DeFi is getting easier for CeFi users.
Crypto’s largest centralized exchange, Binance, now allows users to withdraw and deposit Polygon’s MATIC token directly from and onto the protocol’s proof-of-stake mainnet. Previously users needed to go through a multi-step process, either utilizing one of Binance’s two blockchains or swapping for Ethereum-based versions of MATIC when withdrawing or depositing. These options accrued fees. But with a direct route now, the fees are less, especially compared with a withdrawal to the Ethereum network.
Supporting Polygon’s mainnet is also symbolically significant — it recognizes the project as legitimate and distinct from Ethereum.
“It’s going to be a huge boost for the already burgeoning Polygon ecosystem,” Polygon co-founder, Sandeep Nailwal, told The Defiant. Nailwal continued, saying Polygon is second only to Ethereum in terms of adoption, and that the integration will help developers provide superior experiences to their users.
Mihailo Bjelic, another of Polygon’s four co-founders, chimed in on Twitter: “Polygon is now the only platform that offers seamless onboarding/transition from the world’s biggest CEX to a robust Web3 ecosystem with cheap and near-instant transactions.”
Polygon is a popular scaling solution, which has $5.43B TVL at the time of writing, according to DeFi Llama. The project uses a sidechain to provide cheaper and faster transactions than Ethereum.