3 Steps To Move Funds From Ethereum To Polygon
You’ve been DYOR (Doing Your Own Research) in the cryptocurrency market and stumbled upon this gem called MATIC (the native token for Polygon Network). The research says you can take part in DeFi — gaming, lending, farming and NFT’s through the Polygon Network which will allow you to experience reduced gas prices and faster transaction times, and now you’re wondering “How the hell can I do that?”.
Lucky you, you stumbled on this post that will guide you Step-by-Step on how you can move your funds onto the Polygon Network Chain.
Step 1: First things first, connect to the correct Mainnet on MetaMask
Make sure you have downloaded the MetaMask Chrome extension (if you use Google Chrome) on your desktop. You will be able to find how to do that here if you have not done that yet.
When you get onto MetaMask, you will probably only see the Ethereum Mainnet from the Network selection dropdown menu and then click on ‘Custom RPC’.
You will then be taken to a page where you will need to fill out some details. Here’s what I did:
Network Name: Matic Mainnet/Polygon Mainnet
New RPC URL: https://rpc-mainnet.maticvigil.com/ (If this doesn’t work, try the alternative)
Alternative RPC URL:https://billowing-ancient-wave.matic.quiknode.pro/ff002e91f8c0779e0c7295f4a8bf3908546404ca/
Chain ID: 137
Currency Symbol: MATIC
Block Explorer URL: https://polygonscan.com/
Click on Save and you are done! If you are facing any issues, you can always go here and view the documents on Polygon Networks developer page.
Now, you’re ready to use the Matic Mainnet and transfer funds from Ethereum to Polygon.
Step 2: Transferring your funds to Ethereum Mainnet on Metamask
This is the easiest step of all the process we will be discussing today (I think).
All you would need to do is transfer your ERC20 funds from the exchange that you use. For this example I have bought some ETH from an exchange and have sent it to my MetaMask wallet on the Ethereum Mainnet.
For this example, I have transferred $12 worth of ETH (Remember, you can transfer any ERC20 token to your Ethereum Mainnet MetaMask Wallet).
Step 3: Transfer your funds from Ethereum mainnet to Matic mainnet (Polygon PoS Bridge)
Here’s the fun part!
First, we will need to go to Wallet.Matic. You will then need to open your MetaMask extension and connect to the Ethereum Mainnet.
Once you are on https://wallet.matic.network/bridge and have successfully connected to the Ethereum Mainnet, put in the amount of ETH (or what ever asset it is) in the amount box. For my example I clicked on ‘Max’ to transfer all my funds.
As you can see, my total amount that I was able to transfer has gone to $2.16; and the reason for this is because of the Ethereum gas fees (at the time of writing the fees were $10 equivalent).
To complete the process for depositing Ether and transferring funds from the Ethereum Network to the Polygon Network costed me $10.61 during this time.
Reminder: Always take these fees into account. I would recommend depositing a larger amount if you know you will be taking part in majority of your DeFi activities on the Polygon Network.
After going through with the ETH deposit, and clicking on continue, you will now see the amount you will receive and the ‘Estimated Transaction Fee’. Click ‘Continue’.
A MetaMask window will pop-up asking you to ‘Confirm’ the transaction (still on the Ethereum Mainnet).
Once you have confirmed the transaction, you will be taken back to the Wallet.Matic page and will have to wait for the transaction to be completed.
In my experience, this may take a few minutes but in some cases when all the people in the world decides to do the same thing as you it might take a little longer than expected. So, don’t fret!
Now, we wait for the deposit into the Polygon Network to be completed. This part ay take a few minutes to reflect on your Wallet.Matic dashboard to see your funds there. Additionally, you can also check the status of your deposit transaction on Etherescan at the bottom of that pop-up window.
You can close this tiny pop-up and click on ‘Back to Wallet’ to see if your funds have been reflected or not. If not, go get a cup of coffee and come back to your desk to check again.
Alternatively, another way to check on your transaction is to go back to your wallet and click on ‘Transaction In Progress’ and you will be able to see your deposit transaction in the dropdown.
There it is! Moving funds from Ethereum to Polygon is as easy as 1,2,3… The funds ($2.16) are reflected in my wallet now on the Polygon/Matic Mainnet.
Thanks for tuning in, Any expression of opinion (which may be subject to change without notice) is personal to me (the author) and I (the author) make no guarantee of any sort regarding accuracy or completeness of any information or analysis supplied.
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