This article guides you on how to transfer coins to the Polygon network from other networks and how to participate in this ecosystem.
How to Transfer Coins to the Polygon Network
In this article, Insights will provide detailed instructions on how to transfer coins to the Polygon network:
- Buy and store MATIC.
- Transfer MATIC tokens from a centralized exchange (CEX) or using a cross-chain bridge.
- Find opportunities within the Polygon ecosystem.
Step 1: Buy MATIC coins on an exchange
Currently, you can buy MATIC on many exchanges such as Binance, Gate.io, Okex, Kucoin, etc. MATIC is a popular coin, so most exchanges support buying/selling this coin. You can choose the exchange you want to trade on
Step 2: Store MATIC on a supported wallet
Currently, Polygon ecosystem tokens can be stored in various wallets, including Coin98 Wallet. You can store MATIC with the following simple steps:
- Step 1: Click on the MATIC wallet.
- Step 2: Select Receive.
- Step 3: Copy the MATIC wallet address or use the QR code.
Reference: Guide to creating and using a Polygon (MATIC) wallet.
Step 3: Transfer MATIC coins from another blockchain to the Polygon network
After buying MATIC and having a Polygon wallet, you can fully participate in events or “skin in the game” within the ecosystem. There will be various MATIC token standards such as Polygon, Ethereum (ERC-20), BSC (BEP20), and Binance Chain (BEP2). Depending on your needs, you can convert token standards according to the corresponding chain.
To help you visualize, I will specifically guide you through the process for the two methods above as follows:
Transferring coins from another blockchain to Polygon using a cross-chain bridge
For the Polygon chain, there are currently several cross-chain bridges that support this network. We can choose from options like AnySwap, Allbridge, RenBridge, deBridge, BoringDAO, xPollinate, and Li.Finance.
AnySwap
AnySwap is a decentralized exchange that allows users to trade on different chains, leverage liquidity, and use AnySwap as a bridge between chains including Ethereum, Binance Smart Chain, Avalanche, Huobi ECO Chain, Fantom, Polygon, Fusion, etc.
Allbridge
Currently, Allbridge supports various blockchains, including Ethereum. If you are using Ethereum and need to transfer assets to other chains, Allbridge is considered a very useful tool.
RenBridge
RenBridge is a cross-chain liquidity bridge that is part of the Ren Protocol project. Ren enables more continuous and cross-chain interoperability thanks to its technology (in other words, “borderless liquidity”). Ren has built technology that allows permissionless transfers between blockchains such as Polygon, Binance Smart Chain, Polkadot, Terra, and more.
Buying tokens on a CEX and transferring them to a Polygon blockchain-supported wallet
If you don’t know how to buy Stablecoins (USDT, USDC) with Vietnamese Dong (VND), you can read the article here.
After you have USDT, you will buy MATIC on any exchange like Binance, Gate.io, etc., and transfer the tokens to your Coin98 Wallet. Please follow these steps:
- Step 1: Use USDT to buy MATIC on Binance.
- Step 2: Transfer MATIC to the Polygon network.
Investing and Earning with Polygon Ecosystem Tokens
Learn more: Overview of the Polygon Ecosystem
Lending
Aave is an open-source and non-custodial protocol that allows users to earn a profit by depositing and borrowing assets (collateral). In other words, participants can become depositors and provide liquidity to the market to earn passive income from interest paid by borrowers, or they can become borrowers and use their existing assets as collateral for loans.
NFTs & Gaming
With the support of Polygon Studios, the NFT gaming sector on Polygon is developing quite well, with notable examples like ZED RUN, LoserChick, Decentraland, Chain Guardians, and Blockchain Cuties.
In reality, it can be said that besides Binance Smart Chain, Polygon is one of the top networks with the most NFT gaming projects today. Most of these projects attract many users due to their eye-catching visuals, interesting gameplay mechanics, and the implementation of Play-to-Earn models that fit current needs.
Conclusion
I hope this information will help you easily access the DeFi market, as well as find the best ways to optimize your profits. I wish you much success.
