What Is Matic Network and How to Use It with MetaMask?

2021-03-11 08:50:00 · 7501 views · 5 min read

 

Infrastructure Built Ready For Layer 2 Onboarding

 

6 months after its mainnet goes live, Matic has nearly 150,000 wallets created. To compare, Polkadot has less than 50,000 mainnet wallet address almost 4 months after the mainnet launch, according to Subscan. And Loom, another Ethereum Layer 2 chain, has less than 40,000 mainnet address 2 years after it’s launch. 

 

 

This is a significant achievement for a new mainnet, and it is all due to Matic’s smooth onboarding infrastructure. Which includes:

  • Ethereum wallet compatible. Almost every Ethereum wallet could easily add Matic support with a small setting within seconds, just like when you do it for Binance Smart Chain. 

  • Close-to-Zero Gas fee and high-speed. If you want to borrow on Compound it would take up to hundreds of dollars for a gas fee on the Ethereum mainnet. And it takes about 3 seconds and cost 0.00002 MATIC, which is less than $0.000001 USD to complete a loan. 

  • Assets are not isolated from Ethereum, made possible by the bridging protocol. (See below)

 

 

 

Swap Ethereum Assets Powered by POS Bridge

 

Some stats about the most-used stablecoins on smart contract platforms: 

 

Tether (USDT): Omni, Ethereum, Tron, EOS, Liquid, Algorand, Solona, Matic

USDC: Ethereum, Algorand, Solona, Matic

Dai: Ethereum, Matic

BUSD: Ethereum, Binance Chain, Matic

 

 

This is all powered by POS Bridge and Plasma Bridge. It takes less than 10 mins to move your assets, including Fungible Tokens (eg. Ether, USDC, DAI etc.) and NFTs (Both ERC-721 and ERC-1155) to the Matic network and you only need to pay a tx fee on Ethereum. 

 

 

 

How to Use DeFi on Matic Network with MetaMask?

Matic as a Layer 2 chain of Ethereum, is compatible with all the major Ethereum wallets like Token Pocket, Trust Wallet, etc. Using Metamask as an example, what we need to do is to change the Network to Matic Custom RPC. 

 

Step 1: Step up Matic Network on Metamask

  1. Configure Matic Chain custom RPC to your Metamask. 

  • Click on the network Selection buttons on the top of the app.

  • Click on the “Custom RPC” to add the Matic mainnet Information.

  • Select ‘Custom RPC’

 

  1. The screen will appear to setup custom RPC for the Matic Network.

  • Enter in the Matic Mainnet Details as follows:

Network Name: Matic Mainnet
Chain ID: 137
Symbol: MATIC
Block Explorer URL: https://explorer.matic.network/

 

  1. Once you have added the URL and all details you can click on the SAVE button. You will be directly connected to Matic Mainnet. You can close the dialog box now. When you need to use the Ethereum network you could always switch back by choosing Ethereum. 

 

Step 2: Transferring your assets from ETH Mainchain to Matic Mainnet

You can transfer your assets from the Ethereum mainchain to Matic mainnet using the POS bridge easily and quickly. 

 

 

Why is this step important? Once you transfer your asset to Matic you will be able to enjoy a fast and cheap transfer of assets. 

 

  1. Visit POS bridge by visiting the Matic web wallet page: https://wallet.matic.network. Login with Metamask using Ethereum Network. You will see your assets on the Ethereum mainnet. 

 

  1. Go to Matic Wallet (Red box in the above photo), and click deposit. You will get a pop-up where you need to enter details like the amount. After you add the amount you can click on the ‘Deposit to Matic Network” button. Then approve the transaction on Metamask. 

(Deposit USDT from Ethereum to Matic, click Deposit and then approve the transaction. )

 

 

  1. Once the transaction is successful you will receive the notification. It said 7-8 minutes but when we did it only took about 1 minute. 

 

 

Check Matic All Products List here and try them now!

 

 

 

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