The Bridge to Polygon for UniLend’s UFT Token is Now Live!
- UniLend’s UFT token can now be bridged to the Polygon Network
- The process for enabling Polygon on your MetaMask wallet is easier than you might think
- Bridging UFT from Ethereum to Polygon only takes a few minutes and could save you thousands in gas fees
- The opening of this bridge is a gateway event for UniLend to launch on Polygon
Following our recent announcement that UniLend will soon launch on the Polygon Network, we couldn’t be more pleased to inform our community that the Polygon bridge for UFT is now live!
While we understand that bridging to layer 2 DeFi for the first time can seem intimidating for many users, it’s actually much easier than you might think. Furthermore, once you bridge to Polygon, your transactions for trading, lending, borrowing, staking, and sending digital assets are near zero. In short, we think the transition is worth it, and that’s why we’ve created this guide to show you how to set up your MetaMask wallet to interact with Polygon in addition to bridging your UFT for use on layer two.
Setting Up MetaMask for Polygon (Matic Mainnet) — Custom RPC Configuration
The first question many ask is, “which wallet should I be using”? At UniLend, we recommend MetaMask. MetaMask is a cost-free and protected browser extension that allows users to easily interact with the Ethereum blockchain as well as several other sidechains — like Polygon.
New users can download and configure MetaMask here.
Once you’ve installed MetaMask, there are only a few short steps to go!
From your browser extension menu that looks like a puzzle piece in the top right corner of your screen, select MetaMask. At the top near where it says “Ethereum Mainnet”, select the downward facing arrow. At the bottom, you’ll see “Custom RPC”. Select it.
A screen will then appear, allowing you to set up the custom RPC for the Polygon Network.
Enter the details as follows:
For ease of use, you can also copy and paste the details from here:
Network Name: Matic Mainnet
New RPC URL: https://rpc-mainnet.matic.network
Chain ID: 137
Block Explorer URL: https://explorer.matic.network/
Carefully enter the details, and ensure that you haven’t missed any of the above fields. Once you’re confident that you have everything configured correctly, click the “Save” button.
Congratulations! You are now connected to the Polygon Network and ready to interact with Layer 2!
Transferring UFT from the Ethereum Mainchain to the Polygon Network
To transfer your UFT from the Ethereum mainchain to Polygon, you will need to use the PoS bridge.
To do so, you will need to open and set up the Matic Web Wallet V2. You can access that here: https://wallet.matic.network/bridge
Once you access the wallet, connect it to your MetaMask account with the Ethereum Mainnet selected as the network.
After you’ve connected your wallet, you will be navigated back to the Matic Wallet interface.
Click on “Move Funds to Matic Mainnet”. Enter the amount of UFT you’d like to transfer, and then click “Transfer”.
The following warning will appear. Read through what’s supported, and then select continue.
Click “Continue” again to complete your deposit.
Then click “Continue” again to confirm your deposit.
Your MetaMask wallet will open. Click “Confirm”.
You will see the following screen:
Wait for the transaction to process. Depending on network demand, this can take several minutes. You can track its progress if you like on Etherscan.
Once your transaction has completed, you will see this screen:
Next, open MetaMask, select “Matic Mainnet” from the drop down menu, and you’re ready to interact with layer 2!
Last Step! Adding UFT as a Custom Token to Your Wallet on Matic Mainnet
Those who were already familiar with MetaMask will be familiar with the process of adding a custom token to their wallets. What many may not know is that even if they’ve already added UFT to their wallet on the Ethereum Mainnet, they will have to add it again on the Matic Mainnet to view their balances. This is because UFT’s address is not the same on Polygon as it is on Ethereum. UFT’s Polygon address is: 0x5B4CF2C120A9702225814E18543ee658c5f8631e
The good news is that adding a custom token is very simple.
From your MetaMask wallet, with Matic Mainnet set as the network, scroll to the bottom and click “Add Token”.
Then, copy and paste UFT’s token address from above into the first line titled “Token Contract Address”. For added security, you can also verify that the address is correct on the Matic Token Mapper page. Once you’ve filled that line in correctly, the other two fields (“Token Symbol” and “Decimals of Precision”) should auto populate with the correct information (UFT and 18). Then, click “Next”.
MetaMask will then ask if you want to add the token to your wallet, and you should click “Add Tokens”.
Back in your wallet homescreen, under the “Assets” tab, you should now see UFT.
And that’s it! See? It’s as easy as we said it would be! And now you’re ready to interact with the whole host of UniLend Finance DeFi products that will soon be available on Polygon at lightning-fast speeds and with near-zero gas fees.
One More Thing We Almost Forgot to Mention…
While gas fees on Polygon are next to zero, they aren’t completely free. You will need some MATIC in your wallet to stake, lend, borrow, trade, or do any other kind of transaction on Polygon. Luckily, the network provides a faucet to help get people started. You can visit the faucet at https://matic.supply/ for enough MATIC to conduct a few transactions. After claiming your free Matic, you might want to consider heading on over to QuickSwap.Exchange — the largest DEX on Polygon, to purchase a little bit more so you never run out of gas.
The Future Requires Scalability & Multi-chain Platforms
We hope you now see how easy it is to bridge UFT from one chain to another using MetaMask. That’s one reason UniLend has always been fond of Polygon — instead of competing with Ethereum, the Polygon Network strives to make the leading DeFi titan stronger by introducing scaling solutions built on top of the existing system.
At UniLend, we believe that to unlock the true potential of decentralized finance, we all need to work together to build the best tools. Easy-to-use bridges like the one between Polygon and Ethereum are one tool that makes our goal a little bit more achievable. We hope our community will join us in celebrating this gateway event for UniLend’s upcoming launch on the Polygon Network.
Now is the time to join our vibrant and excitable community. If you’re a DeFi nut, looking to join a movement then you’ve come to the right place. This is the beginning of a historic technological shift. If you’re looking for a community to share your enthusiasm about decentralized finance with, come join any of our social platforms today to connect with thousands of people just like yourself.