max supply of 10 billion.
Also, OKB was down by 5.2%. The token was trading at $13.14. It has a market cap of $3,511,669,437 and a 24-hour trading volume of $281,694,272.
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