Polygon, previously known as Matic Network, has shown its huge impact in the blockchain space - not just yet another layer 2 scaling solution, it is merging seamlessly with Ethereum as an ecosystem.
Polygon ecosystem has expanded and grown very fast which has driven many investors attention. Eg, Mark Cuban has just confirmed its investment into Polygon.
Polygon has been catching up with Ethereum and Binance Smart Chain in terms of DeFi. QuickSwap 30d volume +661% at $1.14B, followed by Polycat Finance 30d volume at $108M. Users can enjoy cheaper gas fee and borrow interest on Polygon. 👉 Earn the best DeFi arbitrage profits using the cheapest USDT via Polygon.
So how to use Polygon dapps? How to set up your Polygon wallet and transfer the tokens from Ethereum to Polygon? Check the tutorial below. We’ve taught you how to use Ethereum Layer 2 Polygon (Matic) with MetaMask step by step.
In Step 2 (Transferring your assets from ETH Mainchain to Matic Mainnet), you’ll need to use a utility dapp live on Polygon called Pos Bridge, to deposit and withdraw your tokens. It’s easy and quick, and once you complete the step, you will be able to enjoy a fast and cheap transfer of assets on Polygon.
Visit POS bridge by visiting the Matic web wallet page: https://wallet.matic.network. Login with Metamask using Polygon (Matic Network).
Once you switch to “Matic Wallet”, you will see your assets on Polygon (Matic), as well as a button to “Move Funds to Matic Mainnet”. Just click the button.
Then you can enter the amount and choose the type of token you’d like to transfer from Ethereum to Polygon (Matic), and click the “Transfer” button. You need to confirm all your transactions in your MetaMask wallet to make the transaction successful.
Once the transactions are successful, you will see a confirmation message on your screen. You will also see a debit in your account with the amount that you deposited.
So what is the PoS (Proof-of-Stake) token bridge?
PoS Bridge is now live on the Polygon mainnet for deposits and withdrawals from Ethereum to Matic and vice versa. Dapps can now use the robust validator-run token bridge to move ERC20, ERC721 and ERC1155 tokens from Ethereum to Polygon and from Polygon to Ethereum.
Averagely, deposits from Ethereum to Polygon take around 7-8 minutes to complete and withdrawals take about 30 minutes.
Check the advanced data for Polygon Pos Bridge below, then you will see the trend that funds are gradually pouring into Polygon and the trend is still going. If you are investing in $MATIC, this is definitely an important indicator you must know.
The Unique Users represent the number of unique users who deposit to Polygon. The 90d Unique Users have a great increase of 645.59% to 76.35K.
The Total Deposit Volume counts the total value of assets deposited to Polygon. The 90d Total Deposit Volume has also experienced a dramatic growth of 6561.41% to $9.01B. It just hit ATH $552.82M a few days ago on 20th May.
The Deposit Counts equal the number of deposits made to Polygon. The 90d Deposit Counts sharply went up 774.36% to 200.52K.
So from the Polygon PoS Bridge’s data dashboard, you can get a general idea of Polygon’s performance - whether the Polygon Layer 2 is attracting users and money from Ethereum Layer 1.
You may also like: