Gas fees are the fees that are required for a cryptocurrency transaction to be processed successfully. Ethereum gas fees, expressed in gwei (1 gwei = 0.000000001 Ethereum) have long been known to be notoriously hefty, at times even exceeding the value of the token that is being transferred! The average gas price for the Ethereum network currently stands at 57.8 gwei, down from its high of 300 gwei just over a year ago. As such, it is not difficult to see why the Polygon network has presented itself as an attractive alternative to Ethereum, considering that it’s built on the same network and virtually everything on the Ethereum blockchain except for the high gas fees, allowing users to store, transfer, and use their favourite Ethereum tokens with very low transaction fees. A question remains — how do we then make use of the cheap fees of the Polygon network for the transactions of Ethereum-based tokens?

Why Nexo? An Introduction

Nexo is an advanced, regulated digital assets institution offering instant crypto loans, daily earning on assets and exchange platform, with services in 40+ fiat currencies in more than 200 jurisdictions. Since its early days in 2017, Nexo has grown to establish a solid reputation in the cryptocurrency industry, what with a $375M in insurance protections for its digital assets by security providers including BitGo and Ledger Vault; regular real-time security audits; and its military grade storage. Indeed, Nexo is my favourite digital wallet to safely and profitably stash away my idle cryptocurrencies, as attractive interest rates are paid out daily on all digital assets.

Free Withdrawals On Nexo

Given the high ETH gas fees, free withdrawals are always a welcome feature to any cryptocurrency platform — Nexo being no exception. Depending on the proportion of NEXO Token holdings and hence loyalty tier, users are entitled to receive between one to five monthly crypto withdrawals completely free of charge, as shown below.

In addition to cross-wallet transfers, transfers between Nexo accounts are always free. The free withdrawals on Nexo are indeed a relief from the skyrocketing ETH gas fees, on which I have as such saved a considerable amount.

The Nexo Multichain Bridge: A Cherry On The Cake

Recently, Nexo announced its successful integration with the Polygon network in late January 2022, following which the Nexo Multichain Bridge was launched, bridging the gap between Ethereum and Polygon with zero fees! As such, supported tokens like Ethereum (ETH), Chainlink (LINK), Aave (AAVE), SushiSwap (SUSHI), MATIC, USDT, USDC and DAI can now be easily transferred to and fro Nexo via the Polygon network! Best of all, all withdrawals from Nexo via the Polygon network are free, regardless of the loyalty tier!

As such, the Nexo Multichain Bridge opens up an exciting host of possibilities and applications:

• Transfer ERC20 token from Ethereum to Polygon without any fees for the bridge service.

• Deposit Polygon USDT, USDC & DAI to your Polygon address on Nexo with low fees!

• Withdraw Polygon USDT, USDC & DAI from Nexo to your Polygon address elsewhere, completely free of charge!

How To Deposit Assets Via The Polygon Network On Nexo?

From the dashboard, select a supported cryptocurrency, click top-up, and select Polygon network, following which the MATIC deposit address will be displayed.

Final Thoughts

Nexo is a secure digital platform to safely store and grow your cryptocurrencies. One of my favourite features of Nexo is its free withdrawals (Nexo offers tiered free withdrawals monthly; as well as free unlimited withdrawals to other Nexo users, and most recently via the Polygon network); this deal has recently been sweetened further by the Nexo Multichain bridge, which has added interoperability between different blockchains and increased flexibility of moving tokens between different networks. There are a host of other reasons why I love using Nexo — check out my previous article here. What are your thoughts? Feel free to leave comments in the section below!

If you’d like to sign up for Nexo, you can use my link here to avail a $25 signup bonus paid in BTC on an eligible deposit of $100 in any supported assets, held for a period of one month. Happy earnings!

As always this is not financial advice! But simply investment platforms I have invested in and have found worthy of sharing with. Do your own research before investing and never deposit money you cannot afford to lose. Feel free to ask me any questions below.

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