Bridging assets could help solve problems like scalability, speed, and high fees. The bridge means that users can move their tokens between blockchain networks quickly and cost-effectively.
The Polygon Bridge is used for cross-chain transactions between Polygon (MATIC) and Ethereum (ETH) blockchains. Allows users transfer ERC tokens and NFT to the Polygon side chain through smart contracts.
This guide will show you how to connect Polygon with other blockchains. However, since Ethereal is the most used platform for decentralized finance (DeFi), non-fungible tokens (NFTs) and the metaverseWe will see how to join tokens from the Ethereum network to Polygon, an increasingly popular platform due to its efficient interoperability.
How to use the Polygon bridge?
The Polygon Bridge is designed to connect different blockchains with fast and cheap transactions so that users can easily transfer tokens back and forth. It also enhances the Ethereum ecosystem through efficient tools that help build scalable decentralized applications (DApps).
Polygon Bridge allows users to move Ethereum ERC20 tokens to Polygon Matic, Polygon's native token, which is the cheapest way to connect ETH to Polygon.
Related: Polygon Blockchain Explained: A Beginner's Guide to MATIC
Here's how to link assets with Polygon
There are two Polygon bridges: the proof-of-stake (PoS) bridge, which it 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 are different in their approach to security methods.
The PoS Bridge is the most popular and easiest to transfer ETH and most ERC tokens. It uses the PoS consensus algorithm to secure your network.
Deposits on the PoS Bridge are instantly secured, but withdrawals may take some time to confirm. A PoS Bridge withdrawal typically takes between 45 minutes and 3 hours, while Plasma Bridge can take up to seven days.
Plasma Bridge is more suitable for developers who require 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: The Differences Explained
How to use Matic Bridge to join tokens
To bind Ethereum tokens to Polygon, the first requirement is access to a compatible cryptocurrency wallet, such as MetaMask, but other options can also be used, as shown below..
1. Login to the Polygon Web Wallet clicking on the Polygon Bridge.
2. Next, you need to connect your Ethereum wallet. In this example, Metamask is used, but other options can also be used, as mentioned in the image below.
3. A digital signature is required to connect your MetaMask wallet to your Polygon wallet. Make sure the URL is correct before clicking login to avoid any scam attempts.
4. To send your Ethereum tokens to Polygon, go to the deposit tab and click on the required token you wish to link. Enter the amount and click transfer. Read the notes on the next page and click continue. You will then be prompted to accept the estimated gas rates and click continue.
5. You can review your transaction details, such as token amount and estimated transaction fee, on the next page before completing the transaction. Then click continue to sign and approve the transfer.
6. Once confirmed, you can check the status of the transaction on Etherscan.
You can also use Polygon Bridge Matic to execute the reverse transaction to transfer MATIC to Ethereum. Similarly, you will need a compatible crypto wallet like MetaMask.
To transfer tokens from Polygon to Ethereum blockchain via PoS Bridge, follow the steps below:
You can see the status of the transaction on Etherscan. PoS validators can take up to three hours to verify and complete the transaction. Once validated, you will need to claim the tokens in the MetaMask wallet. Click continue to allow the withdrawal to complete.
How to use the plasma bridge in Polygon
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 added security, which is why it is the preferred tool for developers.
To transfer Matic, for example, from Polygon to Ethereum, any Ethereum wallet can be used as a Metamask. You must add the Polygon network to your wallet before you can see your MATIC and start the process. It's easy to add the Polygon network, just follow the instructions.
For example, in Metamask, make sure you are connected to your MetaMask wallet. Then click the Change to Polygon button at the top.
A popup of your MetaMask extension will appear with the Polygon network details, then click approve.
In order 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 network switch.
To bind MATIC to Ethereum using MetaMask, you can follow the steps below:
Please note that the process involved in Step 5 is more complicated than PoS Bridge as you need to manually confirm three transactions for a Plasma Bridge transfer. The first will initiate your withdrawal from the Polygon wallet, which could take up to three hours.
Ethereum gas fees have been a major issue in recent years as NFTs and DeFi have become popular due to network congestion. Layer 2 (L2) systems are a secondary layer or protocol built on top of an existing blockchain system. Its main goal is to solve the transaction speed and scaling difficulties faced by major cryptocurrency networks.
Bridge fees from Polygon to Ethereum can be reduced using tools like QuickSwap.
QuickSwap is Polygon's main decentralized exchange (DEX) and functions as the core of the network.
Any ERC-20 token with liquidity can be traded on QuickSwap, and fees are naturally paid in MATIC, offering considerable savings.
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