Categories
Bridge, ETH, Ethereum, Polygon Matic, WETH, Wrapped Token

Main Takeaways

You found interest in the Polygon Matic (also branded as Polygon PoS) network and now want to move some of your tokens over? Good choice! Polygon Matic offers super scalable and fast transactions, while remaining low on fees. In this article

  • we’re guiding you through the different ways to do that
  • how our Ethereum to Polygon Matic Bridge works
  • a comparison about fees and speed against our bridge
  • if ETH can be used on Polygon Matic

 


How do you convert assets from Ethereum to Polygon Matic?

Depositing ETH from Ethereum into Polygon Matic can be as easy as one transaction. Maybe you heard the phrase “Layer 1” or “Layer 2” before. Polygon Matic is a sidechain to Ethereum. A sidechain is a hybrid system which could be called “Layer 1.5”. There is no direct link, knowledge, or access on data between Ethereum and Polygon Matic, as such integrated communication is only available on Layer 2 networks. To move tokens like ETH or USDC from one chain to another, you will have to use a service or protocol. This could be a traditional FIAT exchange, a centralized token exchange, or as blockchains keep adding on layers, a newer phenomenon called “bridges” became popular. The purpose of a bridge is to move assets from one chain to another without exchanging it. Depending on the type of token you could receive a wrapped version of the token. Other tokens . ETH for example is native to the Ethereum blockchain. On Polygon Matic there will be only wrapped Ether, which each is always backed and entitles you to an original Ether on Ethereum. The original Ether will be stored and the creation and redemption of WETH will be conducted by bridge protocols. You can read more about that in our article on Wrapped Ether vs ETH. Now let’s get into how to transfer from one chain to the other.

How to bridge tokens from Ethereum to Polygon Matic with SwapBridge?

SwapBridge offers different routes across blockchains and tokens. In this guide, we’re going step by step on how to bridge Ether from Ethereum to Polygon Matic. You can follow these steps in our Bridge App.

Step 1) Enter desired amount and fees

You can switch blockchains and currencies via the dropdowns. After entering your desired amount, the current network costs and maximum available funds will be checked and a guaranteed quote will be given. In this amount, all fees are already deducted. So, no hidden fees! All fees, which consist of the bridge’s fee and network cost of sending the tokens to your address, are listed transparently directly under the amount you will receive.

Step 2) Choose your method of sending the funds

To proceed with the bridging process, you can either connect your wallet or directly send funds to the bridge’s address.

Recommended Step 3) Get the Bridge’s address and send funds directly

You can directly send any supported token (Currently ETH, WBTC, MATIC, DAI, USDT, USDC) to the bridge’s address. Even without ever visiting the SwapBridge.io website!
The address always stays the same. You can check it out on Etherscan or the mirrored bridge address on Polygonscan. If you send tokens to the address on either chain, you will be sent bridged funds on the other side. The funds will be sent to the address from which you sent the originating transaction from.

Alternative Step 3) Connecting your wallet

We recommend using MetaMask or Brave Wallet. More wallet providers and hardware wallets like Coinbase Wallet, Wallet Connect, Ledger and Trezor will be supported soon.

Step 3b) Connect MetaMask to the Bridge

Connecting your wallet is as easy as unlocking and connecting MetaMask in the dialog which shows up. If it doesn’t, click on the MetaMask logo in your browser’s extension tab. Depending on which exchange route you’re using, the app will check your currently used network and might ask you to change it.

Step 4) Review transaction

Before asking you to sign the transaction, review the amount and address. You will also be reminded that while the bridge doesn’t take longer than two minutes to bridge your tokens to your wallet, it takes some time for your first transaction to acquire enough block confirmations to be considered final. On Ethereum, a new block gets produces about every 15 seconds and 12 block confirmations are required. Polygon Matic requires 70 block confirmations, but produces a new block about every two seconds. On both directions, your funds should be end-to-end bridged withing 5 minutes.

Step 5) Send transaction to convert ETH to Polygon using MetaMask

After clicking “Send Transaction” your wallet provider will request you to sign the transaction.
We recommend using MetaMask. In the dialog you will get estimated gas cost, which takes the current network utilization into account.

Step 6) Successfully deposited ETH

That’s how you swap ETH to WETH on Polygon Matic. Your tokens are on the way and will arrive shortly in your Polygon Matic wallet.

What is the Polygon Matic Ether Bridge and How Does It Work?

