Matic is the native cryptocurrency of Polygon network, a layer two Ethereum solution.
The proof of work consensus mechanism of Ethereum has plagued it with expensive gas fees, which usually drive away many cryptocurrency investors.
Fortunately, Layer 2 platforms like Polygon possess faster transaction speed and a low gas fee.
Additionally, it has the security of Layer 1 Ethereum, making it an excellent choice for both blockchain experts and newcomers alike while using their assets.
There’s a commonly agreed assumption that blockchain technologies can only deliver three advantages: decentralization, security, and scalability at any particular point.
Matic was created as a scalable approach to tackle such challenges.
Many individuals report Ethereum’s transaction fees to be expensive, and truly it is. However, Polygon offers an alternative for those who want to buy NFTs, participate in DeFi, or engage in virtual worlds efficiently.
The easiest way to convert ETH to Matic is via a centralized exchange. Alternatively, you can use a cross-chain bridge and a Matic DEX.
Here’s how to bridge Ethereum to Matic using the official Polygon bridge or Umbria Narni bridge.
Bridging Using the official Polygon bridge
The first way to bridge Ethereum tokens to Polygon tokens is by using the official Polygon bridge.
To use this bridge, navigate to https://wallet.polygon.technology/.
Select Polygon bridge and connect your Metamask wallet. Approve connection by signing Metamask prompt.
On the top bar of the Matic Wallet, tap ‘Move funds to Matic Mainnet.’
This will automatically let you switch tokens from the Ethereum network to Matic Network.
Choose Ethereum as the preferred token. Enter the amount and click TRANSFER. Finally, click on CONFIRM to finish the bridging.
You will receive Polygon-based ETH tokens after approving the transaction in your Metamask wallet.
Bridge ETH to Matic Using Umbria Narni Bridge
Another way to bridge tokens from Ethereum to the Polygon chain is via the Umbria Narni bridge. Umbria Narni is a blockchain bridge where you can transfer assets between different chains.
As an alternative to the on-chain validating process, the Narni Bridge uses the idea of a “liquidity pool,” a collective pool of digital funds owned by smart contracts and therefore serving as a medium of exchange for decentralized exchanges (DEX).
With this, users can complete transactions quickly with minimal fees resulting in lower costs. The typical cost is, as stated, between $4 and $9, still less than the fees associated with Ethereum.
To use Umbria Narni bridge, simply navigate to https://bridge.umbria.network/.
On the homepage, click BRIDGE ASSET.
On the Bridge page, choose ETHEREUM in the option for ‘Send From.’ Choose POLYGON for ‘Receive On.’
Specify the type of crypto asset you want to bridge. In this case, it is Ethereum.
Afterward, input the preferred amount and execute the transaction.
You will see a prompt in your Metamask wallet where you will be asked to pay for the gas fees.
Once you have clicked the Confirm button, the bridging from the Ethereum mainnet to the Polygon network will then begin automatically.
Once it is complete, Polygon-based ETH tokens will be deposited in your wallet.
Swapping Bridged Tokens To Matic With QuickSwap
After using the bridge, you can swap the Polygon-based ETH tokens to MATIC on an AMM DEX called Quickswap.
QuickSwap is an Automated Market Maker (AMM) exchange that allows traders to swap assets. QuickSwap participants use Liquidity pools to trade instead of an order book.
It implies that users don’t have to spend very high gas fees for accessing the liquidity pool, but only minor transactional charges.
You only need a wallet linked to QuickSwap to actively start swapping.
Let’s walk through the process of swapping ETH to Matic using QuickSwap:
- To use Quickswap, go to https://quickswap.exchange/#/swap on your browser.
- Connect your Metamask wallet and choose MATIC as your preferred network.
- Choose the coin which you would want to swap and the one you are swapping to. Choose ETH and MATIC in their respective fields.
- Approve ETH and confirm swap
- Approve the transaction in your wallet after reviewing the activity.
Using Centralized Exchanges
Centralized exchanges like Binance are the easiest way to swap one token with the other. Apart from the ridiculously low fee, CEXes host hundreds of cryptocurrencies.
