- Coinbase Wallet now allows users to interact with decentralized applications on Polygon
- Polygon is a Proof-of-Stake blockchain that’s compatible with Ethereum
- Coinbase says it plans to add support for additional scaling solutions to its Coinbase Wallet product
Coinbase Wallet now supports Polygon
Coinbase Wallet has added support for Polygon, one of the more popular Ethereum scaling solutions. Users can now choose Polygon from a list of available networks that also includes the Ethereum mainnet and various testnets.
The Polygon blockchain uses Proof-of-Stake consensus and periodically submits checkpoints to the Ethereum blockchain. The platform, which offers considerably faster and cheaper transactions than Ethereum, started growing rapidly in June, and it is still seeing considerable activity. According to data from Nansen, Polygon saw 470,000 active addresses yesterday and over 6.1 million transactions. Through the Polygon Bridge, users can lock up their Ethereum-based tokens and mint an equivalent amount of tokens on the Polygon platform.
Coinbase Wallet is a cryptocurrency wallet developed by the Coinbase cryptocurrency exchange. The wallet is non-custodial, which means that users manage their private keys themselves. Beyond the standard wallet functionality of managing and transacting with crypto assets, Coinbase Wallet also gives users a way of interacting with decentralized applications.
Coinbase says that it is interested in scalability solutions, and plans to add support for additional layer 2 networks in the coming months. In October last year, the wallet implemented support for a testnet of the Optimistic Ethereum network.
To stress the importance of blockchain scalability solutions, the company noted that high transaction fees can price out users who want to use blockchains, but are only transacting with smaller amounts.
“Over a million Coinbase Wallet customers are using decentralized finance apps such as Uniswap, Compound and Aave, and NFT platforms like OpenSea and Zora. However, there are often high transaction fees and long confirmation times. And users with smaller transactions can be priced out of being able to participate in the open financial system.”