Any action on Polygon requires MATIC, and that isn’t always easy to acquire from other networks’ DEXes.
Creating a bridge between different assets could help solve problems like scalability, speed and high fees. With Bridges, users can move tokens quickly and efficiently between blockchain networks.
The Polygon Bridge facilitates transactions between the Polygon (MATIC) and Ethereum (ETH) blockchains. By using smart contracts, users can transfer ERC tokens and NFTs to the Polygon sidechain.
This guide will show how you can connect Polygon to other blockchains. As Ethereum is often used for decentralized finance (DeFi), nonfungible tokens (NFTs), and the metaverse, we’ll be looking at how to bridge tokens from the Ethereum network to Polygon, a platform with an increasing level of popularity due to its interoperability.
A step-by-step guide to using Polygon bridge
With the Polygon bridge, users are able to easily transfer tokens back and forth between different blockchains with the help of fast and cheap transactions. It also adds scalability to the Ethereum ecosystem through scalable decentralized applications (DApps).
Here’s how to bridge assets to Polygon using the official proof-of-stake (PoS) Matic Bridge:
PoS Bridge deposits are secured instantly, but withdrawals may take longer to confirm. PoS Bridge withdrawals typically take 45 minutes to 3 hours to process.
A compatible cryptocurrency wallet, such as MetaMask, is required to bridge tokens from Ethereum to Polygon, although other options can also be used, as shown below.
1. Log in to the Polygon Web Wallet by clicking on the Polygon Bridge.
2. You will then need to connect your Ethereum wallet. Metamask is used in this example, but there are also other options as shown in the image below.
3. A digital signature is required to connect your MetaMask wallet to your Polygon wallet. Ensure the URL is correct before clicking on sign in to proceed to avoid any scamming attempt.
4. In order to send your Ethereum tokens to Polygon, go to the deposit page and then click on the required token. Enter the amount and click send. Please review the following notes and click continue. After clicking continue, you will be asked to agree to the estimated gas fees.
5. Before completing the transaction, you can review your transaction details, such as the token amount and the estimated transaction fee. To approve the transaction, click continue.
6. Once confirmed, you can check the transaction status on Etherscan.
It is also possible to run the inverse transaction using Polygon Bridge to transfer MATIC to Ethereum. Similarly, you’ll need a compatible crypto wallet such as MetaMask.
Due to network congestion, Ethereum gas fees have become a significant issue since NFTs and DeFi became popular in the last couple of years. A layer-2 system (L2-s) is an additional layer or protocol built on top of a blockchain network. Their main objective is to resolve the transaction speed and scaling issues facing major cryptocurrency networks.
Tools like QuickSwap can be used to reduce Polygon to Ethereum bridge fees.
QuickSwap is Polygon’s primary decentralized exchange (DEX) and is central to the network.
QuickSwap allows you to trade any ERC-20 token with liquidity, and fees are automatically paid in MATIC, offering significant savings.