Wintermute-Backed DEX Bebop Launches on Polygon
Bebop, a decentralized exchange (DEX) incubated by crypto trading firm Wintermute, has launched on Polygon.
Compared to other DEXs, Bebop has the ability to trade a basket of tokens in a single transaction, a feature the project calls its signature “one-to-many” and “many-to-one” trading.
"Imagine the future where you are able to convert any digital asset you own to any other asset, from an NFT collectible on one chain to tokenized crypto company bond issued on another,” said Evgeny Gaevoy, CEO of Wintermute, referring to non-fungible tokens.
Bebop says it chose to launch on Polygon due to the network’s “low fees, high speed and sustainable proof-of-stake model." Bebop first launched on the Ethereum blockchain this past June.
By decentralized finance standards, “Polygon fees are negligible, which is paramount for delivering this efficiency to all users, for any transaction size,” said Bebop’s head of product, Katia Banina, in a statement.
Bebop’s announcement also coincides with several other recent partnership announcements for Polygon.
Last Wednesday, Facebook parent company Meta announced it would allow creators to sell NFTs on Instagram using technology offered by the Polygon blockchain. The same day, banking giant JPMorgan said it completed its first-ever decentralized finance transaction over Polygon.
Polygon’s MATIC token has rallied 40% in the past week, reaching a six-month high of $1.29 on Monday, according to CoinDesk data.