The SwapBridge bridges hold their own liquidity pools on each chain and tokens, offering users the quickest and cheapest transfers possible. As Ethereum and Polygon Matic are both EVM-chains, the addresses of wallets can be mirrored to both chains. To start a bridge transfer, you send a transaction to the bridge’s address. For example, 0.5 ETH from your wallet 0xab580…aec9b on the Ethereum network. The bridge will validate and wait for enough block confirmations for the transaction not be reverted. After, the bridge on the Polygon Matic side will send you your Wrapped Ether (minus network cost and bridge fees) to your address 0xab580…aec9b. The address, where the funds will be sent to, is automatically the address from which you sent them to the bridge on the Ethereum side. The other way around from Polygon Matic to Ethereum the process will be the same.

For ETH SwapBridge is utilizing the secure but costlier and slower PoS and Plasma Bridge from the Polygon team. We bundle the tokens of smaller bridging transactions together to do one large secure costlier Bridging process. For other tokens and stablecoins like USDT the process can be different as it depends on which protocol vouches for the underlying value of the asset. With ETH on Ethereum and WETH on Polygon Matic the WETH smart contract and it’s value is deployed and secured by the Polygon team.

Most Efficient Way to Bridge ETH to Polygon

In comparison to the above-mentioned PoS Bridge from the Polygon team, we’re aiming to provide end-users an easier to use alternative, which is also cheaper and faster. The Polygon PoS bridge offers the following quote for bridge 0.1 Ether from Ethereum to Polygon:

On SwapBridge, you will get the following offer:

Which Bridge is more secure?

If you heard about the trilemma before, it is important to mention the following. While we will show you our advantage on speed and cost bridge transactions for larger amounts, the Polygon PoS Bridge offers a more industry name, decentralized solution with all its benefits and drawbacks. With each non-Layer2 bridge, you have to trust the validators approving of the bridge transfer. We keep working on making sure to treat users funds with the highest amount of integrity and security.

Which is the fastest Bridge? Time for a speed comparison!

While the PoS Bridge gives us an estimation of 10-30 minutes, SwapBridge will transfer your assets in under 2 minutes, afters 12 block confirmations. As mentioned earlier, a new block on Ethereum is generated around every 15 seconds. This being, the total wait time for the transfer with SwapBridge will be under 5 minutes!

Which is the cheapest Bridge that costs me fewer fees?

For a transfer of 0.1 ETH the Polygon PoS Bridge estimates a transaction fee of $5.98. This is an upper end estimation that could turn out to be lower. MetaMask quotes $2.03 at a gas price of 35 Gwei. This fee will be paid on top of the 0.1 ETH during your transaction.
SwapBridge will deduct the fees from the amount you send to the bridge. With 0.1 ETH and the current market price at $1278 an Ether the fees amount to $0.33 or 0.33224805 ETH (0.1 ETH minus network and bridge fee). With also adding your transaction cost at the same gas price at 17 Gwei of 0.000357 ETH or $0.46 the total comes out at $0.79. A saving of over 250%!

Conclusion

For end-users who want to transfer smaller amounts, SwapBridge provides a great, cheaper and faster alternative.
If you have any question, feel free to each out to our team on Twitter.

 

 

FAQ

Can I swap ETH for Matic?

Yes! If you would like to know how to swap ETH from Ethereum for MATIC on Polygon, you can bridge ETH to Polygon Matic using our Bridge and exchange it with low transaction gas fees on the 1inch DEX.

How long does it take to bridge ETH to Polygon Matic?

With SwapBridge it takes less than two minutes for your ETH to be bridged from Ethereum to Polygon Matic.

Is bridging your tokens taxable?

Of course this is depending on your jurisdiction, but without further specification it is safer to assume that bridging your tokens is a taxable event just like an exchange for another currency. Take a look at our Wrapped ETH vs ETH article, where we went more in depth into the subject.

How do you convert an ERC20 token from Ethereum to Polygon?

You can use SwapBridge to transfer supported ERC20-tokens like WETH, WBTC, USDC, MATIC, USDT and DAI. During the process, some tokens like ETH and WETH get wrapped and unwrapped from the ERC20 standard.

Can ETH be used on Polygon?

ETH can be used on Polygon for trading or smart contract interaction. While ETH is the native currency of Ethereum, Polygon Matic uses its own MATIC token, which is needed to cover transaction gas fees. Wrapped ETH on Polygon Matic cannot be used for that purpose.