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Coinbase Just Added On-Chain Support for SOL and MATIC Transactions

Coinbase on chain support
Coinbase on chain support

According to an announcement published in “The Coinbase Blog” on 24th June, Coinbase is enabling users to exchange cryptocurrency by sending and receiving on various networks, starting with Solana and Polygon.

It is to be noted that the cost of transmitting cryptocurrency on Ethereum has increased for both common users and institutions. Ethereum boasts the largest ecosystem of developers, goods, and services since it is one of the most reliable programmable blockchains.

Gas costs paid to the miners to authorize transactions have augmented intensely with the rise in blockchain usage, pricing out at least millions of potential users.

This is why, over the past eighteen months, less expensive networks like Solana and Polygon have been more popular due to these high gas prices. However, funding wallets on such networks is undoubtedly difficult and time-consuming.

That is where this new update of Coinbase comes into the picture.

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Coinbase Launches Support for MATIC, ETH and USDC Transfers

By enabling users to quickly and cheaply convert the government-authorized currency to cryptocurrency and fund the user’s Solana and Polygon wallets, Coinbase minimises the effort, time and hefty fees of the user’s current experience.

In the coming months, the announcement said, qualifying Coinbase and its Exchange platform customers will have access to Solana and Polygon for sending and receiving MATIC, ETH and USDC. Coinbase is gradually adding support for new networks and tokens.

Towards a More Accessible Web3 with Coinbase Wallet

Sending small amounts of crypto from a Cryptobase or any other exchange to a self-custodial wallet, for instance, in one like Coinbase Wallet can charge over ten USD in gas fees on ETH, and lending out more significant sums of crypto on protocols can cost over a hundred USD in gas.

Over thirty per cent of DeFi TVL (Total Value Locked) currently is outside of the ETH, which has significantly increased development and activity on alternative networks. Moving cryptocurrency between networks is difficult, though. Users must buy cryptocurrency on a market exchange, transfer it to their wallet for self-custody, and then utilise a bridge to move it to another chain.

Moving your assets from Ethereum to Polygon to buy an NFT via OpenSea can take about twenty minutes, fifty USD in gas, and ten laborious stages. Customers of Coinbase may fund their Polygon wallets and convert their government-sanctioned currency to ETH, MATIC, and USDC at a fraction of the time and cost, making it an easy task to explore web3.

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Institutional traders are becoming more active and involved across numerous networks and applications, but they are also negatively impacted by the inefficiency of network bridging.

Through Coinbase Exchange, multichain asset compatibility enables smooth withdrawals and deposits across Polygon, Solana, and Ethereum, with settlement and transaction taking place in the same order book independent of the block chain used to deposit money. With one comprehensive, unified balance, Coinbase has successfully eliminated the intricacy of handling various balances of a single asset across multiple networks.

Switching your network is easy now

Below are detailed steps for both types of individuals, the ones who are are using the Coinbase mobile app or coinbase.com:

For users of Coinbase.com or the Coinbase mobile app:

  • Step 1. Start by deciding which self-custody wallet you will use to receive your crypto. If you do not have one, you can start from here, Coinbase Wallet.

Note: Depending on the network you intend to use, make sure the self-custody wallet you choose supports either Solana or Polygon. Remember that everything transmitted to a crypto address is irrevocable. Coinbase cannot recover money sent to the wrong address or through the wrong network.

  • Step 2. Open your Coinbase mobile app > Log into your Coinbase account > Tap ‘Pay.’
  • Step 3. Tap Send > MATIC ETH or USDC > Enter amount> Enter self-custody wallet address.

Note: If you are a user of Coinbase Wallet, select “Receive” to find your address, then choose the token you want to receive and copy the displayed address.

  • Step 4. Preview all the data and then tap the arrow beside “Network”.
  • Step 5. Choose your preferred network > Finish your send

For consumers purchasing/ transferring crypto from using their Coinbase Wallet android/ios app:

  • Step 1. Tap the Settings option.
  • Step 2. Choose “Buy or Transfer.”
  • Step 3. Select MATIC, ETH or USDC > Enter the amount you want to buy/ transfer.
  • Step 4. Tap the network option in the top right > Choose a preferred network.
  • Step 5. Select Continue > Confirm. Your purchase is complete.

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