The IX Swap team is starting on its journey to initiate cross-chain compatibility by integrating with Polygon’s full-stack scaling solution to combat the current gas fee issues our community is experiencing on the Ethereum main network and providing cross-chain access to the Polygon community.
IX Swap launched our liquidity mining and yield farming applications on Ethereum in September 2021, shortly after our token launch. However, due to these pools being developed on Ethereum, gas fees have been extremely high, a major fundamental issue affecting a large part of the DeFi community.
Given the nature of blockchains and decentralization, much of what IX Swap and many other DeFi platforms do is related to on-chain transactions. This means that miners’ confirmation/gas payments are necessary. These gas fees tend to affect smaller transactions rather than large ones as transaction costs do not differ with the transaction size; this can be highly problematic with frequent small transactions where these gas fees may amount to more than the actual transaction value.
This integration with Polygon seeks to improve our user experience and allows our users to approve, stake, and swap their transactions at a significantly lower cost and much faster speeds.
Co-founder and CEO at IX Swap, Julian Kwan, commented:
“IX Swap believes in a world of security tokens operating on many underlying blockchains and is being built out as blockchain protocol agnostic. Despite Ethereum bringing incredible innovation and being the most widely used blockchain for security token issuance, the ongoing gas fees restrict many projects and trading volumes.
Polygon is a leading scaling solution that has built key infrastructure to remove the problems of ETH gas fees and speed while still benefiting from the Ethereum blockchain and ecosystem. This exciting new partnership paves the way for greater adoption, faster transactions at a minimal cost. IX Swap has decided to integrate with Polygon to provide a better experience for users and also brings the Polygon community to IX Swap to increase further rate and speed of expansion of our platform.”
IX Swap holders will be able to bridge their IXS tokens to the polygon network through our partner AllianceBlock ($ALBT) with the platform “AllianceBridge.” We will be providing a guide on how to bridge your IXS tokens to the Polygon network soon. Stay tuned!
About Polygon
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, etc, and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 500+ Dapps, ~567M+ txns, and ~6M+ daily txns.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
For more information about Polygon, please visit https://polygon.technology/.