These ‘blocks’ consist of bits of information, and when we refer legally speaking is digital money really money to a ‘block’ and ‘chain,’ we’re talking about digital data stored in a public database. Blockchain provides an innovative way to transfer information automatically and securely. A transaction begins when one party creates a block, which is then verified by thousands, even millions, of computers across the network. This decentralized ledger of financial transactions is constantly evolving, with new data continuously added. By adding Polygon to your MetaMask wallet, you unlock faster transactions, cheaper fees, and access to an ever-growing ecosystem of dApps. If you haven’t done it already, download and install the MetaMask extension for your preferred browser or use its mobile app version.
But before transferring it to your wallet do note that you cannot transfer funds from Binance to Matic network directly. Binance only supports BSC (BEP20) and Ethereum network currently. FTX and other exchanges only support transfer of funds to Ethereum network.
Stripe Lets You Pay with Crypto at Over Three Million Locations and Online, Using Polygon PoS
- You are now connected to the Matic mainnet with your Metamask Wallet.
- To access the Polygon network, you will have to fill out the details from the screenshot below to ensure that you have introduced the following details correctly.
- There are two signs that the Polygon network was added to your MetaMask wallet.
- MetaMask is a crypto wallet app and browser extension that by default is connected to the Ethereum mainnet.
For security concerns like lost assets/funds, email email protected after thorough self-diagnosis from your end on activity tracking using Polygonscan block explorer references. Bookmark the Polygonscan block explorer to easily view address histories. You should now see Polygon Mainnet displayed alongside Ethereum Mainnet in your networks dropdown!
These applications cover various categories such as decentralized finance (DeFi), gaming, NFTs, decentralized exchanges (DEX) and more. That said, there are some significant, and common, pitfalls when dealing with sidechains that you want to avoid. This article is written to be a non-definitive guide to best practices when dealing with EVM-compatible chains. We can’t hope to capture all the nuances of dealing with every instance of every sidechain; the following are general guidelines. It can seem daunting at first when you are beginning to use L2 DeFi. Also we know that you are setting up MetaMask on Layer 2 to avoid gas fees.
Overview of the Features and Benefits of the Polygon Network
You can go down this page and start reading at “Getting Polygon on MetaMask”. At the same time, you still have the backing of Ethereum‘s security inherited by all Polygon sidechains. This gives you the best of all worlds – speed, cost savings, and integrity.
Is Polygon Network ERC20?
Similarly, you’ll find the option on polygon.technology in the dApps menu if you hover over the dApps option. You’ll find ‘Polygon Mainnet’ in the list of popular networks; click ‘Add’ on its right. Now, to use MetaMask on the Polygon blockchain, you’ll need to configure it to use the Polygon network. Once you set up a password and complete the steps regarding the secret backup phrase, your MetaMask wallet will be set up. Peter has been covering the cryptocurrency and blockchain space since 2017, when he first discovered Bitcoin and Ethereum. Peter’s main crypto interests are censorship-resistance, privacy and zero-knowledge tech, although he covers a broad range of crypto-related topics.
Step 2: Access Network Settings
If the name of the cryptocurrency is confusing you, remember how we told you a little piece of Polygon’s history about it being called the Matic Network. So, the network rebranded, but changing the name of the currency isn’t easy since it means reconfiguration at the smart contract level. Users can manually add both the mainnet and testnet versions of Polygon to their MetaMask wallet. You can use the same process for any other Polygon-based token you would like to use. Just make sure that you find the right token on PolygonScan or some other block explorer of your choice and copy the right address.
Although there are many crypto wallets out there, MetaMask easily becomes the first choice because of the features and security it offers. So, wanting to use MetaMask with Polygon is understandable. So, top 5 white label crypto exchange solutions 2022 essentially, with Polygon, you get access to the same apps as Ethereum but at minimal gas fees that Polygon offers. You can use it by “bridging” some of your crypto over to Polygon.
Now that we’ve learnt about both Metamask and the Polygon PoS sidechain, you’re probably wondering how to get started on both. That’s probably when one of your friends told you about the Polygon network and how it’s so much cheaper to transact on. Well, my friend, you’re at the right place if you’re wondering how to get started with using the Polygon network on your Metamask wallet.
- But you are still dealing with huge fees especially when depositing and withdrawing in and out of Matic network.
- Once you’ve set up your MetaMask wallet, you simply need to add the Polygon network to your wallet so you can access it.
- You have to open the MetaMask wallet (In case you don’t have MetaMask yet, please get it on this page).
- But from the point that Ethereum transactions became expensive, many Dapps started turning their heads towards Polygon.
- It has a wide repute for being one of the best layer 2 networks and is backed by a reliable team that has received a lot of funding to develop it.
We’re explaining the steps to add the Polygon network for the browser extension, but the steps to add the network from the MetaMask mobile app are the same. Add Polygon to MetaMask via Polygonscan or manually using network details. Access faster, cheaper transactions and a growing ecosystem of dApps on this Ethereum-compatible Layer 2. Manage your MATIC activities and crypto taxes efficiently with CoinTracking. The only thing you’ll need before you add Polygon to MetaMask is to install the MetaMask browser extension or mobile wallet.
You don’t need to add MATIC to MetaMask manually after you switch over to the Polygon network. However, you’ll need to manually add any other Polygon-based tokens that you would like to use. Return to your MetaMask wallet homepage, and click on Import Tokens from the Assets tab on the bottom. Switch to Custom Tokens at the top, and enter the token’s contract address. If you can see the ‘Polygon Mainnet’ on the network selection dropdown menu, you’ve successfully added it to MetaMask.
If you encounter issues connecting MetaMask to the Polygon network, double-check settings. Sometimes you can solve the problem by deleting the network and adding it over again. If you want to dive into the Polygon network immediately, then let the wallet switch the network.
Beyond Polygon, MetaMask makes it just as easy to add other third-party chains like Bitcoin Cash, Avalanche, Optimism and more to unlock how to hire an app developer for your business more Web3 possibilities. Understanding how transactions work on Polygon will help you use the network more effectively. Aave is another leading DeFi protocol ported over to leverage Polygon scaling. It allows you to lend and borrow tokens through liquidity pools. From there you can add liquidity to trading pairs and start earning trading fees from the liquidity you provide.
Under “Profile Summary,” you will be able to see the contract address. Open up your MetaMask wallet, and then click the profile icon on the top right of the user interface. Then, select “Settings” from the drop-down menu that appears.