Tutorial for First Steps on Polygon/Matic from Binance Smart Chain

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Lately I kept hearing about Matic from various people around LeoFinance and not only. A few days ago I bought some MATIC on Binance (just a little bit), but that was it.

Today was the day to plunge one step further for me.

What I found out is that it has much lower fees than BSC, a few fractions of a cent. Of course, it isn't as popular as BSC or Ethereum yet, we'll have to see how these evolve with the price of MATIC I guess.

But, if you want to try it out, the interesting part is that Ethereum defi 'monsters' like Aave and Curve already offer support for Matic, which maybe is in its own way a great 'audit' of the network.

If you are on Binance/BSC, like me, how do you start using Matic Network?

Well, here's a tutorial based on how I did it.

Step 1. Set up Matic Mainnet on Metamask.

If you already use BSC (or Ethereum mainnet), you should be familiar with the simple process. Here is the information you need for setting up Matic Mainnet on Metamask. You only need to follow step a) from the linked guide, unless you have funds on the Ethereum mainnet you want to transfer to Matic.

(Optional) Step 1.a. Exchange MATIC to USDT on Binance

If you bought, like me, MATIC on a centralized exchange, you need to perform this action, otherwise skip to the next step.

Exchange MATIC to USDT and then send it to BSC. The reason why we exchange MATIC for USDT is that the bridge between BSC and MATIC only supports DAI, USDC and USDT. You can't send MATIC directly to Matic Network from BSC, at least not with this bridge I was using.

Step 2. Swap to DAI, USDC or USDT the funds you want to transfer to Matic

On Binance Smart Chain, swap any funds you want to transfer to Matic to one of the following stable coins: DAI, USDC or USDT.

Don't swap to multiple stable coins (for example, DAI and USDT), or you'll pay for more operations, and remember, they are cheaper on Matic.

Step 3. Use the bridge to move stable coin across to Matic

Ok, I used this bridge, which is in beta stage: https://www.xpollinate.io/

It is from what I saw one of the recommended options to move funds across from BSC to Matic, but there are other options which I didn't explore, since I only transferred a small amount. For larger amounts, maybe you should check and compare all available options, but there aren't many for BSC to Matic.

The interface is very simple. You select the source chain, the destination chain and the coin you want to transfer. You also need to include the receiver address.

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Go to Metamask and switch the network to Matic Mainnet for a little bit. Copy your account's address when you are on the Matic Mainnet, you will need it.

To transfer funds from BSC to Matic, you need to switch to the BSC Mainnet on Metamask and connect to xPollinate.

After the connection is established, 'Binance Smart Chain' should appear in the top right.

Before you do anything else, you should paste the Matic account address you copied from Metamask earlier, in the Receiver Address input box.

Then you can set the other parameters. At the top left of the input zone, from the dropdown select 'Binance Smart Chain', at the right select 'Matic Mainnet'. That means you want to cross the bridge from BSC to Matic.

Below the bridge symbol (<>), it's the stable coin you want to move across. That's where you select the stable coin you have prepared at the previous step.

Once you have these mini-steps completed, you click Swap.

You'll be asked to sign a transaction (you can identify it by the description: 'Connext Login v1.0') and then pay the transaction on the BSC side.

Note: In some places in Metamask you will find ETH or Ethereum displayed instead of BNB (regarding fees or addresses). That's just a display issue, it'll work and it is BNB if it is on the BSC Mainnet.

After that everything is automated.

Note: It is possible that moving the funds across the bridge fails. Don't worry! It happened to me too. This often happens if the bridge service temporarily runs out of funds on the other side of the bridge, from what I can tell. You can retry and xPollinate will pick up the pending transaction and try again, or you have the option to get refunded if you change your mind. On one transaction I had to retry a few times before it worked.

When xPollinate tells you the transaction is successful, you should have you stable coin on Matic Network.

You can switch Metamask to Matic Mainnet and see if they are shown. They should, but in the unlikely event they don't, you probably need to add the custom token to Metamask. In any case, xPollinate also shows you the transaction id, and you can track it with a chain explorer.

Step 4. Time to get your first fraction of MATIC

So, you have your stable coin on Matic Mainnet. Now what? You can't do anything with them, nothing at all, because you have no MATIC for the fees. Even if it costs so little, if you have zero, it's still less than a fraction of a cent.

The problem is you can't transfer MATIC to Matic Mainnet, unless you have crazy amounts and want to use the Ethereum blockchain and pay its fees. Or maybe you know someone who can give you a fraction of a MATIC for your first few dozen fees?

Well, if you don't, there's another way. The way I used: a faucet.

There is a faucet which will give you enough MATIC to get you started with the fees. If you have enough, I believe you won't get anything.

Here's the faucet:
https://matic.supply/

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All you have to do is connect with your Metamask (Matic Mainnet, of course) and pass the captcha test. Then you can claim the 0.005 MATIC.

Step 5. Start farming!

Now you're free to explore. The interfaces mostly look alike and you already know how one works, at least: CubFinance.

The absolute giants are AAVE and CURVE, which I already mentioned at the beginning of this tutorial.

But there are others too, most of them very young, and probably very risky.

I saw QuickSwap looks quite serious and big. That's where I parked my tiny initial investment. Apart from an insignificant part which I put in a platform that barely launched.

Conclusion

I hope this is helpful to some of you. It took me a while to figure out some things. And I made a few mistakes too (like sending MATIC to BSC without realizing I couldn't swap it to a stable coin there). If you want to share from your experiences with Matic, please do. If you have questions, let me know. I'm obviously new to it, but maybe I already came across something that eludes you.

