How To Get Started With Polygon (MATIC) DeFi
DeFi primarily started with Ethereum but it was quick to notice that fees became a huge issue with these platforms. Back when both DeFi and NFTs where booming fees on Ethereum ranged around the $50 mark. Putting that into DeFi meant you needed roughly $150 just to setup the connections and deposit your first amount into a Farm liquidity pool. It also meant getting your crypto back or making any form of transaction became an expensive process unless you had thousands of dollars in the system.
Because of this new DeFi platforms started to take shape. What first started with Binance through the Binance Smart Chain and expanded into other blockchains including Polygon (MATIC) which we will be covering in this article.
How To Setup Your Metamask Wallet For Polygon(MATIC)
The first thing you will need is a metamask wallet which you can get here Metamask.io/Download. *Note these directions can be applied to most other wallets such as TrustWallet, MathWallet, TokenPocket, WalletConnect and SafePal Wallet. However in this case we will be using Metamask as its the most widely used at the moment.
Configuring Your Wallet
Once you have metamask we need to add the Polygon network to it so we can detect that Polygon(Matic) token and do transactions on that blockchain.
To do so click on the top tab which is most likely showing Ethereum Mainnet at the moment.
Once clicked go to the bottom and click on Add Network. Add the following details to the form and save it.
Network Name: Polygon
NEW RPC URL: Anyone of these will work however I personally would recommend using the first in the list https://polygon-rpc.com
https://polygon-rpc.com
https://rpc-mainnet.matic.network
https://rpc-mainnet.maticvigil.com
https://rpc-mainnet.matic.quiknode.pro
ChainID: 137
Symbol: MATIC
Block Explorer URL: https://polygonscan.com/
Click Save
To toggle to the chain you will need to click on the Binance Smart Chain drop down like you did above and you will now see the new network you added. By Selecting it, it will now populate your matic tokens on the Polygon network.
If you need your address it is the Ethereum Address seen here.
The reason for this is that Polygon(Matic) is a layer 2 token of Ethereum so the same Ethereum address will work for Polygon when transferring in tokens to it.
How To Get Started With Polygon (MATIC) DeFi
With Polygon your transaction will cost you a few cents at most. Of course that can change depending on congestion of the network but overall it's one of the lowest fee blockchains in the DeFi space.
With new DeFi platforms a new era of DeFi tools entered into the mix including self feeding systems that continue to provide value to the token holders. Today I'm going to walk you though how to connect to one of these platforms and the options you have.
Step 1: Connect your metamask wallet to PolyCub
Do this by going to PolyCub.com and in the top right click on Connect. Select Metamask and make sure you're on the Polygon(MATIC) network as shown in the setup steps above.
Step 2: Farms, Kingdoms and xPolyCub
I wont get into the deep details of each in this post and keep it more general.
Farms Allow you to add liquidity to the platform and earn some of the Polycub Printed and fees. One area I would really like to Highlight are the bottom two.
PLEO-WMATIC - Is a wrapped version of the LEO token I earn here on LeoFinance.io it is a layer two token of the Hive Blockchain which brings me to the second I want to highlight.
PHBD-USDC - PHBD is a wrapped version of the decentralized stable coin called HBD on the Hive Network. Which can also be earned through blog posts such as this.
Not only can you earn crypto rewards for writing quality content and quality comments but you can put those earnings to work within DeFi platforms such as Polycub!
To get these tokens you'll need to pair them to be staked into a farm. This can be done by clicking on the farm you want to take part in and then clicking on the Get link seen here.
This will take you to Sushiswap which will allow you con connect the two and start adding it into that liquidity pool and earning PolyCub tokens.
Kingdoms Kingdoms work mainly in the same way as CUBDeFi Kingdoms It allows you to set your crypto into a automated compounding system. This system does take a fee however you no longer have to manual claim, and restack up your pools while.
xPolyCub xPolyCub is a new era of trying things out in the DeFi Space. This token acts as a staking token for the core of the system. It has a limited supply of which can only be bought with PolyCub tokens the native token to the DeFi platform. Over time this token should increase in value of PolyCub which it can be converted out to.
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