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Layer 2 Tutorial Series 2: How to use Matic Network to complete asset cross-chain and transaction

Read this article in 14 Minutes

Using Layer2 is not that difficult.

The Layer 2 protocol Matic Network has recently attracted the attention of many users in the secondary market, and the token MATIC has risen by 66% in the past 7 days. And its network ecological development is also very eye-catching, Many users have begun to enjoy the fast transfer service and low handling fees of the decentralized trading platform built on the Layer 2 protocol.

Since February this year, the transaction volume of QuickSwap, a decentralized trading platform based on Matic Network, has seen explosive growth. According to QuickSwap official data, its liquidity has exceeded 94 million US dollars, and the transaction volume in the past 24 hours is also close to 25 million US dollars. On February 1, the transaction volume of the platform was only more than 600,000 US dollars.

In this article, Rhythm BlockBeats is simple for everyone Explain how to set up the Matic Network protocol in your wallet, complete asset cross-chain operations and trade on DEX.

Link Wallet: Setup Matic Mainnet on MetaMask

This article takes the well-known Little Fox Wallet (MetaMask) as an example. If you have other familiar decentralized wallets, you can refer to the parameters provided in this article to set them.

1. Log in to the MetaMask wallet, click the network selection button (the blue box in the picture below), and we will map the main network here Add and delete, or switch between different networks. After clicking it, click "Custom RPC" at the bottom (the red box in the figure below), where we can add a Matic Network network information.

2. After clicking "Custom RPC", there will be a page asking us to fill in the main network information we want to add. The specific parameters of Matic Network's main network information are:

Network Name: Matic Mainnet

New RPC URL: https://rpc-mainnet.matic.network

Chain ID: 137

Symbol: MATIC

Block Explorer URL: https://explorer.matic.network/

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Make sure you add the details and click the "Save" button. At this point, your MetaMask wallet is connected to the Matic mainnet.

Asset cross-chain: transfer from Ethereum main chain to Matic main network

Setting up the wallet is the first step. Next, we will operate how to transfer assets from the Ethereum main chain to the Matic main network. Here we take Uniswap's decentralized trading platform QuickSwap on the Matic mainnet as an example. To transfer your assets from the Ethereum mainnet to the Matic mainnet for QuickSwap, a POS bridge is required.

The specific cross-chain steps are:

1. Open Matic's official web wallet: https://wallet.matic.network , the website will ask the name of the wallet you want to link, since we just set up MetaMask, here we continue to select the MetaMask account (choose the Ethereum mainnet as the network).

If your wallet has multiple accounts, the following situation will occur. We can select the account we want to link to, click "Next" and confirm the link.

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After connecting to your MetaMask account, it will navigate back to the Matic Wallet interface. You can easily deposit funds from Ethereum to Matic using a web wallet. However, it should be noted here that the transfer also requires a handling fee, so we need to ensure that the Ethereum mainnet has ETH and ERC 20 tokens that you want to transfer across the chain.

After connecting the wallet, we can start cross-chain assets.

2. Click "Move Funds to Matic Mainnet". Then enter the assets you want to transfer and the amount.

I don’t have any funds, let’s try cross-chaining some DAI. You can choose according to the assets you want to cross-chain.

3. After entering the asset type and amount, click "Transfer". Then there will be a prompt on the page: Under normal circumstances, it takes about 7-8 minutes to deposit assets, and if the assets hosted or pledged on the Ethereum chain cannot be cross-chain, everyone needs to pay attention. Confirm that the assets are transferable and click "Continue".

Then comes the order The annoying part: Informing you of the handling fee you need to pay.

4. Since the asset I want to cross-chain deposit into Matic is DAI, I need to pay two fees, namely: "Authorized Deposit" and "Complete Deposit". Based on the current gas fee, it will cost about $25. However, depositing in Ethereum (WETH) does not require the fee of authorizing the deposit, and only needs to pay the handling fee of "complete deposit".

Up to this point, 99% of the steps of the entire asset cross-chain have been completed. If you can accept this fee, then click "Continue".

5. Then comes the final step of confirmation. Here we confirm the assets and amount that we want to transfer to the Matic network, and click Continue. The MetaMask wallet will pop up the transaction information, as long as you have enough Ethereum in your wallet, just click "Confirm" according to the prompt.

OK, so far the cross-chain asset operation has actually been completed, and the rest is left to time and miners, quietly Wait for the funds to arrive.

Once the transaction is successful, you will receive a confirmation message. The funds should also be deposited into the Matic network soon. At this time, we can switch the MetaMask network to the Matic Network, and pay attention to check the wallet balance at any time. After receiving the account, you can happily experience the fast and extremely low-fee interaction on Layer2.

At present, there are many agreements or projects supporting Matic, including decentralized trading platforms, NFT trading platforms, DeFi mining platform and more. Including:

DeFi mortgage of encrypted digital collections, collection, bidding and combination of Aavegotchi;

· Decentralized trading protocol Quickswap;

· Injective Protocol, a decentralized trading protocol;

· NIFTEX, a platform for creating and trading NFT digital assets;

· NFT digital collection platform Terra Virtua......