To swap Ethereum to Matic, you need to transfer your Ethereum from a cryptocurrency wallet to a CEX like Binance.
In Binance, you can automatically swap your Ethereum to Matic and then send it back to your crypto wallet if you want.
Here’s how to do it:
- Create and verify a new Binance account
- Copy deposit address from Binance
- Send Ethereum from your crypto wallet to your Binance wallet
- Swap Ethereum to Matic
- Send Matic back to your crypto wallet.
1. Create and verify a new Binance account
To use Binance, create a new account on Binance.com.
On the homepage, tap ‘Get Started’ or ‘Register’ to register a new account. Input email and fill up the necessary field.
Finally, complete the KYC process by verifying your identity and address provided during registration.
Alternatively, you can log in if you have an active and verified account.
2. Copy deposit address from Binance
On Binance, navigate to Wallets > Fiat and Spot.
In your fiat wallet, you’ll see different cryptocurrencies and options to deposit or withdraw any coin listed on Binance.
Tap Deposit to send your Ethereum coins to Binance
On the next page, Choose Ethereum as the preferred coin and ETH (Ethereum ERC-20) as the deposit network.
After filling up the necessary field, a deposit address will appear below your options. Copy this address for use in your crypto wallet.
Alternatively, you can scan the QR code without having to copy or paste anything.
3. Send Ethereum from your crypto wallet to your Binance wallet
Open your crypto wallet and send Ethereum to the deposit address from Binance.
If you’re using Metamask, simply log in to your wallet and tap SEND.
On the next page, paste the deposit address from Binance and tap Next.
Input the preferred amount of Ethereum you’d like to transfer and review the transaction. Finally, tap SEND to complete your transfer.
For Trust Wallet users, open your wallet app and choose Ethereum. Tap send to input deposit address and preferred amount.
Review the transaction and approve to send the ETH.
Within 10 minutes, the coin will reflect in your Binance wallet.
4. Swap Ethereum to Matic
After the deposit has been reflected in your Binance account, all you need to do is to swap Ethereum for Matic for free.
On your Binance, tap the TRADE > Binance Convert to convert your Ethereum to Matic.
On the conversion page, choose Ethereum as the base currency and Matic (Polygon) as the coin you are converting to.
Input the amount of Ethereum you’d like to swap for Matic. Review conversion and double-check the exchange.
Finally, approve to complete the transaction. Once the transaction is complete, you will receive the equivalent value of Matic in your wallet.
5. Send Matic back to your crypto wallet
After swapping your Ethereum to Matic, you can leave it in your Binance spot wallet or send it back to your wallet.
To send them back to your crypto wallet, go to Wallet > Fiat and Spot in your Binance account.
On the top bar of your wallet, choose WITHDRAWAL and choose the preferred cryptocurrency as Matic on the next page.
Copy your deposit address from your crypto wallet and paste it into your Binance account.
Finally, specify the Network and Amount in their respective fields. (Matic Network)
Review the transaction and withdraw your tokens.
Why Swap ETH to MATIC
Polygon was first developed to make Ethereum better.
Although Ethereum aspires to be a flawless blockchain network, its high gas fee, low speed, and harmful carbon emission is halting its full adoption.
However, Ethereum 2.0, which is in the works, will boost the network’s functionality with a proof of stake consensus mechanism.
Gas fees are expected to decrease once Ethereum switches to Proof of Stake, partly owing to the cryptocurrency’s well-known reputation.
With a daily transaction volume of 7,432,973 and reduced fees, Polygon’s Proof of Stake chain earned a spot as one of the fastest and most reliable chains out there.
Despite Ethereum’s dominance as the primary blockchain, Polygon is making progress by blending the best features of Ethereum with other amazing user-friendly features.
Also, with the Plasma framework integrated into Polygon’s PoS, users can even add DApps without incurring additional gas costs.
Meanwhile, any Ethereum-based decentralized applications (DApps) are free to make the transition to Polygon without encountering any problems.
Therefore, the application and use cases of Polygon and its Matic token continue to increase daily.