Polygon 101 Guide: How To Save ETH Gas Fees in DeFi!! ⛽️
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- Опубликовано: 14 июл 2024
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📺Essential Videos📺
Polygon Explained 👉 • Polygon (MATIC): Could...
How To Create A Metamask Wallet 👉 • Metamask: Step-by-Step...
How Aave Works 👉 • Aave: Top DeFi Play in...
Uniswap Guide 👉 • Uniswap Guide & Why it...
Ultimate Altcoin Exit Strategy 👉 • When to SELL Your Altc...
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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: metamask.io/download.html
► Polygon Network Metamask Details (Find ‘Polygon Mainnet’): community.metamask.io/t/how-t...
► Polygon Matic Bridge: wallet.matic.network/login?ne...
► Polygon Aave: app.aave.com/markets
► Polygon Quickswap: 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
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 👉 guy.coinbureau.com/socials/
Thank you for your insight on Polygon. Keep up the good work. I would love to hear more about Polygon I'm sure I'm not the only one.
People should check polycat finance. 230 million usd tvl. Still very low market cap.
Dfyn
Paraswap to find the best trades (like 1Inch), APY.Vision to track your liquidity pools on QuickSwap, Sushiswap etc if you choose to get some.
I mainly farm MOON with WOLF to get awesome NFTs for free and sometimes farm polyzap
This Defi use case illustrates the n degree of complexity when comparing with conventional banking. It is hard to imagine how regular folks would use this at the current stage. Even for a wallet, users need so many steps to jump. It is not a reflection of the video. In fact, I think you are doing an exceptional job in explaining this. I just feel that the current technology is too complex to have wider adaptation.
I feel the same.. how I wish the community will push this to be more user friendly and more secure on the same time. Mass adoption is really important
that's the reason BSC took off instead of any eth based L2. trust wallet made it as simple they could have been earlier on. binance exchange helps provide a simple way to enter instead of needing to jump through hoops.
@@greysaint6640 There are some BSC to Polygon bridges where you can transfer stablecoins. Xpollinte and Evodefi come to mind. I've used both, but I've heard some people's funds got lost, so use at your own peril. The Ascendex centralized exchange allows withdrawal to Polygon, that's probably the safest option. I went Binance - Ascendex - Polygon.
I do hope binance enables direct withdrawal to Polygon soon, that'll be a game changer...
@@SyukriLajin yes totally agree, i was trying to figure out the metamask + aave (polygon) yield farming for over a week and didnt manage to figure out! Guys video is on point and extremely clear so now i know. But yes the cost are crazy and all the hoops to jump through and perchant for mistakes....i m not sure the risks and costs are worth it.
You're right to some extent but getting matic on metamask is actually not as hard as this video puts out. For example major exchanges like AcendeEX and OKEX offers direct deposit and withdrawl to matic network and this bypasses a huge part of all actions required. It's actually really easy, but I guess Coin Bureau wants to go the complete decentroalised way, or they most likely didin't know about this route. But they should indicate both options if they knew about it as it is way less confusing for most users to transfer directly from their exchange wallet to metamask.
Is it not time for a new video on Swipe ? ruclips.net/video/niPVFk4lyf0/видео.html
Wallets are a total nightmare. Someone should invent a wallet that has a friendly GUI with straightforward choices that does all the work automatically. It would make all other wallets obsolete.
I recommend looking into Celer Network.
@@kayjay2094
mvp
8 hours ago
@Kay Jay stop copy and pasting x100 🤣
User Friendly meaning easier for people to hack or hi-jack.
When things are easier especially handling monetary value, people get neglected and became careless. And they are easy meat for prey of hacking.
@@jeremytheonlyone I mean 'user-friendly' in the way that an 'ordinary' person can use it without fear or confusion. Buying and moving crypto should be for everyone, not just those people who are coders or such. The vast majority of people would be unable to figure out wallets and to say otherwise is elitist.
@@Jane_under_a_tree_with_a_book Crypto is stil in an early stage and for these people it might just be not mature enough. I usually recommend them to use trustworthy and simple to use exchanges with clear instructions and just hodle for at least 4 or 5 years.
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
MATIC is one of my biggest holdings since 75 cents $$$$
Big project for the future of crypto and ETH
Thank you for this video and your hard work ! Very helpful
Great videos Guy. Love your knowledge sharing. Thank you, which I'm sure you do not get enough thanks. You rock bro
Congrats, Guy! Well deserved. 👏🏻
Thanks for the info Guy!
This is invaluable, thank you. I was stuck on a problem related to this for several days, watching this helped me to find an answer, thanks again.
This is bad information in this video.
Many many thanks for your effort to present the information.
Thanks Guy for the video.Take care.
Great video as always! Just two tips:
1) If Coinbase wallet or Clover or any wallet extensions conflict with Metamak, it's possible just to DISABLE these extensions temporarily instead of uninstalling. (In any case store your seed phrase safe!)
2) There are cheaper options to transfer tokens to Matic: BSC and xDAI bridges, for example.
