Maybe you’re someone from Binance Smart Chain (BSC) trading some coins who also thinks BSC is already overcrowded. Or maybe you’re already losing because of gas wars costing you thousands of GWEI just to get in. Maybe you’re a farmer who thinks farming in BSC isn’t giving you enough APY with your capital. Or maybe ETH’s fees are making you mad. Then Polygon Network is for you.
Polygon (Formerly MATIC) Guide
Table of Contents.
Polygon Network (formerly MATIC) is becoming the Internet of Things (IoT) of Blockchain. It has almost the same architecture as Polkadot, but since it is on the Ethereum blockchain, which already has a lot of traction to the public and developers, Polygon Network has this as an advantage.
Setting up your MATIC on Metamask
1) If you haven’t set up your Metamask yet, please refer to this article on setting it up: How to Use MetaMask: A Guide for Filipinos | BitPinas
2) Setup a custom RPC by clicking the drop-down menu for “Networks” then clicking “Custom RPC”
3) Fill it up with the info below:
- Network Name: Matic Mainnet
- New RPC URL: https://rpc-mainnet.maticvigil.com/ or https://rpc-mainnet.matic.network or https://rpc-mainnet.matic.quiknode.pro
- ChainID: 137
- Symbol: MATIC
Block Explorer URL: https://explorer.matic.network or https://explorer-mainnet.maticvigil.com/
4) Finally, on you Metamask dashboard change your network to MATIC Mainnet
With your Metamask wallet setup on Polygon Network, here’s different ways you can fund it:
Fund Your Wallet Through Bridge on OpenSea
To do this, you must have ETH on MetaMask. Check out MetaMask article to know how to deposit ETH to MetaMask.
1) Go to https://opensea.io/assets and sign in using your MetaMask.
2) On the dashboard, click the wallet icon on the upper right.
3) Click the 3 circles on the right of the ETH display and click “Bridge to Polygon.”
4) A pop-up should appear, put in how much ETH you want to transfer to Polygon.
5) You will be asked to sign the transaction. Once you do, the transaction should process. This should take roughly seven minutes.
Fund Your Wallet Through Binance
Recently Binance already has a way to deposit from your MATIC wallet. But for withdrawal, the network is not showing but according to some users it shows, so maybe check time to time if it’s available for your account or just update your binance app.
Trading Coins on Polygon:
It’s the same as trading BSC coins. Here are BSC tools counterparts:
- An alternative to PancakeSwap as an exchange/pool: https://quickswap.exchange/#/swap
- An alternative to Poocoin: https://app.polychart.io/ or https://www.polysafu.app/safucharts/
- An alternative to BSCScan: https://polygonscan.com/
Note: Just because something was the first, then it will be the next Safemoon.
Trading coins isn’t the only thing you could do with MATIC Network. If you haven’t heard of AAVE, it’s a place where you can borrow money and earn MATIC from that borrowed money. This deserves an in-depth breakdown which I will not cover here. There’s also https://polycat.finance/ and https://polygon.beefy.finance/ which works like PancakeSwap.
Will MATIC be obsolete after ETH 2.0
We can’t be sure until it launched fully. I guess we just have to be ready before then. But here are some thoughts that might give you an idea on the matter if Polygon Network would soon be a thing of the past:
On the eyes of a somewhat fundamentalist: Not all upgrading solutions have done too well in cryptocurrency space. If this happens, DApps can use Polygon Network as a fall back. On the eyes of a farmer: Compared to BSC, Polygon Network has lesser investors which can give higher APY’s. With that said, it doesn’t mean that farming in Polygon Network is safe from rug pulls which is already happening in new farms. Also, AAVE’s lending-borrowing protocol has worked with Polygon and created a bridge to help alleviate their high transaction fees and slow transaction speed on Ethereum.
This article is published on BitPinas: How to Transfer Crypto to Matic Network (Polygon), the Jack of All Trades of Ethereum