MATIC is going to be an important asset for those looking to be involved in PolyCUB. In this post, I'll talk about an easy way to get MATIC using HIVE
There are many options for getting MATIC on Polygon Network such as exchanges or bridges but using Hive can be an easy way for people who don't want to go outside Hive to do so.
This post is geared towards newcomers so if you are a more experienced person, some things may be a little too basic for you. Just bear with me.
Before we get to the main topic of this post, let's take a quick look at what is MATIC and its uses.
What is MATIC and why do you need it?
MATIC is the native asset of the Polygon blockchain and it's used to pay for transaction fees, secure the network and vote on governance issues on Polygon. That's just a quick overview and if you want to learn more about MATIC and Polygon I strongly recommend checking this great guide by the @crypto-guides initiative.
You can use MATIC to pool it on the farms available on PolyCUB and, ultimately, you will need it to pay for any transaction fees you do there so if you want to have any involvement in PolyCUB whatsoever, you will 100% need some MATIC.
Setting things up
Buying MATIC with HIVE is quite easy but there are some things you will need to make it work.
The first thing you will need is a wallet connected to the Polygon Network. I believe Metamask, which is what I use, is one of the most popular options but there are others.
For the purposes of this article, I will assume that you already have your wallet connected and ready to go but, if not, @finguru made this great guide on how to setup Metamask with the Polygon Network.
The other thing you will need is some liquid HIVE on your HIVE wallet or SWAP.HIVE on Hive-Engine.
Buying MATIC with HIVE
We will be using TribalDex for this, which is a Hive-Engine app so if you never used it before, all you need is to connect with your Hive account and you're set.
The first thing we need to do is deposit out liquid HIVE to get some SWAP.HIVE. If you already have SWAP.HIVE you can skip this bit.
To keep things simple, I'll just do the deposit right here on TribalDex but feel free to use your preferred dex to do so.
Okay, so, click on the wallet icon on the top right corner of the screen, next to your username, and then click on Deposit.
Another window will popup and ask you to choose a token. Choose HIVE, type in the amount you want to deposit and click on Deposit HIVE
Now we have the SWAP.HIVE we need to actually get the SWAP.MATIC we need.
Click on Exchange on the top menu and then, on the picklist to the left, type in MATIC. The only hit you will get will be SWAP.MATIC which is what we're looking for, so click that.
Scroll down a bit and you will find the fields to do the swap. You can place an order or, if you prefer, you can buy at market price by clicking on the MARKET button and typing in the amount of SWAP.HIVE you want to spend. Click on buy and now you got yourself some MATIC!
Getting your MATIC to Polygon
There is one last step you need to do before you're able to interact with PolyCUB, which is getting your MATIC (or SWAP.MATIC at this point) from Hive-Engine to the Polygon network.
This is where you will need your Polygon wallet.
Click on the wallet icon again but this time, instead of clicking on Deposit we'll click on Withdraw. You will be asked to select the token you want to withdraw. Make sure you choose Polygon (MATIC). Then, choose the amount you want to withdraw, paste your Polygon address and click on Withdraw SWAP.MATIC.
Now you're all set! In a few seconds, you should see your newly bought MATIC on your Polygon wallet. You're ready to rock on PolyCUB!
Final considerations
There are a few things to keep in mind regarding this process:
- There are some fees involved in the deposit and withdrawal process. While they are minor (less than 1%) keep them in mind while planning how much you want to move around.
- While buying MATIC directly on Hive can be very convenient, make sure to check how much you're paying for MATIC on here and compare that to other options to make sure you're getting the best bang for your buck.
- If you follow this guide step by step it's not likely that you will encounter any issues but I still recommend you do a test run first with a small amount to make sure you got it. You will have to pay the fees for this test run but that's better than losing a significant amount of assets due to a mistake
And that's a wrap! I hope this quick guide helped you to be actively involved in PolyCUB. Happy earnings!