Users can now deposit and withdraw USDT via Polygon chain, saving time and gas fees.
TimeX has recently added support for the Polygon Network, one of the leading Ethereum scaling solutions. TimeX users can now make deposits and withdrawals of USDT via Polygon Chain, reducing their gas costs by keeping their tokens within the Polygon ecosystem.
Ethereum has established itself as the foremost smart contracts platform, and is home to a thriving DeFi ecosystem with thousands of decentralised applications (dApps) and tokens. However, Ethereum’s popularity comes at a price. The network can only support around 15 transactions per second (tps). At times of significant network use, gas prices – the fees paid to miners – rocket, as users compete to have their transactions processed and added to the blockchain. A simple token transfer can cost $20-30 at times of peak congestion, and a complex smart contract interaction hundreds of dollars.
Increasing Ethereum’s capacity is part of the long-term roadmap, and the foundations for future upgrades were laid in the Merge, which took place in September. However, it will likely be years before these improvements are fully realised, and other scaling solutions will always be necessary.
Polygon, previously known as Matic Network, is a suite of protocols designed to help scale Ethereum – taking pressure off mainnet, while still enabling developers to build on the platform and enjoy the liquidity and network effects of the most popular smart contracts blockchain.
While there are several different elements to Polygon, its core solution is an EVM-compatible sidechain, maintained by a set of proof-of-stake validators. The native token of Polygon is MATIC, which is used both to pay gas fees on the network and as a governance token.
Polygon’s sidechain can process up to 65,000 tps, with typical gas fees of just pennies. The organisation has a number of other solutions that are either live or in development, including a zkEVM – an exciting development that uses zero-knowledge rollups to provide greater privacy, security, and scalability.
Polygon was one of the first Ethereum scaling solutions to gain traction, and now saves its users over $100 million in gas fees every day. Recently, Instagram has launched NFTs on Polygon, and Stripe is using the network for crypto payments.
The platform will be familiar to Ethereum users, since it’s based on the same blockchain. It’s supported by MetaMask, and you can use the same addresses you do on mainnet. However, the process of bridging into and out of the Polygon ecosystem can be time-consuming, and requires payment of gas fees on L1.
Polygon Tokens On TimeX
It’s therefore better to keep tokens within the Polygon ecosystem, wherever possible. To do this, Polygon needs to be supported by other blockchain services – not least exchanges.
TimeX currently supports USDT on Polygon for deposits and withdrawals, and plans to add more options soon.
If you have suggestions for further Polygon tokens you’d like to see listed on TimeX, let us know on Telegram.