Aave will integrate Polygon sidechains to lower fees

DeFi Aave platform, has announced the implementation of Polygon. This will offer greater scalability and lower fees. The platform was originally launched on Ethereum [...] https://www.pinterest.com/pin/1085437947660215829/

DeFi Aave platform, has announced the implementation of Polygon. This will offer greater scalability and lower fees. The platform was originally launched on Ethereum L1. It quickly became one of the top projects in decentralized finance (DeFi). It gained its popularity during the "DeFi summer" of 2020 - a period in which DeFi took the cryptocurrency ecosystem by storm, becoming one of the most important trends in the market. Ethereum was the leading blockchain network at the time. However, it experienced limitations as time went on. Increased load and gas prices affected projects that were initially successful. Aave sees Polygon as a solution Now, Aave's integration with Polygon will allow users to enjoy greater scalability, faster transactions and lower gas prices. The move is the "first wave" in Aave's mission to explore " New Frontiers". It is intended to enable building synergies with other projects and changing to a multi-market approach to secure the future growth of the protocol. The first phase will implement a scalable sidechain on Ethereum using Polygon. This will increase network capacity and reduce fees. The introduction of Polygon will also enable collaboration with other protocols and DeFi projects by facilitating communication. Polygon's partnership with Chainlink will also allow the Aave protocol to provide better quality price feeds, which in turn will improve protocol standards. Indeed, Chainlink is one of the best oracle networks in the current cryptocurrency ecosystem. Aave users will also have access to MATIC, Polygon's native cryptocurrency. They will be able to use it as collateral alongside other assets such as USDC, USDT, DAI, WETH, AAVE and WBTC. Many new features All this will become possible after the implementation of Smart Contract Bridge. Users who take advantage of it will receive a portion of the transaction fees used in MATIC. These will be used to cover transaction fees on the Polygon blockchain. The bridge can also be used to transfer assets from Ethereum to Polygon. This is a useful feature for users looking to migrate their assets between chains. The recent rise in popularity of Polygon has also made the process of moving assets to Polygon easier than ever before. This is because it is supported by wallets such as Metamask Matic changed its name to Polygon earlier this year because it wanted to become a solution to the growing problem of Ethereum congestion. The project transforms Ethereum into a multi-chain network and offers its integration with other Layer-2 solutions. With the rebranding, Polygon expanded the scope of the Matic platform. The company has allowed Ethereum to integrate scaling solutions such as zkRollups, Optimistic Rollups and Validium. Moreover, in order to become the "internet of blockchain," the company introduced new protocols for communication between chains. Tags aave Chainlink DeFi LINK MATIC Polygonn decentralized finance