polygon setup (for AGA yield farming)
This tutorial will go over the following setup activities to ensure you are ready to yield farm AGA tokens on Polygon.
- Step 1: basic intro to Polygon network
- Step 2: SETUP your Metamask Wallet (add network)
- Step 3: SETUP your Metamask Wallet (add tokens)
- Step 4: Getting some initial MATIC utility token
- Step 5: Getting your trading tokens to the Polygon network on MetaMask
1. Intro to Polygon network
Polygon (sometimes referred to as Matic, its token monicker), is a layer-2 scaling solution that addresses fundamental Ethereum deficiencies such as network congestion on the Ethereum blockchain and high gas fees.
Layer-1 solutions typically refer to scaling functionality directly within the base blockchain itself (Bitcoin, Ethereum). Some of these base blockchain technologies are increasing block limits, novel consensus algorithms, sharding.
Layer-2 scaling solutions (such as Polygon) refer to off-chain solutions. This involves reducing or removing elements of computational power from the main blockchain, before being executed elsewhere such as on side-chains. This increases throughput on the mainchain alongside the efficiency of computing power across the network.
2. SETUP [network]
Note: If you already have the Polygon network configured in your Metamask wallet, skip to section #3 (adding tokens)
[2.1] If you are using DFYN as a yield farm, there is a cool feature to auto-populate the network setup. When you land on the DFYN home page and click “Connect to wallet”, if you have never used the Polygon network before, it will automatically configure your Metamask wallet as needed.
[2.2] For those that wish to manually setup the polygon network in your Metamask wallet, go to your Metamask wallet:
ACCOUNT -> SETTINGS -> NETWORK -> Add Network
- Network Name: Network Name: Matic Mainnet
- New RPC URL: https://rpc-mainnet.maticvigil.com
- ChainID: 137
- Symbol: MATIC
- Block Explorer URL: https://explorer.matic.network
Click Save.
3. SETUP [Add Tokens]
- MATIC : the Polygon network’s gas token used to pay transaction fees.
- DFYN: the DFYN exchange’s reward token, paired in most pools.
- AGA: Our Bitcoin Mining Backed Token.
- AGAr: Our Rewards Token.
[3.1] Add via CoinGecko.
Go to CoinGecko for each token and click on the extra info (3 dots) to add that token contract for Polygon to your Metamask wallet.
- MATIC: https://www.coingecko.com/en/coins/polygon
- DFYN: https://www.coingecko.com/en/exchanges/dfyn
- AGA: https://www.coingecko.com/en/coins/aga-token
- AGAr. See: https://www.coingecko.com/en/coins/aga-rewards
[3.2] Another option is to manually add them within MetaMask
Set your Metamask network to Polygon
Scroll to the bottom of your Asset list and click “ADD TOKEN”
Then enter the “Token Contract Address”. Other fields should auto-populate.
Token Contract Addresses:
- MATIC: 0x0000000000000000000000000000000000001010
- DFYN: 0xc168e40227e4ebd8c1cae80f7a55a4f0e6d66c97
- AGA: 0x0b32357430fE98C24B2B245b815Af68bC9EcFDaD
- AGAr: 0x7D3B448c1242b563c65e8DAfCc13557c3069B5b6
Then “Next” to confirm & save
[3.3] To add AGA, Another option is to go to the http://agatoken.com website.
Set MetaMask to Polygon network, click on AGA, then ADD TOKEN
This completes the wallet setup for Polygon network.
Step 4: Getting some initial MATIC utility token
The next thing you need to do is to make sure you have some of the Polygon network’s native utility token (“MATIC”) to pay for your transactions. These utility tokens are used to ‘pay the toll’ for all different kinds of transactions (deposits, transactions, withdrawals, swaps, bridges, staking, pools, setting up a smart contract, etc). Of course, these utility tokens can be traded for their own value in addition to helping pay for transactions.
Overview
Since your wallet is setup and you are about to get some tokens (starting with ‘MATIC’), this is a good time to share a few concepts which will help when you are ready to buy/swap/move tokens around. In your crypto experiences going forward, you will eventually use all of them.
- Faucet: A faucet is a way to get some ‘free’ utility tokens so you can pay for your transactions. The term faucet is symbolic of a faucet dripping (enough of a drip to pay for a few transactions but not enough for you to make money).
- Exchange: A digital marketplace to enable buyers and sellers to trade cryptocurrencies. The exchange is the intermediary between the buyer and the seller and often levies a fee for this process. There are two types of exchanges: decentralized (trading between peers) and centralized (where the exchange is the middleman).
- Swap: A direct wallet-to-wallet trade between two peers, using a smart contract in place of an exchange.
- Bridge: Allows for the transfer of tokens between two different chains while managing a constant supply (minting a token in the destination chain and burning a token in the course). An example would be transferring your tokens from the Ethereum Network to the Polygon Network
Getting the “MATIC” utility token with a faucet
Since polygon transaction fees are so inexpensive (sub 1 penny), you only need a little MATIC to get going. There are 2 well know faucets which that may help you.
If you need more MATIC than the 0.001 MATIC provided by a faucet, you will need to either purchase MATIC on an exchange or SWAP another token for more MATIC or possibly bridge MATIC from another network.
Step 5: Getting your trading tokens
Now that you have enough MATIC utility token to pay for transactions, you need to get some of the tokens you plan to farm (AGA, AGAr and possibly a yield farm’s reward token such as DFYN).
[5.1] Using an exchange (BarterTrade)
The BarterTrade exchange sells all AGA tokens (AGA, AGAr, AGAc, AGAcr). AGA tokens are paired with USDT, so you will need some Tether first.
Once you have some USDT in your trading account, purchasing AGA is quote simple.
- Go to Trade -> Spot Trading
- Since BarterTrade pairs with USDT, Select the “AGA/USDT” pair
- Select SPOT
- Select MARKET for best current price (market price). Note: make sure you understand what the market price is before committing (or use LIMIT to set a maximum price. This helps to ensure to get maximum value in any unexpected volatility)
- Enter the amount of USDT you wish to exchange
- Click BUY AGA
The following video shows purchase of AGA tokens.
Note: after purchasing AGA on an exchange, you will need to WITHDRAW it to your wallet.
[5.2] SWAPPING a token for AGA
The MetaMask Swap feature combines data from decentralized exchange aggregators, market makers, and DEXs, to ensure you get the very best price with the lowest network fees. MetaMask Swap searches multiple aggregators and factors in the gas price to return to you the best price. A service fee of 0.875% is automatically factored into each swap quote.
[5.3] Using a bridge to move tokens to Polygon
If you already have AGA tokens in Ethereum (maybe after you withdraw them from an exchange) and wish to move them to Polygon, you will be using a bridge. The standard ETH to Polygon bridge is known as the MATIC bridge.
The following video shows how to use the MATIC bridge to transfer AGA from Ethereum to Polygon.
You now have your AGA tokens on the Polygon network and are ready to yield farm!
