This article is a complete guide on how to add Polygon (Matic Network) to Metamask. Let’s take a look at it in more detail.
What is Polygon (Matic Network)?
The Matic Network is a platform enabling Ethereum scaling and foundation development. Lately, the project was renamed Polygon, but the trading ticker is MATIC. This Layer 2 scaling solution is supported by Binance and Coinbase and is already utilized by several projects like Aavegotchi and others.
MATIC is the native token of Polygon. It is an ERC-20 token operating on the Ethereum blockchain. The tokens exchange services on Polygon and serve as a contract currency between users who run within the Polygon ecosystem. The transaction fees on Polygon are paid in MATIC tokens.
MATIC tokens are released every month. MATIC currently has a circulating supply of 7,537,850,960 MATIC coins and a max supply of 10,000,000,000 MATIC tokens. The outstanding MATIC tokens are distributed out of total supply as follows:
- Team tokens: 16%
- Advisors tokens: 4%
- Network tokens: 12%
- Foundation tokens: 21.86%
- Ecosystem tokens: 23.33%
There are many DEXs on the market, such as Aave, OpenSea, and Kava. In order to access those DEXs, you’d need a way to communicate with their protocols. Enter METAMASKwhich is a mobile app and browser extension that lets users connect their wallets to Dapps that run on Ethereum. Gone are the days where you submit to centralized entities, awaiting their support to contact you after weeks.
Technically yes, METAMASK has two functions, the first being a bridge to decentralized apps that run on Ethereum (smart-contracts friendly), and the second, being an Ethereum Wallet. So yes, you can say that Metamask is a Wallet.
Totally! Think about it this way… Blockchain is a technology that prides itself not only on privacy, but also on security. So far, blockchains were deemed very safe to the extent that Big Tech companies are opting to use this technology internally. If Amazon Managed Blockchain is now supporting the Ethereum blockchain, why wouldn’t YOU, mister secure dude?
Currently, METAMASK does NOT support a 2FA (Two-Factor Authentication). They do on the other hand offer other solid and secure ways to log in such as a password, QR code integrations, Phishing detection, and a secure seed phrase. You do not have to worry about security, just worry about how to correctly use it and to never forget your password!
For now, the company never had a token sale. Thus, there is no token for METAMASK. Maybe the company plans to expand further at a later stage and offer one, but for now there are none.
You use METAMASK to connect yourself to DEX and Dapps. So if you’re looking to connect yourself to those exchanges, here’s what you need to do:
- Download METAMASK on iOS, Android, or browser extension
- Get started by creating a password
- Save your seed phrase (SUPER IMPORTANT)
To set up the MetaMask for the Polygon, users should add a custom RPC. To accomplish this, first, click on the Network Selection button at the top of the MetaMask app.
Next, click on Custom RPC. Users will find the Custom RPC option at the bottom. The next step will be to add the expected data as shown below:
Network name: Matic Mainnet
New RPC URL: https://rpc-mainnet.maticvigil.com/
Chain ID: 137
Currency symbol: MATIC
Block Explorer URL: https://explorer.matic.network/
Once users have added the URL in the New Network field, click on Save. They will later shift to Matic’s Mainnet now in the network dropdown list.
MATIC coin is available on many major exchanges. When purchasing a cryptocurrency from an exchange, it is always necessary to pick a reliable one. In fact, we recommend using Binance, Coinbase, and KuCoin to buy MATIC.
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