Bridging to Polygon PoS
In order to participate as a miner on TELx V1, you will first need to bridge your assets to Polygon PoS Chain. Follow the step-by-step guide below to learn how.
Using Polygon’s “Matic Bridge”
Polygon (formerly Matic, though MATIC remains the native token of Polygon) uses a “bridge” to move assets from the Ethereum Mainnet to Polygon’s complementary PoS Chain, accessible via a dedicated wallet that makes it easy to send digital assets from one network to the other. Polygon’s Matic Wallet connects to your account via Metamask, WalletConnect, or Walletlink.
To access your Matic Wallet, simply select your preferred way of connecting and confirm the requested actions. For the purpose of this guide, we will be using Metamask.
To deposit tokens - that is, to transfer them from the Ethereum Mainnet to Polygon PoS - you can either use the “deposit” button for a selected token or use “Move funds to Matic Mainnet.” Both options will redirect you to the bridge interface, where you can choose which assets to send to Polygon PoS.
Once you’ve selected an asset, in this case TEL, input the amount to transfer and click the “Transfer” button. Matic’s bridge interface will guide you through the process, giving an ETH gas fee estimate before prompting you to confirm the transaction in Metamask. At present, it takes approximately 7-8 minutes to send assets over the bridge.
It is important to note that you must have ETH in your Metamask wallet to cover gas fees associated with bridging to Polygon. Once your assets are on Polygon, you will use MATIC instead of ETH to pay for transaction fees. The Matic Faucet provides 0.0005 MATIC for free. It’s worth highlighting that transaction fees are so low on Polygon that you can execute approximately 100 transactions with just 0.001 MATIC.
Withdrawing an asset uses the same bridge interface, but in reverse - from Polygon back to the Ethereum Mainnet.
Again, the Matic bridge interface will guide you through the process. You will encounter a “checkpoint” approximately halfway through the withdrawal process, which must be approved to complete the transaction. While it only takes a few minutes to send assets to Polygon, sending them back over the bridge to Ethereum can take roughly 3 hours.
Token Transfers on Polygon
Transferring tokens between two Matic addresses happens on the Matic Network. Thus it’s required for you to connect to the Matic Network to sign the transactions. You can use the following guide to begin using the Polygon PoS Chain from your Web3 Wallet: Config Matic on Metamask.
Please refer to the Matic Network documentation for more information: Web Wallet Usage Guide.