Balancer, a decentralized exchange built on the Ethereum blockchain, has launched support on the Layer 2 solution Polygon to reduce gas costs. Fernando Martinelli, CEO and Co-Founder of Balancer Labs, says Polygon makes it possible for Balancer to lower gas fees for traders on Ethereum.
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"Polygon will enhance Balancer's ability to scale further using L2s," Martinelli added.
He also said that the liquidity mining committee expressed a desire to "focus on more index-like pools on Polygon to emphasize the unique value proposition of Balancer on L2." Martinelli believes more liquidity pools will eventually come to Polygon over the next several weeks as part of the Balancer Protocol's expansion from Ethereum to Polygon.
As of press time, the average transaction fee on the Ethereum blockchain is set at the $5.45 mark, according to BitInfoCharts. While it is lower than it was in May (~$70), it is still way higher than in July last year (~$0.7).
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