Coinbase Wallet To Add Support For Ethereum’s Scaling Solution Polygon

The Coinbase wallet to add support for Etheruem’s scaling solution Polygon as users of both the mobile and browser extension version of the wallet can transact and use dapps on the networks as we can see more in our latest Coinbase news today.

Coinbase announced that both the mobile and desktop browser implementations of the digital wallet will support dapps based on the Polygon blockchain:

“We’re excited to announce support for @0xpolygon network on the Coinbase Wallet mobile app and extension, with more scaling solutions to come soon.”

Formerly known as Matic Network, Polygon is a layer 2 solution that is built to drop the transaction times as well as the costs on the Ethereum network. It is compatible with Binance Smart Chain and other ETH-compatible networks. Polygon has a native token called MATIC which is used for staking, gas fees, and governance. According to the announcement, the integration will allow Coinbase customers to conduct transactions faster and cheaper and to gain access to Polygon-based dapps. To access more functionally, the Coinbase users now have to switch their Active Networks setting to the Polygon in their wallet’s settings menu, and once enabled the switch will automatically reflect both the mobile and browsers extensions.
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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

The Coinbase wallet to add support for the Ethereum scaling solution so the wallet users can gain access to Defi platforms like Compound, Aave, and Uniswap, and those of them that wish to make smaller transactions remain at a disadvantage due to high transaction fees and longer confirmation times. The average transfer fee on the ETH blockchain on which Uniswap, compound, and Aave are based, amounts to $5.17 as per BitInfoCharts. While it may not sound much for the whales, the average tranasaction value on ETH is now set at $3,591 and it is prohibitive for the users. This also takes into account that Ethereum gas prices dropped to their level since 2020.

The integration of Polygon could help the Coinbase users with the smaller transactions cannot be priced out of being able to participate in the open financial system to participate in Defi as the exchange concluded.

As recently reported, There has been a 5x increase in the number of Coinbase support staff since January and the customer contact rate has been reduced by 70% while more live help features are expected to come in the next few months. Coinbase hired more support staff due to the many customer service complaints according to the blog post of the company, outlining even more measures to come.