Decentralized exchange (DEX) aggregator Slingshot has launched on Ethereum’s layer two protocol Polygon network, per an official tweet.
Slingshot Chooses Polygon Over Ethereum
According to the rebranded DEX platform (formally DEX.AG), the upgrade will enable users to execute faster trades, pay fewer transaction fees, and get the best prices on Polygon. This is following a run-up of DeFi platforms launching in the past year. Slingshot is in open beta on Polygon.
Slingshot noted that its reason for using the Polygon instead of launching on the Ethereum blockchain was due to high gas fees and slow transaction issues the decentralized finance (DeFi) facilitator experienced. Polygon is a multichain solution that runs alongside Ethereum’s network.
The Ethereum network is the second most active blockchain ecosystem after Bitcoin. In a year that has seen cryptocurrencies gain more followers, the Ethereum network has attracted more developers riding on the decentralized finance (DeFi) and non-fungible tokens (NFT) craze.
But this adoption has brought up issues previously left unattended. First, the insane gas fees users have to pay before executing a trade on the platform.
Another major hiccup has been the network congestion issues prompted by the explosion of NFTs. NFTs, which are predominantly built on the Ethereum network, are unique virtual assets stored on the blockchain. Recent successes in the digital collectibles circle have seen the Ethereum network battle with slow transaction speeds.
These issues have seen the upsurge of layer two protocols like Polygon. Given their swift execution timelines and lower gas fees, developers are now shifting to alternative platforms to access the burgeoning world of DeFi.
Speaking on the recent announcement, Slingshot’s CEO, Clinton Bembry noted that the DEX platform ran multiple pilots on both the Ethereum and Polygon network for some time before settling with Polygon. All trades would now be executed on the Polygon network, while the Ethereum network integration would come much later.
ConsenSys Launches Developer-friendly Tools
Ethereum is aware of the challenges facing its platform and is reportedly preparing to migrate to a proof-of-stake (PoS) protocol in the coming months. According to founder Vitalik Buterin, Ethereum 2.0 will see the end of high gas fees and network congestion and make the Dapps facilitator scalable.
Meanwhile, Ethereum software studio ConsenSys is working to make the Ethereum platform more developer-friendly. According to the blockchain company, it will be adding tools to scaling solution Polygon to make it easier to develop and run dapps on the platform.
The tools named Infura and Truffle would be added to its already extant Ethereum and IPFS offering. Infura would allow developers to connect to the Ethereum network using an application programming interface (API) without running a full node.
Its Truffle tool would help developers build and deploy dapps easily like boilerplate projects.