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. 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. The Uniswap clone on Polygon is called Quickswap.

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!