I transferred some funds out of Binance Smart Chain and onto Polygon yesterday.
I did this for two reasons really - firstly I was unhappy with the proportion of my crypto assets staked on this centralised chain, and secondly the yields on many of the platforms have either stagnated or decreased.
And that means time to diversity out, in my case to Polygon (Matic), for increased security in diversity and (at the moment at least) much better yields.
Here's how I transferred my funds from BSC to Polygon.
This post isn't intended as financial advice, it's just how I personally made my first moves into the Polygon/ Matic network....
1. Install Matic on MetaMask
I'm not going to talk you through how to do this, just read this tutorial here, it's the same process as setting up Binance Smart Chain on MetaMask.
2. Transfer any funds you want to send to Polygon/ Matic to your ETH wallet on Metamask
NB - double check on your Matic Wallet first (see below) that Matic accepts the coins you want to transfer!.
Because I wanted to transfer funds OUT of BSC, I did a bit of digging around for BSC - MATIC cross chain swaps, but they seemed very thin on the ground and the one I found was down for maintenance, so I ended up just sending some USDC to Binance and then from Binance to ETH on Metamask.
It seems ETH - Polygon bridges are much more established than BSC-Polygon bridges, hence why I went via ETH (thankfully the fees weren't TOO bad!
3.Connect yer MetaMask Wallet (on the MATIC/ POLYGON chain) to a Polygon wallet online....
I simply used this online wallet - https://wallet.matic.network/
The interface is VERY intuitive and it allows you to swap in several tokens straight from MetaMask on ETH (for the appropriate fee, around $8 ATW).
4. Click on Move Funds from Ethereum
You can see this in the screen capture above, it's very prominent. When you click on it, it will take you to the Bridge where you can swap any token that's supported - for me this was USDC which worked fine!
NB you have to switch Metmask to ETH to make the swap.
The process is great - there's a couple of confirmations you have to do, but you're walked through the entire process, and you get an estimate of the ETH fees and time for the swap.
For me the fees were lower than expected and the swap faster than expected, around $8 and 5-6 minutes and my funds were on the Polygon/ Matic chain, and the 'transaction in process' box has a link that'll take you to the 'etherscan' equivalent so you can track its progress.....
NB that's it, swap done!
5. Use Polycat Finance to Stake some assets
I opted for Polycat Finance to stake on Matic:
I've no idea if Polycat finance offers the best deals on Polygon, but the rates are pretty good compared to BSC ATM....
I followed my usual risk strategy, having a small punt on the FISH-USDC pool, a medium punt on the USD-MATIC (Actually WMATIC, you have to wrap it first) but keeping most of my funds as USDC in the single vault!
NB on Polycat you earn in what you stake, it's compounding, which I kind of like. No harvesting!
Next Steps?
I'm VERY GLAD I've taken something out of BSC, not very much at this stage, and am just testing the water with Polygon.
I may go in harder in a few days or weeks, I'll wait and see it goes for now.
And of course it might be worth waiting until Cub Finance gets involved with Polygon before I do any more swaps.
Posted Using LeoFinance Beta
You could have used evodefi to bridge USDC straight from BSC to Polygon. I did this before and it worked great for me. The USDC was almost straight in my wallet, and it didn't cost me much.
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Hey cheers, I just never heard of evodefi, next time i add to Polygon I will check it out!
Always good to keep those fees down!
Saving this post. Also, waiting for Cub Finance before I dip my toes into Polygon DeFi space.
Well the returns are certainly good!
I just have no idea how long that's going to take them, I mean with about one new Kingdom being released every 10 ays, and no mention of a release date for Polygon, which is a bit of a bigger deal, when dyou reckon>?..... September/ October/ November?
Based on the latest roadmap, I assume 3-6 months at the minimum.
I think that once kingdoms are migrated, we will be on Polygon-cub 2 weeks after or less. Shot in the dark, but I think it will be sooner.
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I'm going to say pick the number weeks you think it's going to take, then double it!
Likely you are right there... but It will be up in the summer! fingers crossed
Good tutorial. I will save it to, it very good writed. And like you I'm waiting to what will harpenden 😄😄😄
Hey cheers!
cool, thanks
Thanks for the steps. I might try them out since I don't have anything active right now on BSC. I am thinking of trying TreeDefi again though ...
@tipu curate
Upvoted 👌 (Mana: 11/22) Liquid rewards.
Hey cheers, enjoy getting involved!
Great walkthrough of staking on Polygon.
I'm excited to see what Cub Finance comes up with over there.
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Hey cheers, I'm also looking forward to the Cub dive into that chain, probably be a little while though!
I have been messing around in Polycat for a while now too. Not a ton of money, but it slowly trickles in. PolyVertex seems to have stabilized a bit and is doing well for me too. They already had their big run up then sell off or whatever so now they are just chugging along. The token has been increasing in price, so I see that as an okay sign.
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I like 'chugging along' - those run ups and sell offs, it's why I generally don't buy or hold DEFI tokens, it's usually a bad move!
Vertex has been a welcome surprise today. I haven't checked it since like 2 pm though.
What is the likelyhood of multiple copy/paste rugpulls being created every second on polygon/Mattic, like there is on BSC?
Probably quite high, but if you go with the well established ones like polycat you should be fine!
Alright sounds good! I might dip my toes soon
I have a little bit over on Polygon too, but I am waiting for the CUB airdrop, then I will be over there in a major way.
I put in $10 on polydragon.io, It seems OK, in a few more days I will have made my money back. I will likely cash that portion out and let the rest ride and hope for the best.
I look forward to not playing DeFi like I am at a casino. CUB on Polygon soon!
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And I thought this was much more complicated hahaha.
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CUB finance should connect with Polygon for sure!! But dear there is Ethereum fees still for tranfering the tokens and withdrawing it...
For me I have you know finding my crypto amount less after tranfering Eth and Matic ...I brought them from Bibnance and did the transfers. Anyway...
What other choice, BSC???... Don't want BSC, like to avoid it if I can!!
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If you're moving less than $1000 stick with BSC for sure! Avoid ETH.