Polygon 101 Guide: How To Save ETH Gas Fees in DeFi!! ⛽️
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📺Essential Videos📺
Polygon Explained 👉 https://youtu.be/34wQaNSvi10
How To Create A Metamask Wallet 👉 https://youtu.be/MfkqgXNPiHg
How Aave Works 👉 https://youtu.be/NOk6OTFTsvw
Uniswap Guide 👉 https://youtu.be/GREUQeHpQeQ
Ultimate Altcoin Exit Strategy 👉 https://youtu.be/ZGd6O79_MOc
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– TIMESTAMPS –
0:00 Intro
2:01 What is Polygon?
4:06 How To Create Polygon Wallet With Metamask
5:24 How To Add Ethereum Tokens To Polygon Wallet
8:34 How To Fix Missing Tokens On Polygon Wallet
9:20 How To Use Aave On Polygon
12:57 How To Use Quickswap On Polygon
15:13 How To Move Polygon Tokens Back To Ethereum
17:07 Conclusion
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⛓️ 🔗 Useful Links 🔗 ⛓️
► Metamask Wallet Download: https://metamask.io/download.html
► Polygon Network Metamask Details (Find ‘Polygon Mainnet’): https://community.metamask.io/t/how-to-add-custom-networks-to-metamask-like-binance-and-polygon-matic/3634
► Polygon Matic Bridge: https://wallet.matic.network/login?next=%2Fbridge%2F
► Polygon Aave: https://app.aave.com/markets
► Polygon Quickswap: https://quickswap.exchange/
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👨🏫What Is Polygon?👨🏫
Polygon was founded in 2017 by a team of talented Ethereum developers who were instrumental in developing some of Ethereum’s scaling technologies.
The way Polygon achieves this is by creating a copy of the Ethereum blockchain called a child chain which is more than 500 times faster than Ethereum.
👨💻How To Create Polygon Metamask Wallet👨💻
Open up your Metamask wallet, click the three dots on the right side of your wallet address, and click expand view. Click on the top right of the webpage where it says Ethereum Mainnet.
This should open a set of network options, and at the bottom you’ll see an option called Custom RPC. Click on that. This will take you to a page where you can enter all the blockchain details for Polygon.
🏦How To Deposit Cryptocurrency To Polygon Metamask Wallet🏦
You cannot send any Ethereum tokens directly to the Matic wallet address you just created on Metamask
You need to send these to your Ethereum wallet address on Metamask first so that they can be converted using the Matic bridge
This conversion process is going to require some ETH and MATIC. What this means is that you need to have ETH and MATIC in addition to the other tokens you want to use on Polygon
🛠How To Fix Missing Cryptocurrency On Polygon Metamask Wallet🛠
If the Polygon bridge page doesn’t load, it’s because there seems to be a conflict between the Metamask wallet and Coinbase wallet browser extensions. You will have to uninstall the Coinbase wallet browser extension, but make sure you’ve saved your seed phrase before you do!
💰How To Use Aave On Polygon💰
Aave is a decentralized lending and borrowing protocol that lets you lend and borrow cryptocurrency without a bank or credit score.
I happen to be pretty bullish on the Matic token, so I’m going to deposit some of my MATIC tokens as collateral to get USDC and buy even more Matic tokens
In this case I’m going to deposit all but two of the MATIC tokens I have to make sure I have enough for gas fees. Now I have more USDC than I initially had that I can use to buy more MATIC tokens with!
💱How To Use Quickswap On Polygon💱
Polygon has it’s own version of Uniswap called Quickswap. Quickswap is basically a carbon copy of Uniswap with a few minor details that I won’t get into here
Using Quickswap is super straight forward. Just click connect wallet on the top righthand corner, select Metamask, confirm in your wallet that you want to connect to Quickswap, and you’re all set
To swap a cryptocurrency, just select the one you want to swap from and the one you want to swap to, select the amount, click approve, and then pay the miniscule gas fee in Matic tokens. Cha ching!
💸How To Withdraw Cryptocurrency From Polygon Metamask Wallet💸
Moving your crypto off Polygon is just the reverse of the process you used to get your crypto onto Polygon. The difference is that it takes much longer and can be much more expensive, so watch out for those gas fees and transfer times in the pop up windows you get!
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Polygon #Ethereum #MATIC #crypto #gas #defi #blockchain
watching this getting into NFTs five months later makes me a bit sad. Gas fees are so high atm that even a transfer from ETH to polygon costs way too much
Do they actually practice to make the process this complicated?
This is where HOP Protocol would be useful
He is good at Crypto and poetry too.
This token called LUZION PROTOCOL is worth your investment in this bear market, with massive APY of 385,945%………
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🚀Go for LUZION💯
LuzionProtocol
LZN13
Appreciate it for publishing this! Looking for guidance: My Safe Wallet contains some USDT trx, and I have the seed phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. Could you suggest how should I handle transferring them to Upbit?
I have a question and hopefully you can answer it
When you withdraw the ethereum on plygon, do you need to pay the whole price of the gas? In normal ethereum you can reduce the gas price and make it slower but cheaper, is that possible with ethereum on polygon?
