Polygon MetaMask Tutorial: Easy Guide to Using MATIC Wallet for Ethereum DeFI

In this tutorial, we will guide you through the process of using Polygon MATIC Wallet with MetaMask for Ethereum DeFI. With the growing popularity of Polygon as a scaling solution for Ethereum, it becomes essential to know how to leverage the benefits of this network. By the end of this tutorial, you will have a clear understanding of how to set up and use your Polygon MATIC Wallet, enabling you to participate in the exciting world of decentralized finance on the Ethereum blockchain.

Hey guys james here this video is how to use polygon with metamask this is i think a game changer for the ethereum blockchain allowing all of us to use ethereum dapps on the polygon blockchain with far lower fees i’ll show you how to get the polygon network set up on

Metamask get some ethereum tokens in there and then we’ll see how to link up some ethereum defy right through polygon in metamask do make sure to sub if you want more helpful crypto videos like this firstly let’s get metamask and polygons set up and linked then firstly i’m going

To come to polygon.technology that is the website you can see that it’s previously matic network it is now called polygon although the tokens are still under the ticker of matic and then we can come to use polygon and we can see that actually the benefit is essentially just lower fees for us you

Can come and read this if you like i’m just going to get straight in to linking it up so come to use polygon and then come to polygon wallet so if you click on this it will take you through to a couple of options that you

Can link up i’m going to use metamask for this one it’s the most popular ethereum wallet you can use some other wallets as well including coinbase wallet and a bunch of different wallets through wallet connect we can come and link up our metamask though and if you don’t have metamask

I’ll link a tutorial on how to download and get it set up but a metamask wallet looks something like this but once you do have a meta mask set up we can come back to the polygon page and then come to connect our metamask so we can click this one

And once you have it set up it will ask you to connect so just click on next there there’s no fees to connect it we can just connect it easily click next and then click connect as well once that’s all done you can press sign and then your metamask wallet is

Linked up with the polygon network and we can see here we are now in the polygon wallet so rather than now interacting with the polygon blockchain through our metamask which is what you do with ethereum we can actually go straight into the polygon wallet and this is version two

That i’m looking at now it’s really important also though that we actually link up the polygon blockchain in our metamask so what we’re going to do is come over to our metamask main page if you don’t know how to get here you can download the metamask app as an

Extension and then all you have to do is go over to your chrome extensions your meta mask should be in there once it’s all set up you can click on your meta mask and it will come up with this window right here and if you want to expand it into a full page

Come up to the three dots and go to expand view and then that will take you through to this once you’re in your metamask you do have to link up the polygon blockchain so we can come up to this option right here you can see we’re on the ethereum

Main net right now and we can come to custom rpc so we need to add the polygon blockchain into our metamask as we come down you’re going to have to fill out some of these options right here so network name chain id and the symbol there are many

Different blog posts online that give you the details and i have them right here so you can see matic mainnet so what you have to do is put this information into your meta mask right here you can see now that i have input that information so we’ve got the block explorer

And the currency symbol we can click on save and then that has been added right at the bottom so matic mainnet is now added into our metamask and we should be able to interact with the polygon blockchain without any issues once that’s done you can come back to

The metamask main page if you like you can see we’re right in our matic mainnet right here so we don’t have any tokens in there right now because we have some ethereum tokens in the ethereum part of our wallet what we can do though is actually transfer some of our tokens from our

Ethereum into our polygon wallet so we can benefit from those much lower fees what we’re going to do then is come back over to our polygon wallet the polygon wallet connects to your metamask so that’s really important but we can see it is a separate wallet that we’re using using our metamask to

Link it up to the polygon blockchain now what we need to do is move some of the funds from our ethereum wallet into our polygon wallet we can come to move funds to matic mainnet so if you click on this it will come up with something known as polygon

Bridge this is the way that you move any erc20 tokens from your ethereum wallet into your polygon wallet like you can see right here the polygon bridge is a fast and secure way to bring cross-chain assets to the polygon chain so polygon is actually a different blockchain to ethereum