Wow Guy this is right on time! I bought a little Matic and I have a Polygon tab open right now trying to figure this out!
same here. about to farm and swap few tokens. literally
It works well, good experience so far 👍
@Andrew Not interested sorry. I wish it will do even 20x for you somehow.
As always a great video about a crypto gem, keep up the good work!
Great video - super clear and easy to follow - THANKS :-)
awesome, just the guide I needed:-)
Love you Guy! You’re awesome 🤩
Brilliant content, best on the net. Love the t-shirt.
great info. best explanation yet
Thank you Guy!!
I needed this 🙏
Love your videos, Guy.
You're literally my crypto guy lol
Great video Guy... As always
Thanks guy needed this
You're the best of the best, Guy! Miles ahead of the pack!
You can say that again
He's very knowledgeable ....I totally agree, he's one of the best!
Thank you !
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!!!
Thank you ☺️
Just wanna say thanks. Im am almost completely converted to crypto. And your helping me with my road map.
Yeah I’ve been farming on Polywhale on the matic mainnet for about a month now. Some interesting upgrades are planned for the liquidity pool that should see the price pump after this accumulation phase
Your absolutely a gem...you saved me with this video
Thank you for the video, very informative .
Please check the 7:53 the picture is for aave not polygon 😎
Amazing content!
That is so intuitive to do.
Hello Guy. Thank you for doing amazing videos and I have learned a lot from your videos. Recently AMP which was listed on coinbase and many people are wondering if you could talk about AMP and how it could affect the usage from El Salvador’s bitcoin legalization. Thank you and wish you all the best!
Complicated too.
I'm using Binance smart change to mint NFT's and staying away from ETH blockchain till they fix the insane gas issue.
I am surprised to see that you didn't mention some of the bridges you can use with zero fees or 0.5% fee to transfer, for instance $usdc from chains like bsc or fantom. Also, I might have missed it in the video, but in case you didn't mention it: there are faucet pages giving you 0.001 $matic as gas seed so you can get started right away on Polygon
Thank you so much!! Just today I was exploring how to link metamask with polygon wallet and the video comes out right on time because i had so many questions! You are the OG!!!
@@kayjay2094 yeh I do have it as well in my portfolio
Good timing. Poly is taking a hit during today’s crash. Hope this helps bring it back up!
Quick tip: buy your tokens on binance, send them to BSC chain wallet en bridge them using BSC -> polygon bridge (e.g. EvoDefi, which also sends some MATIC for gas). This is much cheaper than using ethereum
hi Guy! great content! the most comprehensive and "understandable" walkthrough for yield farming on aave (polygon) on the net if you ask me !! awesome. given the costs and hassle of using this to yield farm, could you consider to do a BSC for noobs and BSC yield farming video please? many thanks.
Good job Guy😉
Thanks for taking your precious time for the video. But layer 2 solution like MATIC is a NO go.. It took me 4 days to withdraw my funds and during this waiting time I lost all the price actions and couldn't sell.. This No good for defi. I will better stick with BSC instead of Layer 2 on ethereum
Perfect timing Guy.
Lol
I love these videos
Have about 50% of my MATIC on Celsius, 20% staking on Matic network n the rest on Aave via Poly network while borrowing some usdt n lending on Curve🔥
My biggest holding besides VTI! 🙌🏻🙌🏻🙌🏻
Great Video!!, I laughed when he said "DEFI shenanigans"🤣
Polygon was one of my very first buys when I started a month ago, knowing nothing. Boy, did I ever pick a winner.
Imagine getting started into crypto in 2021...
@@joshhomola6324 Steep learning curve.
Hold polygon and buy more because these people working on this are very smart and this token will be worth the investment
I recommend looking into Celer Network. Does the same as Polygon except for any main chain and across layers. Not to mention has way more room to grow.
You're not talking about price, b/c it hasn't really moved in that time
If you're coming from BSC you can go through AscendEX (BitMax). Buy USDT on Binance -> send to AscendEX via Tron Blockchain -> convert that to Matic on AscendEX -> send to Metamask configured to Matic network. All for about 3 USDT.
Interested to see a video on using DFYN exchange for some DeFi farming on the Matic network
Ah, I didn't realize Optimism was still rolling out despite Eth 2.0 being delayed. Very good to know, didn't realize that...
Ascendex exchange allows matic, route, and usdc withdraw direct to matic network. Fast transfer rate and only couple bucks for fee.
The biggest problem with Polygon right now is transferring assets from Eth to Matic Network. It takes about 1 day to get used to the process. However its naturally that Polygon will team up with a big exchange and you can transfer Eth assets directly to the Matic Network. All of this is a work in process. UX will improve over time.
Bought matic when you covered it and it was. 11 cents.
Same here! Too sad i felt i had made enough profit and sold at about 14 cents🤣
Lol i did it too 😂😂 still so bullish even theres correction..
@@craks594 bro i sold at 45 cents lol but got back in at 1.20 so still here
@@a.dinillah5562 yeah im still very bullish on it.
