The Polygon Network, formerly known as Matic, is a scaling solution for Ethereum that is rapidly gaining adoption by DeFi platforms including Aave and Sushi. Popular for its rapid transactions and near-zero gas fees, a flood of protocols and users alike are making the switch.
Step-by-Step Polygon DeFi Guide
1. Set Up the Polygon RPC
Since Polygon (formerly Matic) is a different network, you will need to set up what we call a “Custom RPC”. It’s less complicated than it sounds, so hang in there!
- Open MetaMask and click the network dropdown menu, which is located at the top of the window. This will say “Ethereum Mainnet” by default.
- Click “Custom RPC” and enter the details as seen in the screenshot below. We’ve also included a plain text version of the details below the screenshot so you can simply copy and paste.
Network Name: Polygon Mainnet
New RPC URL: https://rpc-mainnet.maticvigil.com/
Chain ID: 137
Currency Symbol (optional): MATIC
Block Explorer URL (optional): https://explorer.matic.network/
- Click “save”. You’re now connected to the Polygon network!
Now you’re free to connect to DApps on Polygon – but first, you’ll need to send some tokens over to the network.
2. Moving Assets from Ethereum
You may own some assets on Ethereum that you want to move onto Polygon, rather than having to buy them there. This is nice and easy to do, thanks to the PoS bridge. If you don’t have any Ethereum-based assets already, we recommend buying Polygon’s native MATIC tokens on an exchange – you can swap MATIC for any tokens you need on Polygon. Bear in mind that you’ll need a non-zero amount of MATIC to pay for gas fees, anyway.
Once you have your Ethereum assets ready to move to Polygon, here’s how to use the bridge:
- Go to the Polygon/Matic web wallet at https://wallet.matic.network/. Make sure your MetaMask network is set to “Ethereum Mainnet” in the dropdown menu, then connect to the wallet.
- If the wallet doesn’t take you to the bridge immediately, click on “Move funds to Matic Mainnet”.
- Select the asset and the quantity that you wish to move to Polygon.
- Click “continue” and confirm the transaction. Transferring assets via the PoS bridge will take about 7-8 minutes, and Ethereum gas fees will apply.The progress of your transaction will be shown in the next window.
- Once complete, you will see the balance updated on the web wallet main page.
Pro tip: If you transfer tokens via the bridge but don’t own any MATIC for gas, try out https://matic.supply/. The faucet will send you 0.001 MATIC for free to fund your first transaction.
Now you’re ready to start using DApps on Polygon!
3. Use a Polygon DApp
There is a growing number of DApps on Polygon, including several major protocols which originated on Ethereum. Simply switch to the Polygon network within your MetaMask wallet and connect to the DApp like you would on the Ethereum network.
Here are a few links to get you started:
- QuickSwap, the “Uniswap” of the Polygon network
- Aave – lending markets and more, also on Ethereum
- Sushi – decentralized exchange, leverage and more, also on Ethereum
Keep Up With Polygon
To stay up to date with all the latest news and releases for Polygon, you can follow them on Twitter, or join their official Telegram channel. For more detailed information, check out their Medium and GitHub.