So we need to move our tokens over you don’t have to move ethereum specifically as you can see in my metamask wallet i actually have some us dollar tether and so i’m going to try and move that over into the polygon blockchain so what we can do in the from

Option right here is look for us dollar tether so i’m going to search for that and it is supported and you can even see it recognizes that i have a balance in my metamask wallet so i’m going to click on usdt right here and then we are going to switch it over

To the matic network i’m going to click on max because i want to transfer the total amount of my tether coming down we can see the transfer mode is pos bridge this is fine this is the quickest way to do it so that’s definitely what we want to do

And i’m going to click on transfer right now we can see that the pos bridge is going to take roughly seven to eight minutes to process that transaction so i’m just going to click on continue right here and go ahead we do have to pay some gas fees for the transaction

So that’s just part of the ethereum network so we click ok on that one confirm that we are transferring us dollar tether an erc20 token from ethereum into matic and our transfer mode is the pos bridge and if you want to transfer funds back it could take up to three hours so just

To keep that in mind the estimated transaction fee here 94 cents click continue then we have to sign that with our metamask wallet we have to confirm everything is going through pay that gas fee so press confirm right there what you can also do waiting for the

Transaction is click on view on ether scan and this should bring up your transaction you can actually see that this is just going through right now and it’s actually a success so that has gone through you can see that right here and my metamask has gone through with

That as well so let’s just wait for that transaction to go through get confirmed and completed into the polygon part of our wallet that’s been confirmed and then we can go through and continue to complete that deposit so we have to sign this once more with our metamask wallet and pay those

Transaction fees so click confirm on that and after a minute or so that has completed so we are now waiting for that balance to be in and we can x off right now and to check that the transaction is going through you can come up to the top of your

Polygon wallet we can actually just go back to the main page right here and see up in the top it says transaction in progress if you just click on this you can see it is working for me so that deposit of the us dollar tether into the matic network is in progress it

Said it can take up to seven minutes whilst we’re waiting for the transaction to actually go through and get into our polygon wallet i can show you how to send and receive funds directly through the polygon blockchain so if you have a token that you want to receive

Into your polygon wallet click on receive right here and then someone can copy this address and send you those coins this has to be through the polygon network and enter this into another decentralized wallet if you want to transfer some funds directly into your polygon using the blockchain

Cutting out the ethereum blockchain and the expensive fees if you want to go and send some tokens over the polygon network click on send right here you will need some tokens in your wallet already but for right now you can see that what is supported is sending funds to

Any other matic wallet user so this will have to go into their matic wallet and what is not supported is sending funds to any exchange this is not supported right now so it says please do not send your tokens directly to any exchange so really important that if you are

Sending tokens it has to be to another matic wallet user and also you cannot send funds directly to an ethereum wallet it has to be directly to a polygon wallet itself if you want to move funds back from your polygon wallet and the polygon blockchain back to ethereum you have to use the

Matic bridge once more so to do that we can come over to withdraw it’s slightly confusing that you have send and receive up here and then you have deposit and withdraw down here but deposit and withdraw is using the polygon bridge so if you have tokens in an ethereum wallet

Then what you’ll need to do is press deposit search for the token here so let’s say you had us dollar tether like i had before click deposit right here and it will take you back into the polygon bridge this is the bridge between ethereum and the polygon blockchain and

If you want to withdraw that then of course click withdraw it will take you back through to the polygon bridge and that is withdrawing back into the ethereum blockchain into your ethereum wallet in this case it would be metamask so now we know that the polygon bridge is specifically for transferring between

Your polygon wallet and your ethereum based metamask wallet in this case and if you want to send and receive you can click these two and this will be a polygon blockchain based transaction so good to know the difference there and we can see that now actually we do have a balance

Valued in us dollars in our polygon wallet and that is amazing that means that the us dollar tether that we transferred over to the polygon blockchain has now been deposited now that you have some funds on your polygon blockchain account you may want to go and use those with some ethereum defy

Applications like rv to actually earn some yield on your tokens something else really important to note though before you do that is that if you are using the polygon blockchain you will need some matic tokens to pay for the fees so before we can do that we need to get somatic tokens

