How To Buy, Sell, And Trade Tokens on The Polygon Network
23 Gennaio 2024 - 1:05AM
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Polygon (formerly Matic Network) is a game-changing Layer 2 scaling
solution that addresses Ethereum’s scalability challenges. It
empowers developers to create and deploy scalable, interoperable
decentralized applications (dApps) by utilizing sidechains, plasma
chains, and innovative scaling techniques. If you’re
unfamiliar, sidechains are unique blockchains that are bound to the
main Ethereum blockchain and are effective in supporting many
Decentralized Finance (DeFi) protocols available on the Ethereum
network. This enables rapid transaction speed and
cost-effectiveness while maintaining the security and
decentralization of the Ethereum network. As a Layer 2 solution,
Polygon operates in parallel to the Ethereum blockchain. Rather
than individually validating each transaction, batches of
transactions are sent to the Ethereum blockchain, significantly
accelerating the validation process and reducing fees. Polygon
implements a proof-of-stake consensus mechanism wherein users can
stake tokens for a predetermined duration to validate transactions.
In return for their staking activities, participants are rewarded
with MATIC tokens. Related Reading: Solana Meme Coin Season: A
Guide to Buying, Trading, And Profiting From SOL Tokens To ensure
robust security, Polygon implements the advanced technique of
“commit-chain” or “checkpointing.” It securely anchors the state of
Polygon chains onto the Ethereum mainnet at regular intervals,
enhancing data integrity and leveraging Ethereum’s inherent
security. By capitalizing on Ethereum’s proven security measures,
Polygon provides users with a reliable and resilient platform for
their transactions and dApps. The Polygon Network offers a
comprehensive set of features that address scalability, security,
and developer-friendliness. In this article, we will delve into the
key attributes of the Polygon network and assess its substantial
potential within the Ethereum ecosystem. Features Of The Polygon
Network Cross-Chain Connectivity Polygon network offers bridges
that enable smooth transfers of assets and data across diverse
blockchains. This fosters interoperability between chains,
empowering users to leverage the advantages of multiple blockchain
networks and access a broader array of decentralized finance (DeFi)
protocols and applications. Polygon presents a Layer 2
scaling solution for Ethereum by leveraging sidechains to address
scalability challenges. This solution facilitates quicker and more
economical transactions, alleviating congestion and mitigating high
fees on the Ethereum network Ethereum Compatibility Polygon
seamlessly integrates with the Ethereum Virtual Machine (EVM),
enabling developers to effortlessly migrate their existing Ethereum
decentralized applications (dApps) to the Polygon network. This
compatibility guarantees a seamless transition and adoption of
Polygon while leveraging the extensive Ethereum ecosystem and
developer tools. Related Reading: How To Bridge And Trade On The
Injective (INJ) Network Commit-Chain Checkpointing Polygon
employs commit-chain checkpointing, securing the state of its
chains by anchoring them onto the Ethereum mainnet. This approach
guarantees the integrity of data, harnesses Ethereum’s robust
security measures, and safeguards against any unauthorized
alterations or tampering of the sidechain data. Ethereum Network
Security Leveraging Ethereum as its anchor chain, Polygon
leverages the inherent security and decentralization of the
Ethereum network. This integration fortifies the overall security
of the Polygon ecosystem, ensuring users have access to a reliable
and resilient platform for transactions and decentralized
applications (dApps). Developer-Centric Environment Polygon
provides an array of developer tools and infrastructure that
empower developers to create and deploy decentralized applications
(dApps) seamlessly. The Polygon Software Development Kit (SDK)
offers a streamlined framework for building scalable applications
on the network, simplifying the development process. Polygon
also prioritizes the needs of developers by offering extensive
documentation, guides, and resources. This ensures that developers
have access to the necessary information and support to comprehend
and harness the platform effectively. The availability of
comprehensive resources fosters a vibrant developer community,
encouraging collaboration and driving innovation on the network.
MATIC Token Utility And Exchange Availability Polygon’s rebranding
decision resulted in the retention of MATIC as its token ticker
symbol. MATIC, an ERC-20 token, ensures compatibility with numerous
Ethereum projects. Within the Polygon network, users rely on MATIC
to secure and govern the network and cover transaction fees.
Related Reading: Celestia Network: How To Stake TIA And Position
For 5-Figure Airdrops The MATIC token serves multiple purposes
within Polygon’s ecosystem. Users can utilize MATIC for fee
payments during transactions on the Polygon platform. MATIC can
also be staked to contribute to the network’s security and earn
rewards. Furthermore, MATIC holders have the ability to
engage in governance activities by voting on proposed
modifications, influencing the evolution of the network. In terms
of exchange availability, MATIC can be traded on various platforms,
including prominent exchanges like UniSwap. This wide accessibility
on exchanges enhances liquidity and provides individuals with
convenient access to acquire or trade MATIC tokens. How To Get
Started On The Polygon (MATIC) Network To engage in token
transactions on the Polygon network, users must acquire a MetaMask
wallet. MetaMask, a widely used browser extension wallet, provides
a seamless interface for interacting with blockchain networks,
including Ethereum. This user-friendly wallet is accessible as a
browser extension for popular browsers like Google Chrome. To
ensure your MetaMask Wallet is added to your browser as an
extension, click on the ‘Add to Chrome’ icon located at the top
right corner, as depicted below: After installation and setup,
MetaMask enables users to effectively manage their cryptocurrency
wallets, seamlessly interact with decentralized applications
(DApps), and securely execute transactions on supported blockchain
networks, all directly from within their web browsers.
