Asset bridging could help solve issues like scalability, speed, and high fees. Bridging means users can move their tokens between blockchain networks quickly and cheaply.
The Polygon Bridge is used for cross-chain transactions between the Polygon (MATIC) and Ethereum (ETH) blockchains. It allows users to transfer ERC tokens and NFTs to the Polygon sidechain via smart contracts.
This guide will show you how to bridge Polygon with other blockchains. However, since Ethereum is the platform most commonly used for decentralized finance (DeFi), non-fungible tokens (NFTs) and the Metaverse, we will look at how tokens from the Ethereum network to Polygon, an increasingly popular one due to Polygon Platform can be bridged its efficient interoperability.
How to use Polygon Bridge?
The Polygon Bridge is designed to connect different blockchains with fast and cheap transactions, allowing users to easily transfer tokens back and forth. It also enhances the Ethereum ecosystem with efficient tools that help build scalable decentralized applications (DApps).
The Polygon Bridge allows users to move tokens from Ethereum ERC20 to Polygon Matic, Polygon’s native token, which is the cheapest way to bridge ETH with Polygon.
Related: Polygon Blockchain Explained: A Beginner’s Guide to MATIC
How to bridge assets with polygon
There are two Polygon Bridges: the Proof-of-Stake (PoS) Bridge, which is the official Matic Bridge, and the Plasma Bridge.
Both bridges can be used to transfer tokens from Ethereum to Polygon and vice versa, but they differ in their approach to security methods.
The PoS Bridge is the most popular and uncomplicated for transferring ETH and most ERC tokens. It uses PoS consensus algorithm to secure its network.
Deposits on the PoS Bridge are secured instantly, but withdrawals can take a while to be confirmed. A PoS Bridge withdrawal typically takes between 45 minutes and 3 hours, while the Plasma Bridge can take up to seven days.
The Plasma Bridge is more suitable for developers who need higher security. It uses the Ethereum Plasma scaling solution and supports the transfer of MATIC, ETH, ERC-20 and ERC-721 tokens.
Related: Proof-of-Stake vs. Proof-of-Work: Differences Explained
How to use the Matic Bridge to bridge tokens
To bridge tokens from Ethereum to Polygon, the first requirement is access to a compatible cryptocurrency wallet like MetaMask, but other options can also be used as shown below.
1. Login to the Polygon Web Wallet by clicking on the Polygon Bridge.
2. Next you need to connect your Ethereum wallet. Metamask is used in this example, but other options as mentioned in the image below can also be used.
3. A digital signature is required to connect your MetaMask wallet to your Polygon wallet. Make sure the URL is correct before clicking “Sign In” to continue and avoid any attempt at fraud.
4. To send your tokens from Ethereum to Polygon, go to the Deposit tab and click on the required token that you want to bridge. Enter the amount and click Transfer. Read the notes on the following page and click Next. You will then be prompted to agree to the estimated gas charges and click Next.
5. You can check your transaction details like token amount and estimated transaction fee on the following page before completing the process. Then click Next to sign and approve the transfer.
6. After confirmation, you can check the transaction status on Etherscan.
You can also use Polygon Bridge Matic to perform the reverse transaction to transfer MATIC to Ethereum. Likewise, you need a compatible crypto wallet like MetaMask.
To transfer tokens from Polygon to the Ethereum blockchain via the PoS bridge, follow the steps below:
You can view the status of the transaction on Etherscan. It can take up to three hours for the transaction to be verified and completed by PoS validators. After validation, you need to claim the tokens in the MetaMask wallet. Click Next to allow the withdrawal to complete.
How to use the plasma bridge on Polygon
The Plasma Bridge can help you transfer MATIC or other polygon tokens to Ethereum. However, it only supports the transfer of ERC-20 and ERC-721 tokens, including ETH and MATIC. It uses the Ethereum Plasma scaling solution for higher security, which is why it is the tool of choice among developers.
For example, to transfer Matic from Polygon to Ethereum, any Ethereum wallet such as Metamask can be used. You must add the polygon network to your wallet before you can view your MATIC and start the process. It’s easy to add the polygon network, just follow the instructions.
For example, with Metamask, make sure you are connected to your MetaMask wallet. Then click the Switch to Polygon button at the top.
A pop-up window of your MetaMask extension with the details of the polygon network will appear. Then click Approve.
To see Matic in your Metamask wallet, you need to switch your MetaMask from the Ethereum mainnet to the Polygon network. Just click on the switch network.
To bridge MATIC to Ethereum with MetaMask, you can follow the following steps:
Please note that the process in step 5 is more complex than the PoS Bridge since you have to manually confirm three transactions for a Plasma Bridge transfer. The first initiates your withdrawal from the Polygon wallet, which can take up to three hours.
Ethereum gas fees have been a significant concern in recent years as NFTs and DeFi have become popular due to network congestion. Layer 2 systems (L2s) are a secondary layer or protocol built on top of an existing blockchain system. Their main goal is to solve the transaction speed and scaling difficulties faced by the major cryptocurrency networks.
Polygon to Ethereum bridge fees can be reduced by using tools like QuickSwap.
QuickSwap is Polygon’s primary decentralized exchange (DEX) and acts as the core of the network.
Any ERC-20 token with liquidity can be traded on QuickSwap and fees are of course paid in MATIC, which offers significant savings.
https://cointelegraph.com/news/how-to-bridge-tokens-from-other-chains-to-the-polygon-network How to bridge tokens from other chains to the Polygon network