Wintermute-Backed Decentralized Exchange Bebop Launches on Polygon

Bebop launches on Polygon (MATIC)
  • Bebop will offer users to dramatically reduce gas fees by allowing bundling multiple token trades into one transaction.
  • The new decentralized exchange is backed by Wintermute, a well-known crypto market maker.
  • Bebop’s end goal is to facilitate the transfer of value across any asset in a permissionless way.

Bebop, a decentralized exchange (DEX) backed by Wintermute, a well-known crypto market maker, has launched on the Polygon blockchain after being open for whitelisted traders on Ethereum over the summer.

Bebop claims to stand out among its competitors because of its signature one-to-many and many-to-one token trading, which allows users to trade multiple cryptocurrencies in one trade and save up to 65% on gas fees. This is similar to what rollups do – they bundle multiple transactions into one to significantly reduce gas fees. 

According to Katia Banina, Head of Product at Bebop, launching Bebop on Polygon further reduces gas fees.

“As a zero-slippage platform offering full fee transparency, we are always looking for ways to deliver efficient execution. By DeFi standards, Polygon fees are negligible, which is paramount for delivering this efficiency to all users, for any transaction size”, she said.

According to Bebop, its ultimate goal is to facilitate the transfer of any value, be it cryptocurrencies or non-fungible tokens (NFTs), in a permissionless and decentralized manner.

“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. All this without even thinking how it’s possible — all because of the advanced technology and ultimate user simplicity,” said Evgeny Gaevoy, founder and CEO of Wintermute.

Polygon has announced a few other high-profile partnerships during the last few weeks. The Ethereum side chain project that’s currently developing its own zkEVM, and has onboarded Meta to allow its users to sell NFTs on Instagram. Banking giant JPMorgan also recently made its first-ever DeFi transaction on Polygon.

On the Flipside

  • Bebop is entering an already dense decentralized exchange market with giant competitors like Uniswap or Curve.

Why You Should Care

Bebop offers something that no other decentralized exchange offers – multiple token trading in one transaction. This feature, combined with Polygon’s low gas fees, will allow users to trade with dramatically reduced gas fees.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Rue Abernai is a blockchain content writer focused on Web 3.0 domains, DeFi, and Ethereum Layer-2s. Rue believes blockchain technology has the potential to transform how we see and interact with society, economy, and culture. Rue spends his spare time hiking, playing with his dog, and reading. He has been active in blockchain and cryptocurrencies since 2020.