RCN is thrilled to announce its integration with Polygon (formerly known as MATIC), embracing even more the Multichain paradigm while it reaches a new Roadmap’s milestone. This expands RCN frontiers and scalability, providing a new alternative where users can enjoy lower fees and fast throughput within a secure ecosystem. This brings The Credit Marketplace closer to a more inclusive and open financial service where everyone can borrow and lend loans without the existing barriers.
In the meanwhile, Ethereum likely becomes a global settlement layer that coexists with other scalability solutions. RCN was watching and analyzing which one of those would be the standard of the industry, and today some of them matured enough. This is the case with Polygon, which has established itself with a significant activity and liquidity concentration, showing sustained growth in its charts and statistics.
Beyond that, Polygon brings a sidechain solution that increases throughput, reduces costs while it’s EVM-based. This eases the developing process, thanks to the support of the same Ethereum tools as the programming language and technical documentation. Allowing to save time and resources and avoiding developing The Credit Marketplace from scratch.
Polygon is also a reliable ecosystem leveraged by two layers, L1 provided by Ethereum and L2 supported by Polygon chains: Matic PoS (Proof of stake) and Matic Plasma. These qualities add a high degree of decentralization and scalability. Additionally, Polygon has plans to incorporate other chains such as Zk rollups, Optimistic, and other sidechains.
These new incorporations will only strengthen the Multichain universe synergies. The path chose by RCN last month when the integration with Binance Smart Chain was announced.
How to lend and borrow in the Credit Marketplace
- Go to the Credit Marketplace and connect your Metamask wallet.
- Click on the button that says “Ethereum” in the top right corner.
- Choose the network you want to use. If it’s Polygon, click on it.
- Approve the Metamask dialogs to successfully switch the Network and that’s it! You can start lending and borrowing now!
Beware that if you want to switch back to Ethereum, you will need to do it manually from your wallet. Unfortunately, Metamask has that limitation right now, maybe they will improve it further. Also, your balance, loans, and settings on the Credit Marketplace may vary between networks. If you still haven’t set up your wallet, here are the steps you need to take first.
Another thing to keep in mind is that you don’t need to worry about the features available on the Credit Marketplace because they are exactly the same on Polygon as well as the other networks. The only exception is the currencies available, in Polygon’s case users have USDC, ARS, and ETH for borrowing, MATIC, USDC, ETH, and DAI for lending, USDC and ETH for posting collateral.
Here is a walk-through to lend and borrow in the Credit Marketplace.
Learn how to fund a loan:
Learn how to borrow:
How to transfer your tokens through the MATIC bridge
- Click the button “Bridge Assets” on the Credit Marketplace. It will redirect to the Polygon Bridge.
- Connect your Metamask wallet there with the Ethereum network.
- Select the ERC-20 token you want to transfer to the Matic Network.
- Input the amount you want to bridge or click on “Max” if you want to transfer the total.
- Click on the Transfer button, it will display a short disclaimer. Then review the fees needed to make the transaction and click Continue in the next two dialogs to confirm it.
- Approve the transaction in your Metamask wallet and that’s it!
Review the whole process in different scenarios in the following videos:
If you still have questions, doubts, comments, or suggestions about the process, you can reach out for support on Telegram or via mail at helpdesk@rcn.finance.
Never miss one of RCN’s updates!
- Visit its Official Website & check the Credit Marketplace.
- Follow it on Twitter, Facebook & LinkedIn.
- Join its community on Telegram.
- Check its code on Github.
- Reach it at contact@rcn.finance & helpdesk@rcn.finance.