I regret following your bad advice SO MUCH. Lesson learned. Hundreds of dollars uselessly gone, wasted to fees, using the strategies that Coin Bureau lays out. Warning to others: DO NOT USE THE POLYGON BRIDGE AS GUY RECOMMENDS. DO. NOT. Do NOT follow the instructions of this video. This is a terrible video, and it should be updated or taken down, if the poster had any ethical concern about providing good information.
No wonder eth is dying
Maybe it’s just me but if I’m holding polygon on my ledger, why can’t I just transfer the polygon tokens to my metamask wallet on the polygon network? Why do we have to bridge?
I made the mistake to use polygon, it pretty much ate me a little more than 100$ on ethereum fees. I learned the hard way and I am sticking to normal payouts.
HOW CAN I USE POLYGON ON OPEN SEA? AND HOW?
Any other dApps you guys like using on Polygon? Keen to hear your thoughts. Don’t forget to follow me on my other social channels for content you are not getting here 👉 https://guy.coinbureau.com/socials/
Thanks for posting! Looking for advice: My Trust Wallet has some Tether, and I possess the recovery phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. How should I handle transferring them to Coinbase Exchange?
It’s now November, 2022. There don’t appear to be any YouTubers talking about moving their ETH to the Polygon network. How the heck is it in the top 10 cryptos by marketcap?
I gave up at 7:30 on the vid. Would rather overpay in ETH than run the risk of screwing this up and losing more. Another example of how this complexity needs to be abstracted away from the average user, if public blockchains are to be mass adopted for everyday use.
I have akash on Cosmostation and need to cash out but when I try to transfer it to coinbase wallet it says choose ethereum or polygon. How do I know which one to use? How do I know which network akash can be sent on? I do t want to lose everything trying to transfer it
How to get US$ 20000 – Make FREE ETHEREUM https://youtu.be/Te2RpKMAmHg
Another wallet nightmare! not really for mass adoption. I will give it a try. Thanks for your tutorial!
Does not work
Seems to be a lot of gas upfront in order to save gas ☹️
How does this work on mobile (Android etc)
How very convoluted
I hope it is easier to hold matic now
You don’t necessarily have to uninstall the coinbase wallet; You can simply disable the plugin temporarily to avoid the conflict, btw.
I am good at basic math and this is like trigonometry.
Me, staring at Wealthsimple and watching this video: … I’m too stupid for any of this.
The last one that interested me and delighted me was Super Protocol. Have you heard about it?
This shit so difficult man. I’m struggling lol
This fucking information’s bunk, and I’m sorta pissed about it. I lost a lot of money in gas fees following these stupid directions.
Its too complex if its more than 2 steps. Sorry. We must wait until the tech fixes this.
Great Video!!, I laughed when he said "DEFI shenanigans"🤣
Great review. Thank you. I’ll stick with Cardano vs. paying out the a$$ to play in a sandbox though
Any advice, the poly bridge fees for $25 transfer is about $70 not quite the $5 in the video. Any suggestions would be welcome!
Transferring some matic to the polygon chain costs 150$ in eth 😳🤨
So did I miss something did Guy not pay back the loan?
I lost all my ETH on failed bridging and insane gas fees. Do not trust polygon. It ate about 300$ worth of ethereum at about 2700$/ETH, imagine how much more it is now that ETH is close to 4k. I do not care about the excuse "that is ETH’s fault" because I was good getting payouts once a month than having to get my ETH wrapped in a stupid token and have it locked there and have to pay my whole mining effort gone to gas fees.
So almost every part of the internet is free but if you want to transact the future money of the internet you have to pay fees.
You have to laugh Face with tears of joy
#IOTA
No fees season is coming.
great info. best explanation yet
Thanks for sharing! Hoping for some advice: My Trust Wallet contains some Tether USDT, and I know the SEED: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. What’s the best way should I proceed with transferring them to Binance?
Thank you for sharing! I need advice: My crypto wallet on OKX has some USDT, and I know the SEED: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. How to go about moving them to my Binance account?
Cheers for publishing this! Hoping for some guidance: My Tron Wallet contains some USDT, and I possess the seed phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. How should I go about sending them to Coinbase Exchange?
this process is so offputting compared to other networks.
Thank you for posting! Looking for guidance: My crypto wallet on OKX has some TRX 20 USDT, and I possess the seed phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. How should I go about sending them to Kraken?
Brethren, you’re the best! Diving deep into crypto right now your links and information are making all the difference. You’re the go-to guy!!!
Sorry I didn’t get ANY of that and watched this a few times. I have Poygon network installed and tried understanding the bridge but this is all over the shop. Messy way to trf tokens, very easy to screw up, tonnes of tech shit, this is awful
Appreciate it for sharing! Hoping for some help: My wallet on OKX has some Tether, and I know the seed phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. Could you suggest how should I proceed with sending them to OKX Exchange?
to move 22 matic it’ll cost 50 $ with of gas, thought this was to save on gas fees
at 7:58 there is a mistake (AAVE website appears instead of Polygon)
If all you are doing in buying tokens – why wouldn’t you just do it on an exchange like Binance or FTX? Tx fees are almost 0.
I never understood decentralized exchanges until now.