By Lucas Williams
Binance has recently made an announcement in regards to its adoption of the Polygon (MATIC) protocol. Binance has revealed that it has proceeded with the integration of the Polygon (MATIC) mainnet, and it would be available through its platform. Binance has finally made an announcement through a press release.
Following the integration of MATIC, Binance has announced that its users would be able to deposit MATIC as well as withdraw them. The users would be able to do it directly through their Binance account. One of the best things about the latest integration is that the users would also be able to benefit from decentralized applications such as Aave, Balancer, Sushiswap, and many more.
The reason behind the integration of MATIC is so that the users can benefit from them as much as they can. The users would be able to use decentralized applications, which would offer efficiency and feasibility. According to Binance’s announcement, the users would not have to use the existing Polygon Bridge in order to avail from such services.
The primary reason behind the integration of the MATIC protocol is for the mainnet token for MATIC. Apart from that, Binance also aims to provide support to other tokens that are associated with the MATIC Protocol. The particular tokens include BEP20 MATCH, BEP2, and ERC20.
The reason behind Binance going for the integration of Polygon is because it has already worked with different protocols. Some of these protocols include Coinbase and Huobi Wallet that have already interacted with Polygon.
As for the scaling solution, Binance has adopted networks such as Infura and Metamask that are Ethereum-centric.
It has been a long time since the users of the Ethereum and other decentralized networks, including the DApps have been waiting for Ethereum 2.0. At present, the Ethereum network has many issues related to the scalability of the network.
However, it has been revealed that the Ethereum 2.0 is going to introduce many solutions to the scalability issues that the users are facing at present.
In the meanwhile, the Polygon network has done a really nice job of covering on behalf of the Ethereum network. Through the Polygon network, the users have the ability to build and come up with different kinds of sidechains for the decentralized applications. With the help of the network, the users are able to introduce necessary capabilities and a platform for growth that can observe mass adoption.
However, it is not known how things are going to turn out for Binance as the exchange has been facing a downfall in the past couple of months. It was just recently when Malaysia announced that it had banned Binance from operating in its jurisdiction.
Apart from Malaysia, the exchange is also facing a lot of scrutiny all over the world, which is going to be a huge problem for Binance in the coming days.