Polygon blockchain enables scalable and secure instant transactions of cryptocurrencies such as ETH, USDC, and DAI. Its capabilities are, however, more than just digital assets.
It is primarily Ethereum’s Layer 2 scaling solution, designed to speed up transaction processing on the network while reducing transaction costs, also known as gas charges. Polygon allows developers to create their sovereign blockchain and decentralized applications.
Role of cross-chain bridge
To facilitate a trustless two-way transaction channel between Polygon and Ethereum, Polygon employs the Plasma and PoS (Proof of Stake) consensus model in creating a cross-chain bridge. Users need not care about risks associated with third-party or market liquidity limits when transferring tokens between Polygon.
Matic Bridge began a scaling solution to address these issues. Most users can’t afford Ethereum’s gas fees. Polygon provides an affordable way for crypto users to participate in DeFi.
Some projects address this issue by building a network bridge that allows the transfer of assets. The Polygon Bridge aims to improve communication between Polygon and Ethereum blockchain. Users can exchange tokens using compatible cryptocurrency wallets.
The architecture of a cross-chain Polygon bridge
Polygon Bridge is a scaling solution that is near-instantaneous, low-cost, and highly flexible. Polygon’s dual-consensus design (Plasma + PoS platform) improves speed and decentralization.
The cross-chain bridge supports the instant transfer of ERC tokens and NFTs to the Polygon sidechain, thanks to the Plasma Bridge and the PoS Bridge. Although the bridges can send assets from Ethereum to Polygon (and vice versa), they use different security protocols.
Dual consensus architecture on Polygon optimizes speed and decentralization. The Ethereum Virtual Machine (EVM) compatible sidechain enables arbitrary state transitions. An instant cross-chain token transfer is possible without the risk of third parties or market liquidity constraints.
Tokens that are being transferred out of the Ethereum blockchain are locked to allow the Polygon Network to mint the same number of tokens pegged in a 1:1 ratio. When tokens are on the way back to Ethereum, the system will burn the pegged tokens. The process also involves the unlocking of tokens on Ethereum.
Polygon has no native mobile wallet. However, if you need a wallet for Polygon or a Polygon Wallet V2, MetaMask will suffice, but you must first add a custom Matic Mainnet RPC to MetaMask.
How to get Ethereum on Polygon
To deposit Ethereum on Polygon or cause an Ethereum to Polygon bridge:
- Click the wallet icon in the upper right corner of the OpenSea website.
- Select Bridge to Polygon from Ethereum’s 3-dot option. Use the pop-up box to enter the amount of ETH you are bridging to the Polygon chain.
The crypto wallet requests that the transaction be signed. Once completed, you will receive a confirmation. Bridging Ethereum and Polygon chains takes a few minutes. For Polygon, you will notice a purple ETH symbol that reflects the bridged ETH.
How to use MetaMask wallet to hold cryptocurrency
MetaMask is an Ethereum-based cryptocurrency wallet that isn’t connected to the Internet, and neither does one need to move with it around like a flash drive. Instead, your digital assets are safely kept on your browser.
To access and perform transactions with your funds, you will need private keys. This is essentially what this wallet holds. It provides more ease, competent security, and moderate anonymity as a browser extension.
The MetaMask plugin, designed and distributed by ConsenSys in 2016, can execute transactions and manage tokens supported by Ethereum. After a few years of development, a mobile wallet app was introduced in September 2020.
You may be wondering how MetaMask connects to Ethereum and whether it is unique to this blockchain. MetaMask currently works only on the Ethereum blockchain and supports everything else.
You can use the Global API to connect your Ethereum account to multiple applications. It reads numerous details about your data associated with your account. MetaMask makes it easy. Install and activate the MetaMask browser plugin.
You will then be given the option to create an account and store your private key there – easy access to Ethereum-based tokens such as ADA, DOT, and SOL.
MetaMask and other tools allow a more convenient trading experience and a better online casino experience. If you enjoy betting at online casinos like Bitcasino, you can use MetaMask to deposit and withdraw Ethereum cash.
MetaMask supports storing and managing account keys, performing transactions, and sending and receiving Ethereum-based coins and tokens. Also, users can safely connect to decentralized applications using the appropriate web browser or the built-in browser on the mobile application. Developers use JavaScript plugins such as Web3.js to connect Metamask to decentralized applications by defining the interactions between Metamask and intelligent contracts.
The browser app incorporates an Ethereum token exchange tool that aggregates many decentralized exchanges (DEXs) to find the cheapest exchange rates. The service cost of this feature, called MetaMask Swaps, is 0.875 percent of the transaction volume.
How secure is MetaMask?
Indeed, no major hacking events have occurred on MetaMask, supported by hierarchical deterministic settings and a vast community of users and developers who regularly evaluate and upgrade their source code. It is a crypto wallet connected to the Internet, a hot wallet with the most considerable risk. Because of this, it is prone to theft, hacking, and phishing assaults.
How to add ETH to Polygon Metamask
First and foremost, make sure you have your money in your wallet. MetaMask is your gateway to the Web3 world, and it can be accessed simply from your browser extension. Remember to keep your seed phrase safe by storing it in various locations and never giving it to anyone.
The process of adding ETH is as follows:
- After setting up MetaMask, you open Polygon’s Bridge V2 and sign the transaction to log into their wallet.
- Clicking “Sign” will take you to their bridging interface, where you can transfer your Ethereum assets to Polygon.
- Proceed to the portal for Polygon bridges. Choose the tokens you would like to transfer and click “Transfer.” The asset would be deposited in about 7-8 minutes.
- This transaction would require you to sign and approve it in your MetaMask wallet, where you will also see the gas fee and a progress tab bar showing how your transaction is progressing.
- Transferring your assets to the Ethereum chain will take longer as the PoS bridge is secured by validators who take about 3 hours to verify a transaction.
Bridging Ethereum to Polygon using the cheapest way
There are primarily two ways to achieve it for less money:
- Deposit ETH into a Binance account, exchange it for MATIC, withdraw MATIC to the Polygon network, and convert it back to ETH.
- Deposit ETH into a Binance account, trade it for BUSD, withdraw to the BSC network, convert BUSD (BSC) to USDC/USDT (Polygon) over the pollinate bridge, and finally back to ETH.
Step 1 has fewer procedures, but the Binance Polygon network is not always available; it is periodically suspended.
Tips to ensure secure use of MetaMask
Even though MetaMask is running on its safety, customers are suggested to open simply one tab at a time while they are making crypto transactions. You should also keep your MetaMask pockets locked when you no longer use them.
Here are some more excellent suggestions to remember while using MetaMask pockets:
- Backup your mystery recuperation word
Your MetaMask recuperation words are the best way to repair your account, so it is crucial to hold this 12-phrase password safe. Each little bit of your records on MetaMask is encrypted on your browser and guarded with a MetaMask password. If you lose access to your funds, this password can repair your account.
- Don’t share your key.
If anyone is aware of the recuperation phrase, they will be able to access your wallet whenever you want.
- Consider the use of a hardware pocket
A hardware pocket is the most reliable of all wallets. If you have got a good worth of ERC-20 tokens, you will be better off with a hardware wallet.