Posted Using LeoFinance Beta



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44 comments
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Thanks for writing this, I was wondering as I went to withdraw and saw an 18 matic fee on bina


Posted via proofofbrain.io

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Yeah, I made a few mistakes myself before I found the right options. You're welcome!

Posted Using LeoFinance Beta

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Blimey. It's all so complicated. I think I'll give it a miss for now. 😢

Nice tutorial though.

Posted Using LeoFinance Beta

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It looks more intimidating than it is, once you figure things out. Just like BSC the first time. Matic itself is identical for the user to BSC / Ethereum, since they all either go through Metamask or through a platform with familiar UI on important aspects.

The only new thing is the bridge (well, and the faucet, if we consider that worthy to note).

Posted Using LeoFinance Beta

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!ENGAGE 20

Posted Using LeoFinance Beta

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(Edited)

Testing !ENGAGE 20 myself. :) Last time I tested it, it didn't work for me, and I had over 1000 of them.

UPDATE: Looks like it works now. Thanks for involuntary being my testing subject, lol.

Posted Using LeoFinance Beta

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Thanks for involuntary being my testing subject

Ha, ha, ha. You're welcome! 😁

It didn't work for me the first couple of times I did it either.

!ENGAGE 10

Posted Using LeoFinance Beta

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

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You can also deposit BNB to Ascendex (formerly Bitmax) straight from BSC (eg Metamask) or from Binance exchange. From Ascendex, you can withdraw USDC to Polygon/Matic Network (MATIC token withdrawals are currently disabled).
The fee is 3 USDC + trading fees for going from BNB -> USDT -> USDC.
Hive to Polygon would look like: Hive -> Binance (sell Hive for BNB) -> Ascendex (sell BNB for USDC) -> Polygon.
I've done this many times without any issues. US residents will need to use a VPN. Ascendex also requires a 24 hour waiting period after enabling 2FA before you're allowed to withdraw.

Posted Using LeoFinance Beta

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Thanks for also providing information about the Ascendex bridge (actually DEX from what I understand, but which can be used as a bridge). When I made my research I saw it as an option, but I chose xPollinate instead. Looks more streamlined via xPollinate, since it's only a bridge, but Ascendex might be more battle-tested.

Posted Using LeoFinance Beta

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Matic is very fun so far for me. Look into Zapper.

Posted Using LeoFinance Beta

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Thanks! I'll have a look.

Posted Using LeoFinance Beta

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The wMATIC/USDC farm is @ ~450% APY right now on SUSHI!

USDT pool on PoolTogether generates ~20%APR in wMATIC right now (I think it's a good place to park pUSDT). I take that wMATIC and put it into SUSHI and it's lol only ~$2.67 I have in there in wMATIC but @ 450%APY, that's going to make about $14 in income this year and you can compound all the time because MATIC is ultra cheap.

Totally in awe of Matic in this leg of my crypto journey.

Posted Using LeoFinance Beta

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Looks like I missed that crazy farm on Sushi. Pretty complicated day away from my laptop.

It certainly looks like your yield farm hunting pays off.

!ENGAGE 20

Posted Using LeoFinance Beta

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Cool, thank you for the reply and also for the Engage tokens! What are Engage tokens haha?

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It's used to reward engagement on posts, on top of or instead of upvotes. If you have at least 1000 of them, you can start sharing them as well. !ENGAGE 10

Posted Using LeoFinance Beta

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

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I have been messing around with Polygon (MATIC) for a while now. Their QUICK (Quickswap) coin is way up in price.

Posted Using LeoFinance Beta

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If you've been on Matic for longer than a month, looks like you caught some awesome price increase on QUICK.

Posted Using LeoFinance Beta

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I have been thinking of playing around a little bit with the harvested money from Cub Finance or something (more or less house money) so this guide is nice. I haven't decided whether or not I will do it now or wait till later though.

Posted Using LeoFinance Beta

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I consider CubFinance my base. That being said, it's fun and educational to look around. But I do it with play money. If they compound, great, but otherwise there are too many unknowns or risks to venture with high amounts. At least that's my case, for now.

Posted Using LeoFinance Beta

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Hello
This is the second time I have read this article, it is full of such useful information, that I use it as a resource and refer people to it. I hope they upvote it also :)
Thank you

Posted Using LeoFinance Beta

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Quite useful post. The fees to buy Matic on Ethereum and then transfer to Polygon network are still quite high for the small investors. This seems like a quite feasible solution.

Tip for Matic holders: There are also Matic staking rewards available on the Polygon network, as well, for those who don't like to invest time in trading, staking is good idea for earning some passive income.

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Yep, fees for moving stuff to Matic from Binance are ok. Everything should be less than 3$, I believe, including the fee for the bridge, which is higher than the BSC fees.

Tip for Matic holders: There are also Matic staking rewards available on the Polygon network, as well, for those who don't like to invest time in trading, staking is good idea for earning some passive income.

Haven't thought of that. Maybe if at some point I'll start earning enough MATIC, I'll stake some of it.

Posted Using LeoFinance Beta

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Maybe if at some point I'll start earning enough MATIC

Now, I am curious. I know nothing about earning MATIC. If this wasn't the figure of speech then, please, do share how to earn MATIC.

Thanks.

!PIZZA

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I meant through defi on Matic platforms. I don't know any other way. Other than staking you mentioned.

If that interests you, you could start with QuickSwap. That's where I started.

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(Edited)

Oh... Yes, totally agreed. DeFi is an option other than staking, skipped my mind, thought, there are some other opportunities exist and don't know about them.

Thanks a lot. Wish you a very pleasing day ahead.

Posted Using LeoFinance Beta

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I could set Matic network on my metamask succefully. I was about to make things wrongly, but thanks to this tutorial everything is working correctly ;) Thank you

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