When u bought it at 11 cent?
People keep saying why need Polygon once ETH 2.0 comes around. If ETH 2.0 is end all be all then why need cardano or solana? Polygon right now has and is building its own ecosystem. The fact that it’s interoperability is in full effect, I believe this thing will continue to scale with ETH for the long run.
A great video, as always. I am assuming that for small investors that most of the interest gains one had earned on DeFi platforms such as Polygon’s Aave that these gains would be completely destroyed by the massive ETH fees which are still commanded by the Bridge?
😁 one smart guy.. thanks
It is great that you can trade cheaply within the matic platfor, but the conversion fees from and to ETH still kill it for me. Eth needs the 2.0 rollout fast.
Would be great to get your view on Hex and up coming pulse chain fork.
Great review. Thank you. I’ll stick with Cardano vs. paying out the a$$ to play in a sandbox though
Moved MATIC had to pay £20 in gas fees:( probably bad time of day to do so, I think you get lower fees depending on time of the day. Overly complicated. Might as well just stake it on Binance or Celsius.
Made a transfer of 2000 on 11th Jun at 14:30, fee was 20 MATIC which was more than £20...
Layer 2 is a band aid. There are other protocols that have already solved the speed & fee problem.
i love ETH to death but how do the community expect to onboard new users with this convoluted way of just to get on the network? getting people to try crypto is hard enough, but this onboarding process is just ridiculous amounts of work + fees just to even begin USING the damn thing
Love Matic and Polycat DEX
Excellent
Amazing vid guy!! I have matic
If you’re thinking this process is difficult, it really isn’t. Once you have the wallet set up, it’s really just a matter of going to the Matic wallet and transferring your funds. Only takes a few minutes, and once you’re on the Matic Mainnet, you likely won’t want to leave it!
Superb tutorial
Hey coin Bureau talk about who has private keys for the gateways on polygon. Pulse chain fork will be airdropping ANYONE with a wallet off of the exchanges a copy of there erc-20s on pulsechain when that comes out and gas fees will be cheaper then matic with zero bridge because they will just be copied at zero value and airdropped. Pulse will be dilluted 10,000:1 with ethereum and it will be a proof of stake system so basically eth 2.0. Cheers
Can you make a video about Anchor Protocol?
MATIC, LUNA are the game changers!!
Polygon has great utility!!
Thanks for all the money
Ascendex exchange supports withdrawals of MATIC and USDC directly to Polygon network (fee for MATIC is 2 MATIC and 3 USDC for USDC withdrawal)
This hurdle is why so many don't understand or buy alternative coins. This was a lot of hurdles even though there is massive benefits to staking
Just use Zilswap once their polynetwork bridge to Uniswap is complete before July. $1-$3 fees on Zilswap for trades.
Recently took Polygon profits after hearing Guy's warnings and listening to Vitalik's interview. Polygon can remain relevant, but they will need to work on becoming more than sidechains. IMO
Love your content. Can you perhaps cover reserve rights. (RSR)
Thanks
I find this technology is still way to laborious to use, but it’s getting better ever so slowly. Great video.
Wanchain is doing its own thing in Asia .. not sure if they will ever achieve their 2017 goal of a cross chain platform
Polygon going to be top 7 in few month
it's already top 5 on coinbase
This thing is mind blowing. If Ethereum doesn't do anything about it's problems this thing is developing to replace it asap.
@@perpetualprosperity2963 exactly that's in my mind
🇮🇳🇮🇳🇮🇳
Kardiachain people. Cross-chain trading with cex experience is almost out. Supporting coins All top chain coins will be able to trade natively.Just take minute to check it out. I think it will be number 1 place for cross-chain trading since none of current dexes don't have limit orders and it is not cross-chain. Guys we are going in top 20 with this.
Another wallet nightmare! not really for mass adoption. I will give it a try. Thanks for your tutorial!
Hey Guy, could you give a update on IOTA? That would be awesome ♥️
about time
This is the way
Paid so much in fees, may as well have just gone to an exchange brought twice as much matic.
.19 cents here bubba! still holding buying the dips like a mad man!!!
You don't necessarily have to uninstall the coinbase wallet; You can simply disable the plugin temporarily to avoid the conflict, btw.
Can u make a video on NIIFI token 🙏? Love the way u explain stuff
Amazing tutorial, as usual your content is second to none, Many thanks
I love seeing the big yt crypto influencers talk about a project I've been balls deep in for a few months
Thank you guy. My head is spinning looking at all these transfer complications. Thus I will just keep my coins on the exchange.
Matic 🚀🚀🚀
You're doing well! Any chance you would cover NFT Tech in one of your videos?
Their dual launch is so close, this SUMMER. It's an NFT marketplace build for artist to freely mint their NFTs and allowing them to borrow money from the platform and make NFT as collateral.
So cheap and great to use. Great to HODL as much as ETh and BTC
good video, as always. But it's a pity that you haven't mentioned Continuum World in your videos yet. peeps should know this free to play MMO game.