Slingshot Picks Ethereum Layer 2 Polygon for Full Launch

Trading on Ethereum will be added further down the line, said CEO Clinton Bembry. But for now, “insane transaction fees” were effectively pricing people out of DeFi.

AccessTimeIconMay 12, 2021 at 5:00 p.m. UTC
Updated May 9, 2023 at 3:19 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Decentralized exchange (DEX) aggregator Slingshot has chosen to launch to the public on Polygon, a blockchain that runs tangential to the main Ethereum network, and one that’s a lot faster and cheaper to use.

A victim of its own success, Ethereum, the home of decentralized finance (DeFi), non-fungible tokens (NFTs) and a bunch of other stuff, has become rather congested of late with very high transaction fees. As a result, projects are exploring faster, cheaper so-called layer 2 solutions such as Polygon (formerly known as Matic).

  • Spot Bitcoin ETFs See Record $1B in Net Inflows; Ethereum's 'Dencun' Upgrade Goes Live
    01:59
    Spot Bitcoin ETFs See Record $1B in Net Inflows; Ethereum's 'Dencun' Upgrade Goes Live
  • Would You Pay Your Taxes and DMV Fees With Crypto?
    00:59
    Would You Pay Your Taxes and DMV Fees With Crypto?
  • Three Major Ethereum Stories to Watch in 2024
    02:12
    Three Major Ethereum Stories to Watch in 2024
  • Major Ethereum Upgrade Goes Live on Second Testnet
    06:58
    Major Ethereum Upgrade Goes Live on Second Testnet
  • "We've been in closed beta on Ethereum and Polygon for a few months now. But today's launch is Polygon only,” Slingshot CEO Clinton Bembry said in an interview. “So there won't be any Ethereum trading, it will only be on Polygon's network.” 

    Bembry said Ethereum trading would be added further down the line but that for now, “insane transaction fees” were effectively pricing people out of DeFi. (For example, a trade that might cost some $300 in transaction fees on Ethereum would cost about five-thousandths of a penny on Polygon, Bembry said.)

    Slingshot, which raised $3.1 million late last year when it rebranded from DEX.AG, boasts all the features of decentralized trading and on-chain liquidity, but with the kind of user interface you might expect at a centralized trading platform, said Bembry.  

    As a DEX aggregator, the aim is to help users find the best price for any given token trade, a service also provided by the likes of 1inch, ParaSwap, 0x’s Matcha and even the prominent Ethereum wallet MetaMask.

    A look at the Slingshot interface.
    A look at the Slingshot interface.

    To get started trading on Slingshot, users will need to bridge assets from Ethereum to Polygon, Bembry said. 

    “We are not wanting to take a shot at Ethereum, which is very much in Slingshot’s DNA,” he said. “This is just the first step in our public launch and we plan to support other layer 2s in the future to like Arbitrum and Optimism, and I'm sure there'll be other good ones as well.”

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.