Here’s our step-by-step guide on how to use the Polygon Bridge, which facilitates seamless asset transfers between Ethereum and Polygon
The Polygon Bridge facilitates seamless asset transfers between different blockchain networks, enabling users to navigate diverse ecosystems and leverage decentralized finance (DeFi) opportunities.
What is the Polygon Bridge?
Polygon blockchain is an Ethereum layer-2 scaling solution. The Polygon Bridge is a cross-chain interoperability channel assisting interchain communication between different blockchains to Ethereum and vice versa.
The Polygon Network also provides resources for developing scalable decentralized applications (DApps). Polygon enables the quick and easy deployment of DApps to well-known DeFi platforms such as SushiSwap, Aave and Curve.
Since Polygon transactions are faster and cheaper than Ethereum transactions, users and DApp developers opt for digital asset migration via the Polygon Bridge. But how fast is the Polygon Bridge? While the Ethereum network can handle 14 transactions per second (TPS), the Polygon Bridge facilitates up to 65,000 TPS.
How does the Polygon Bridge work?
Polygon Bridge operates on a trustless, dual-consensus architecture to maximize efficiency and decentralization. It uses a single-token architecture and allows arbitrary state transitions on Ethereum Virtual Machine (EVM)-compatible sidechains.
The Polygon network has two bridges — the Plasma Bridge and the proof-of-stake (PoS) Bridge — to validate transactions. The cheapest way to bridge Ether
$2,287 to Polygon is via the PoS Bridge.
The Plasma Bridge utilizes Ethereum Plasma’s scaling technology to enhance transfer security. It can handle transfers of native tokens such as Polygon’s MATIC
$0.8377 and some Ethereum tokens, such as ETH, ERC-20 and ERC-721.
On the other hand, the PoS Bridge relies on a PoS consensus for its network security. While withdrawals may take time to confirm, Polygon processes deposits instantly. Users can use the PoS Bridge to transfer most ERC tokens and Ether. For the PoS Bridge, withdrawals can take from 45 minutes to three hours, while for the Plasma Bridge, it can take up to seven days.
Tokens will continue circulating if they cross over the Polygon Bridge since the circulating supply of the token will not change. In short, when a user transfers tokens from the Ethereum network to the Polygon network, they remain locked.
The number of tokens created on the Polygon network will equal those created on the Ethereum network (token wrapping). Polygon will burn the pegged tokens while bridging the tokens back to Ethereum, unlocking the tokens on Ethereum.
Why use Polygon Bridge
Due to its widespread use, Ethereum often faces considerable network congestion from the substantial volume of transactions. The Polygon sidechain provides a layer-2 scaling solution for Ethereum transactions, making it easier, faster and cheaper to access the network and transfer crypto assets between platforms.
Moreover, Polygon Bridge’s utility lies in enhancing interoperability, reducing transaction costs and accelerating transaction speeds, thereby providing users with a more efficient and cost-effective means of transferring assets across networks. Additionally, it opens up opportunities for utilizing diverse DApps and accessing various financial services available on both the Ethereum and Polygon chains.
How to transfer assets from Ethereum to Polygon via the PoS Bridge
A user needs a compatible crypto wallet to transfer assets from Ethereum to Polygon. Polygon supports several wallets, chiefly MetaMask, Coinbase, Bitski and Venly. In this article, we’ll be using the MetaMask wallet to explain below the step-by-step process of using the Polygon Bridge:
Step 1: Click the “Polygon Bridge” icon to log in to the Polygon wallet suite.
Step 2: Connect to the MetaMask crypto wallet by scanning the QR code with your smartphone.
Step 3: Click “Connect” on the smartphone to confirm the connection.
Step 4: Once you’ve successfully linked to the wallet, the page will redirect you to the Polygon Bridge interface.
Step 5: Click the “Bridge” button on the left to transfer assets from the Ethereum mainnet to Polygon.
Step 6: Select a token to use for the bridge by clicking its name. After entering the desired amount, click the “Transfer” icon. Deposits take about seven to eight minutes.
Step 7: Carefully review all the transaction details, including the token transfers and estimated cost, before clicking “Continue.”
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