Into our polygon wallet and actually it’s exactly the same process as we used with our us dollar tether so if you come back to your ethereum main net then you’re gonna need some matic tokens right here you can see i’ve put somatic tokens into my metamask wallet there’s two ways

That you can get these firstly you can use a centralized exchange and buy them so if you go to binance buy somatic tokens and then send them over to your ethereum metamask wallet first or if you have some funds in your ethereum wallet you can use something like uniswap use

Some ethereum to actually swap into a token like matic as you can see and then you can get somatic tokens in your ethereum wallet but what you’re going to have to do is switch back to the matic main net go into ourmatic wallet and then use the bridge once more to

Actually get those matic tokens over so if we go to matic right here you can see there is a tokenmatic that we want to deposit so we’re going to click on deposit right here and then switch that over you should be able to see there is a balance

So we do have somatic tokens and then we can switch that over to the matic network i won’t go through this transaction because it is exactly the same as the us dollar tether transaction that you’ve seen previously coming back to our wallet main page though after we’ve gone through that transaction

You can see a couple of things are different firstly we do have some extra funds on our account and you can see that those matic tokens are now with us now that we have matic tokens to pay for fees we can go and do exactly the same

Thing with any other token that we want in our account we can also use some ethereum dapps to actually go and lend out our tokens or do anything else that we want just as a quick example to show you what you can do you can come over to a

Dap like rv this is actually an ethereum based dap but they have got a protocol now that we can use with polygon that means we can benefit from ethereum defy but also benefit from the really low fees that polygon gives us what we have to do then is make sure

That we can connect our polygon wallet so come over to your metamask first make sure that you are in the matic mainnet right here then we can come over to ave once again and we can go through to the polygon blockchain version so make sure this is highlighted right

Here and then come down to the token that you want to use in our case we can use us dollar tether so i’m going to click on deposit it will take us through to the deposit page in the top right hand corner make sure that you are connected

To the polygon blockchain with your wallet and that you are on the ave market that is polygon and not the other markets that are on rv you can see some market details right here but what’s really important for us is showing us that we do have that us dollar tether

In our polygon wallet what i want to do is go ahead and press max because i want to transfer that tether into this dap and start earning some passive income on it so i’m going to click continue it will then show us the approvals so we have to

Go through these i’m going to click approve right here come to the right hand side and you can see the massive massive difference between polygon and ethereum is that the fee is basically nothing it’s .001 matic so that is absolutely amazing for us we can click continue that’s gone through our wallet

And that has been approved which is great we can then click on deposit it will come back into our meta mask you can see the fees right here are virtually non-existent it makes me feel so good so click on confirm right here just wait for that to go through

That has been confirmed once more for us and you can see everything is approved and deposited what you can do now is come over to your dashboard so click on dashboard you can see your deposits we have a deposit right here in us.tether you can see the balance

Right here and you can also see the apy so the apy is the interest rate that we’ll be getting and it is compounded what you can also see below here is an apr in matic coins as well matic is essentially giving a bonus right now for using the polygon

Blockchain and so for depositing some us dollar tether on account and earning an income you will also be earning some free matic tokens at 6.86 apr right now yes that can change and the value of matic tokens can change as well so definitely not financial advice but

That is the state of the market as it is right now yes this is a little bit complicated so definitely check out the timestamps in the description if you’re confused to go back to a section of the video and also check out the links and other resources in the description that will

All be in there for you do subscribe for daily helpful crypto content and i’ll see in the next one

The Polygon MetaMask Tutorial provides a detailed guide on how to use the Polygon MATIC Wallet for Ethereum DeFI transactions. It covers the step-by-step process of setting up the MetaMask wallet, connecting it to the Polygon network, and utilizing its features to interact with DeFI protocols. It emphasizes the benefits of using Polygon over the Ethereum mainnet, including faster and cheaper transactions. Overall, the tutorial serves as a comprehensive resource for individuals looking to streamline their DeFI experience on the Polygon network.

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