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Aave is now live on Polygon!

The announcement of their plan only was a few days ago, but Aave is already live on Polygon now! You can just select the polygon network in their app and it works flawlessly. I already borrowed and lent some of the available coins. It will look like [this](https://imgur.com/OQfUvTB). Just click on the Polygon button on the top and switch to the Polygon network in metamask.

So if you’re ready to dive into the defi space but the fees were too damn high, now is the time. Transactions on Polygon cost less than $0.001 and are nearly instant (1-2 seconds).

If you’re new to Polygon and don’t know what to do, there is a guide [here](https://medium.com/easify-network/how-to-move-easy-other-tokens-from-ethereum-to-polygon-network-a330c0ab45c1).
The Uniswap clone on Polygon is called [Quickswap](https://quickswap.exchange/).

Remember, on the initial on-ramp to a layer2 solution you sadly have to pay fees on the net you’re coming from. So as long as there is no withdrawal option from an exchange directly to Polygon (which I expcect to come soon, as matic was backed by Binance AND Coinbase), you sadly have to pay Layer1 fees to move your funds there. I moved Eth a few weeks ago and it cost me about $12 (64k gas used), so it’s probably a bit higher now. Pick a time where the gas fees are low for this (e.g. sunday morning). But that must only be done once, and then you can enjoy the low transaction costs and the nearly instant transactions all you want.

Apart from Aave, a few other big players already signaled that they will move to Polygon as well. And I expect a fully working bridge to Optimism as soon as it’s live. You’ll probably never have to go on Layer1 again!



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9 Comments

  1. What I find weird is polygon isn’t even in the top 50 in terms of marketcap while Cardano with nothing to show if in top 6, wtf is wrong with this market? 😅

  2. > So as long as there is no withdrawal option from an exchange directly to Polygon

    So I was looking into this recently. I have some ETH, MATIC, and DAI on Coinbase right now. So I believe I would have to move them from Coinbase to my own personal wallet (transaction fee there), then move from my wallet onto L2 (transaction fee there), is that right? Both those fees being paid in ETH, where as afterward fees are paid in MATIC once on L2? And then same in the reverse (if I had to go to an exchange to sell for fiat that is).

    > (which I expcect to come soon, as matic was backed by Binance AND Coinbase)

    This would be great! Did you see anything on this or just speculating based on their previous support?

  3. I was trying to avoid the gas fee of crossing from ETH to matic so I moved native from binance… And guess what. Stupid binance sent the coins to my eth wallet — while not indicating that at all in the interface where I selected they should send it to matic. Not cool binance. Waste of fees since they charged me like 10 bucks too. Just a warning to you guys.

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