Polygon’s MATIC is a token launched in 2017 to power the Polygon Network. Polygon is a Layer 2 scaling solution for the Ethereum blockchain that allows users to transact quicker and more cheaply than on the Ethereum mainnet. Polygon has a complete ecoystem of DeFi and NFTs that take advantage of the Ethereum blockchain while improving transaction times and lowering gas fees for participants. MATIC can also be used for crypto staking and paying transaction fees. Unlike some other cryptocurrencies with unlimited supply, MATIC is limited, and there will never be more than 10 billion coins in circulation. If you’re just getting started with NFTs, you’ll undoubtedly come across projects running on L2 platforms like Arbitrum and Polygon.
You can use MATIC to pay transaction fees, stake cryptocurrency, or participate in network governance. Matic is the digital token used on Polygon, a protocol built on Ethereum. The organization behind it claims it can process transactions about 467 times faster than Ethereum at a fraction of the cost and that about 2.7 million people use it every month. As of Aug. 1, 2022, Matic was the 13th largest cryptocurrency, with a market cap of $7.2 billion. Crypto exchanges act as marketplaces that facilitate buying and selling cryptocurrencies. Although some exchanges are fairly simple, others are intended for more advanced investors, offering features like crypto staking, margin accounts and futures trading.
Keep reading to find out how you can buy and send Matic to Metamask with ease. As a rule of thumb, always send a small amount first to check that the process works perfectly and you didn’t miss anything like the wallet address. The transaction might take some time to process, depending on how congested MetaMask or Coinbase may be, especially during peak hours. Your Matic tokens should appear in your wallet automatically. Check your wallet to ensure the transaction was successful.
If you have bridged MATIC from Ethereum to Polygon and your crypto is lost, you can use blockchain explorers to investigate what has happened and hopefully find your crypto! Transactions can take varying amounts of time depending on the network usage, so don’t panic straight away – they can take minutes. Minke is natively built on Polygon, so when you buy tokens in-app they will be on Polygon by default. If you use an Ethereum wallet like Metamask, you might need to add Polygon to be able to view your MATIC, so let’s go through how to get Polygon on Metamask. 1) if you already have WETH on Polygon, we strongly recommend you go to the Polygon’s Gas Swap run by Polygon.
Why buy Polygon (MATIC)?
Supported chains include Ethereum, BNB Smart Chain, Arbitrum, Optimism, Avalanche, Fantom, and more. Withdraw MATIC directly to your Polygon wallet from an exchange that supports withdrawals directly to Polygon (i.e. most major exchanges). Below is a comprehensive step-by-step guide for the easiest and fastest ways to get MATIC onto your MetaMask wallet on the Polygon network. But some investors see that as an opportunity, especially because Polygon is still one of the top cryptocurrencies based on its market capitalization of $4.6 billion. Purchase Polygon MATIC in more than 150 countries using the local currency of your bank account.
Both centralized and decentralized exchanges typically allow payments using a bank transfer and, sometimes, a credit card. In addition, some exchanges accept mobile-friendly payment methods like Apple Pay or PayPal. The network uses staking, a process in which Matic owners can use their tokens to help validate new transactions in return for Matic tokens. Proof-of-work validation relies on powerful computers to solve difficult cryptography problems, which is an energy-intensive process.
- Polygon has a complete ecoystem of DeFi and NFTs that take advantage of the Ethereum blockchain while improving transaction times and lowering gas fees for participants.
- As far as Ethereum Layer 2 platforms go, Polygon is a competitor, offering lower gas fees and faster network speed.
- Keep reading to find out how you can buy and send Matic to Metamask with ease.
- Polygon’s MATIC is a token launched in 2017 to power the Polygon Network.
- As of Aug. 1, 2022, Matic was the 13th largest cryptocurrency, with a market cap of $7.2 billion.
We believe everyone should be able to make financial decisions with confidence. A fiat on-ramp allows you to convert from fiat currencies (e.g. USD, EUR, GBP) into crypto in your wallet. As with any crypto asset, Polygon is risky and volatile. So only invest an amount that you are comfortable with, as cryptocurrencies are risk assets.
This includes layer 2s, sidechains, hybrid chains, and more. With widespread adoption, Polygon boasts thousands of decentralized apps, 207M+ unique addresses, millions of smart contracts, and countless transactions. Home to major Web3 projects and enterprises, it aims to lead Web3 towards a carbon-negative future. Polygon is a layer 2 scaling solution which is primarily used to reduce transaction fees. Cryptocurrencies are tokens that exist on a blockchain network.
Theoretically, the company states Matic should be capable of handling millions of transactions per second in the future. While you may purchase MATIC with a credit card, we strenuously advise against it. That’s because credit card transaction fees on crypto exchanges often run high. If you use a credit card to buy cryptocurrency, it generally will count as a cash advance and be subject to a higher interest rate than you pay on regular charges. You can buy Matic on centralized exchanges, including Coinbase, Kraken and Binance.US.
Method 3: Bridge from a different chain
Here’s how to move your tokens to metamask from coinbase. If you’re looking to buy Polygon NFTs, you first need to get some Matic – its native token. Several exchanges sell Matic, such as Crypto.com, Binance, Coinbase Pro, and 1inch Exchange. However, it’s a different ball game if you want to buy Matic on Metamask.
NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Our partners cannot pay us to guarantee favorable reviews of their products or services. I’ll cover both processes below, but first, you need to add the Polygon network to your Metamask.
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You’ll also learn how to add the Polygon network to your wallet, purchase some Matic on Coinbase, and more. If you want to transfer crypto from Ethereum to Polygon, the fastest way is to use the EvoDefi bridge. This allows you to change MATIC from Ethereum to Polygon easily.
You can easily and cheaply purchase 1-10 MATIC which will cover you not only for Hawku but also help when you need to make other transactions on the Polygon network. PrePO is a decentralized trading platform allowing anyone to gain synthetic exposure to any pre-IPO stock or pre-IDO token. If you open an account and connect it to a funding source—such as a bank account or debit card—you can place your first order for Polygon. Enter Polygon’s ticker symbol—MATIC— and the amount you want to invest, such as $50. Use your Polygon MATIC to purchase goods and services from any participating merchant that accepts Polygon MATIC and cryptocurrency. There are many custodial and non-custodial wallets to choose from.
Cold storage also gives you more control, or custody, of your holdings than hot wallets, where a third-party company technically stores your crypto. Matic is a Layer-2 scaling system, a technology built on top of another blockchain — in this case, Ethereum — for faster transactions. There are about 8 billion coins in circulation with a maximum supply of 10 billion.
NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance. This article explains exactly how you can buy Matic on Metamask.
Ensure you test the feature out by swapping a small amount first to reduce your chances of losing funds. Before you can buy Matic on Metamask, you have to add the Matic mainnet rpc to your wallet. If you don’t have a Metamask wallet yet, our article on setting up a Metamask Wallet can guide you. Once you’ve done that, follow the steps below to set up Matic on your metamask.