Related Reading: How To Buy And Trade Tokens On The SEI Network
Remember to diligently write down your seed phrase on a physical
sheet of paper and store it in a secure location. Avoid storing it
online or on any electronic device to ensure maximum security. For
the next step, add the Polygon (MATIC) network to your Metamask
wallet by following the instructions provided on the Metamask
website here. Trading On The Polygon (MATIC) Network In order to
execute trades on the Polygon (MATIC) network, you will need to
fund your wallet with MATIC so as to enable you to cover gas fees.
These fees cover the expense associated with utilizing
computational resources related to transaction processing and
validation. To purchase MATIC tokens, you can utilize centralized
exchanges like Binance. Simply copy your wallet address from
MetaMask and proceed to transfer MATIC tokens from your Binance
account to your MetaMask wallet. In addition, it is possible
to acquire MATIC directly within the MetaMask wallet by utilizing
conventional payment methods such as credit or debit cards and
other similar options. Simply click on the “Buy/Sell”
button within the MetaMask interface to access the designated
section. Within this interface, you can specify the desired amount
of MATIC (or any other token) you wish to purchase in terms of US
dollars. Additionally, you can select your preferred payment method
before finalizing the transaction by clicking on the “Buy”
button. Related Reading: How To Buy, Sell, And Trade Tokens
On The Optimism Network It’s imperative for users to be aware that
when purchasing cryptocurrencies directly within MetaMask, you will
be required to provide information such as your country and state.
However, rest assured that this process is simple and can be
completed within a minute. You can expect your MATIC tokens to
arrive in your wallet within a few minutes at most. Once they have
arrived, you are ready to start trading tokens on the Polygon
network. To begin your trading journey, navigate to UniSwap and
commence your trading activities. How To Trade Tokens On The
Polygon Network Using UniSwap Uniswap is an Ethereum
blockchain-based decentralized exchange (DEX) protocol that enables
users to trade Ethereum-based tokens from their wallets directly,
eliminating the necessity for intermediaries or conventional order
books. Uniswap provides users with a hassle-free method to purchase
and sell various tokens. To safeguard your wallet against
fraudulent activity, ensure that you are accessing the legitimate
Uniswap website. Begin by clicking on the “Launch App” button
located in the top right corner, as depicted in the image below:
Next, proceed by selecting the “connect” option located at the top
right corner of the UniSwap interface, as depicted in the provided
image below: Establish a connection with your preferred wallet, as
shown in the image below. In this instance, the suggested wallet is
Metamask: Related Reading: How To Buy, Sell, And Trade Tokens On
The BSC Network After establishing the connection, adjust your
Metamask settings to the Polygon (MATIC) network. (If you are
already connected to the Polygon network, there is no need to make
any network switches). Once you have successfully connected
MetaMask to the Polygon network, navigate to UniSwap to begin
trading on the Polygon network through the platform. Moving
forward, you need to choose your desired tokens within the UniSwap
interface. As Uniswap operates on a token-to-token trading model,
click on the “Select Token” button to designate the specific
trading pair you wish to trade against. To illustrate, if you
intend to purchase USDT using MATIC, simply choose the MATIC – USDT
trading pair, specify the desired amount, and click on “Swap” or
“Trade Now.” Confirm the transaction in your Metamask wallet, and
you will be able to view the tokens in your wallet’s asset list.
Buying And Selling Tokens With Metamask Metamask extension wallet,
connected to the Polygon network, allows users to buy and sell
tokens seamlessly. To proceed, ensure that you are connected to the
Polygon network and possess MATIC tokens for swapping and covering
gas fees. Related Reading: How To Buy, Sell, and Trade Tokens On
The Arbitrum Network Then, locate the “Swap” button, as illustrated
below. Clicking on it will direct you to the Swap interface within
the Metamask wallet. Using the image above as a guide, users can
search for tokens by name or contract address, just like on
UniSwap. Enter the amount of MATIC you want to swap, make sure you
have the correct token, and click on “Swap”. Once the transaction
is confirmed, the tokens you bought will be sent to your wallet.
Tracking Token Prices on The Polygon Network Polygon network
users can equip themselves with potential on-chain tools like
Dexscreener, which opens up a world of new opportunities for
traders. Dexscreener provides users with extensive market insights
for specific tokens, ranging from real-time price data to in-depth
contract information. It also helps users make well-informed
trading decisions based on reliable and up-to-date data. Stay ahead
of the curve on the Polygon network with Dexscreener, keeping track
of token metrics and market dynamics. Dexscreener on the
Polygon network offers invaluable features tailored to users. One
standout feature is its charting functionality, which provides
real-time and historical price data for various tokens. Related
Reading: How To Buy, Sell, And Trade Tokens On The Avalanche
Network By utilizing these charts, users can gain valuable insights
into price trends, trading volumes, and other important metrics.
Check below for a visual representation: Conclusion The Polygon
network provides a robust and user-friendly environment for traders
to thrive. With its innovative features, growing ecosystem, and
commitment to scalability, Polygon is poised to play a pivotal role
in shaping the future of decentralized finance. Related Reading:
Bitcoin Spot ETFs Approved After 14 Years- The Journey So Far As
Polygon continues to experience growth and wider adoption, we
anticipate a broader selection of applications and services
tailored to meet the diverse requirements of traders. The network’s
dedication to scalability, interoperability, and user satisfaction
establishes it as a frontrunner in the ever-evolving blockchain
industry. Featured image from Medium
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