Bridging Polygon (MATIC) ERC-20 tokens to Ethereum (ETH) is a process that allows users to move assets freely between the Ethereum (ETH) and the MATIC ecosystem.
There are several potential benefits to porting ERC-20 tokens from the MATIC blockchain to Ethereum. These benefits include
1. Increased Liquidity: Bridging ERC-20 tokens to Ethereum’s blockchain allows users to access a much larger liquidity pool, which can help to reduce the price volatility associated with smaller, less liquid markets.
2. Increased Accessibility: By bridging ERC-20 tokens to Ethereum’s blockchain, users can access a wider variety of DeFi applications and services. These services can include lending, staking, and trading protocols, which may not be available on MATIC.
3. Security: By leveraging the security of the Ethereum network, users can enjoy the benefits of greater decentralization and security for their funds.
4. Interoperability: By bridging ERC-20 tokens to Ethereum’s blockchain, users can transfer tokens between the two networks, allowing for greater interoperability.
How to Bridge MATIC to ETH in 4 steps
Step 1 - Connect Your Wallet
Head over to ChainPort’s bridge (https://app.chainport.io/) and connect your wallet. ChainPort supports all leading wallets, including Ledger, Trezor, Coinbase Wallet, Wallet Connect, and Metamask. Select the wallet containing the tokens you want to bridge and the recipient wallet.
Step 2 - Select the Chains & Token
Select the source chain and target blockchain from the drop-down menu. In our case, the source chain is Polygon (MATIC), and the target chain is Ethereum. Next, select the token you’d like to bridge from the dropdown menu. If you want to port a token that is not on the list, you may paste its contract address. Please note that if a token is not listed, it may not have liquidity on the target blockchain.
Step 3 - Set Gas Fees
Select the amount of gas you’d like to use for bridging tokens. The amount of gas you use will affect the speed of the transaction and its costs. We recommend that you leave this setting on standard or high for the best bridging results.
Step 4 - Confirm Tx & Get Tokens
Before confirming the transaction, please review all the related information. Details include the sending and recipient wallet, gas fees, and the token. Once all details are confirmed, please approve the transaction and wait a few minutes for the transaction. Once complete, your tokens have been successfully bridged to Ethereum.
How to Calculate MATIC to Ethereum Bridge Gas Fees?
To calculate the gas fees for a transaction on the MATIC (Polygon) blockchain, you will need to know the gas price and the gas limit. The gas price is the amount of MATIC you are willing to pay for each unit of gas, and the gas limit is the maximum amount of gas you are willing to consume for the transaction.
To calculate the total gas fee for a transaction, you will need to multiply the gas price by the gas limit. It is important to note that the gas price can vary depending on the current demand for gas on the network. As such, adjust the gas price to ensure that your transaction is processed in a timely manner.
You can use tools like Blocknative’s gas estimator or Polygonscan to look up the current gas price and estimate the gas required for your transaction. Remember that the gas price can vary based on network demand, so it's a good idea to check the current price before sending a transaction.
What is the Cheapest Way to Bridge MATIC to Ethereum?
The cheapest way to bridge MATIC to Ethereum would depend on several factors, such as the current gas prices on the MATIC network. Here are a few tips that could help you reduce the cost of bridging MATIC to ETH:
- Use a low-gas-price strategy: When you make a transaction on the MATIC network, you can specify the gas price you are willing to pay. If you set a low gas price, your transaction may take longer to be processed, but it will also be less expensive. You can use a tool like Polygonscan to find the current gas prices and choose a low-gas-price strategy that works for you.
- Compare the fees charged by different bridging services or platforms. Some may charge lower fees than others, so it's worth comparing prices to see which option is the most cost-effective.
- Remember that the cheapest option may not always be the best option. In addition to cost, you should also consider factors such as the reputation and track record of the bridging service. Users should also consider the level of security they offer and the speed and reliability of their bridging platform.
What is a Blockchain/Crypto Bridge?
A blockchain or crypto bridge is a tool or platform that enables users to move digital assets from one blockchain to another. Bridging tokens can be helpful when a particular asset is not native to the blockchain you're using. It can also help if you want to take advantage of the features and benefits of a different blockchain.
For example, let's say you have some MATIC-based (ERC-20) tokens and want to move them to the Ethereum network. In this case, you could use a blockchain bridge to transfer your ERC-20 tokens from the MATIC blockchain to the Ethereum ecosystem. This would allow you to use your ERC-20 tokens on Ethereum’s ecosystem and take advantage of its large community.
There are several types of blockchain bridges, each with its own features and capabilities. Some are designed for moving specific types of assets, while others are more general-purpose and can move a wide range of assets. Some blockchain bridges are decentralized, meaning they are operated and maintained by a network of users. Others are centralized and operated by a single entity.
Benefits of Using a Blockchain Bridge
There are several benefits to using a blockchain bridge, including the following:
- A blockchain bridge allows you to move assets from one blockchain to another. Bridging tokens can be helpful if you want to take advantage of the features and benefits of a different blockchain.
- A blockchain bridge can help you save money on transaction fees and other costs. For example, some blockchains may have lower fees than others, and a bridge can enable you to move your assets to a cheaper network.
- A blockchain bridge can also help you access a broader range of assets and services. For example, a bridge can enable you if you want to use a particular asset or service available on a different blockchain.
In conclusion, bridging tokens from MATIC to Ethereum is a process that allows users to move assets freely between the MATIC and Ethereum (ETH) networks. The process is relatively straightforward and can be done in a few steps.
It has the potential to provide users access to a large new user base and enhanced security.
It is important to note that the cheapest option may not always be the best option. Users should consider factors such as the reputation and track record of the bridging service when selecting a bridging platform.
About Polygon (MATIC)
Polygon (also known as Matic Network) is a decentralized platform that is built on top of the Ethereum blockchain. It is designed to provide fast, cheap, and secure transactions for developers building on Ethereum.
One of the key features of Polygon is its use of layer 2 scalability solutions, which allow it to process transactions faster and at a lower cost than Ethereum. It achieves this through sidechains, which enable transactions to be processed off the main Ethereum chain. Sidechains help to reduce congestion on the main chain and make it easier for developers to build and deploy decentralized applications (dApps).
In addition to its scalability solutions, Polygon offers several other benefits for developers. It has a strong developer community and a growing ecosystem of dApps and decentralized finance (DeFi) projects.
Ethereum is a decentralized, open-source blockchain platform that enables the creation and deployment of smart contracts and decentralized applications (DApps). It was first proposed in 2013 by Vitalik Buterin, a programmer and cryptocurrency researcher, and officially launched in 2015.
Ethereum is the second-largest blockchain platform by market capitalization after Bitcoin. It has its cryptocurrency, called Ether (ETH), which is used to pay for transactions and other fees on the network. Ethereum is built on blockchain technology, allowing for a wide range of decentralized applications. These applications include finance, healthcare, and supply chain industries.