ETH on the Polygon Network: Bitso Broadens its L2 Offerings

Bitso continues its innovative journey in the crypto world, making waves once more with our recent integration: facilitating deposits and withdrawals of ETH through WETH on the Polygon network. As always, our goal remains – elevating the experience of our users.

Having previously enabled the Polygon PoS network for MATIC transactions, Bitso recognized the increasing demand for a similar service for WETH on Polygon PoS. This brings us to our latest leap: WETH becomes the second token available for transactions via the Polygon network on our platform

Keep reading to learn more about this essential asset!

Introducing WETH on Polygon PoS

For those acquainted with the intricacies of Ethereum, you’d be aware that ETH, inherently, is not an ERC-20 token. Thus, its direct integration on Polygon’s PoS (Proof-of-Stake) network would be incompatible. That’s where WETH comes in.

WETH serves as an ERC-20 version of ETH, essentially a “wrapped” form allowing Ether to be traded on networks like Polygon. At Bitso, we offer users the ability to deposit WETH on the Polygon network swiftly and with reduced fees.

WETH in the DeFi Landscape

The versatility of WETH isn’t just limited to its compatibility with networks like Polygon PoS. In the decentralized finance (DeFi) world, WETH is a prevalent choice, enabling various platforms to facilitate seamless interactions. 

Popular platforms like OpenSea, a giant in the NFT marketplace, leverage WETH for transactions. Moreover, WETH finds its place in DeFi platforms, contributing to liquidity pools, lending, borrowing, and many other decentralized applications, emphasizing its significance in the broader crypto ecosystem.

The Bitso Bridge: Simplifying WETH for Users

One of the biggest conveniences for our users lies in our bridging capability. Not only can you deposit WETH into Bitso using the Polygon PoS network, but if you wish to withdraw ETH on another network we support, such as Arbitrum or Ethereum, Bitso has you covered.

What do we mean by “bridging”?

In the crypto world, a bridge refers to a method of moving tokens from one blockchain to another. At Bitso, our bridging function seamlessly converts WETH back to ETH, streamlining the withdrawal process across different networks. The steps involved are:

  1. Deposit WETH on Bitso via the Polygon PoS network.
  2. Choose to withdraw as ETH on your preferred network, such as Arbitrum and Ethereum, or WETH on the Polygon PoS
  3. Bitso automatically bridges (converts) your WETH to ETH for easy withdrawals on the chosen network.

A Gentle Reminder

While we’re excited to unveil these technological enhancements, it’s crucial to note that this article serves a purely informational and educational purpose. It is not intended as investment advice. Always conduct your own research and exercise caution when considering investment opportunities.

At Bitso, our commitment remains firm: equip our users with cutting-edge tools and services, fostering a safer and more efficient crypto experience. 

Dive into the faster and cost-effective world of ETH (WETH) on Polygon PoS at Bitso today!