Bebop—a popular DeFi aggregator with a focus on institutional trading—is all set to launch services on the Polygon network. With this move, Bebop expects to make use of Polygon’s low transaction costs and top-notch scalability. The sustainable and eco-friendly proof-of-stake model is yet another reason for choosing Polygon, Bebop said in a press release.
Lately, Polygon has been at the center stage of crypto innovation, working closely with big names like Meta on its new Instagram-specific NFTs. JPMorgan, a traditional banking giant, even initiated its first DeFi transaction on Polygon last Wednesday.
More on Bebop
Bebop is a Decentralized Exchange (DEX) aggregator ideated by trading firm Wintermute. The decentralized entity started services on the Ethereum blockchain in June 2022 and is finally extending its interoperability mission by launching on Polygon.
Bebop aims to allow users to swap one crypto for another, or even more than one, without experiencing any slippage. This is expected to assist traders in a fast market when entering and exiting positions are priorities.
With its Polygon foray, Bebop now has exposure to two major crypto ecosystems. What’s more, it has plans to expand across multiple blockchains and make DeFi aggregation a more interoperable offering. In an email response to The Block, the team mentioned that Bebop plans to enable swaps across multiple chains in the long term. The communication said that the company plans to break down the complexities of the blockchain space for a standard user — all while making a usable product available.
Currently, the Wintermute-backed DEX aggregator comprises 30,000 members.
Understandably, Ethereum’s high transaction or gas fees are major deterrents to the concept of slippage-free token swaps. Katia Banina, head of product at Bebop, said that going by the DeFi standards, Polygon levies negligible fees, which can offer more value to Bebop users. With the DEX aggregator set to offer impactful institutional trading tools—specifically to retail users—moving to the Polygon blockchain makes eminent sense.
Wintermute founder Evgeny Gaevoy believes that the first move from the DEX aggregator would involve initiating cross-chain transactions or swaps between Polygon and Ethereum.
The onboarding of Bebop adds another feather in the cap of Polygon (MATIC), which has recently reclaimed the 10th spot in terms of global market cap. MATIC is holding onto $1 at publishing time, up by 16% week-on-week.