Diversification: Playing with Polygon
After seeing some chatter in the Leo Finance Discord server about MATIC/Polygon, I decided to check it out and see what it was all about. I jumped in knowing only two things: It was relatively cheap and transactions were inexpensive.
I know, not much to go on, but since diving in I have heard a lot more chatter about MATIC and I think it has some definite potential.
As with most chains that are cheaper clones of ETH, the big draw on MATIC right now is DeFi. Since I have popped my DeFi cherry on CUB and already experienced a couple failures on BSC, I felt like I was seasoned enough to give it a go.
Then I made my first mistake
I noticed that MATIC was available to purchase on Coinbase. So I threw some money at it on that platform. Don't do this, just don't. Unless you are simply looking to hold the token and sell if the price goes up, buying on Coinbase is a really bad idea.
If you are familiar with BSC and BNB you know there is a BNB token on the ETH side of things and BNB on the BSC side. Moving from one chain to the other can be very expensive. The same is true with MATIC. Apparently, when you purchase on Coinbase you are buying MATIC on the ETH side of things. This doesn't allow you to mess around with the DeFi stuff on the actual Polygon network.
To recap... Unless you are buying to play the market, don't buy MATIC on Coinbase.
I have made it no secret that I have been pretty lucky so far with this whole NFT thing over on WAX. That has given me the freedom to take significantly more risk than I usually would. That is where I pulled my funds to really start getting into MATIC.
I traded some RPlanet Aether for TLM on Alcor and moved that TLM from the WAX chain over to BSC using the Alien Worlds Teleport site.
Then the real fun began. Again thanks to the people in the Leo Finance Discord, I knew I had to trade my TLM for BNB on the BSC Chain. I then withdrew the BNB and deposited it to AscendEx. Once in AscendEx I needed to trade the BNB to USDT and then the USDT to USDC. Finally, it was just a quick matter of withdrawing my USDC to my MATIC address which is the same address as my BSC and ETH accounts.
I never realized how much I love Meta Mask until my recent usage of the BSC and POLYGON chains.
If you go back to the opening photo, you can see that I have been playing around with some DeFi stuff now that I have my MATIC where it belongs.
It's just a trickle, but I am slowly growing my bags.
The Polycat platform seems to be pretty well established with APR's that are relatively reasonable. Too low and it isn't worth it, too high and a rug pull is likely immanent.
Polycat also has some audits completed and in progress which I think says a lot about the platform.
Once again, the Leo Finance Discord directed me to a couple of other DeFi platforms that I have been playing around with.
IRON Finance which uses TITAN and IRON tokens has been doing pretty well lately. Again, I only have small bits of money so the going is slow...
Wault was one that just kind of popped up and I figured I would throw a little bit of money at it. The WEXPoly token is pretty cheap at only $.03 so I was able to add a decent amount of liquidity. It has earned me a couple pennies over the past several days. Nothing life changing, but at $.03 it really can't go much lower, so my hope is that it can only go up from here!
Finally, on a lark, I dove into VERT after @nealmcspadden was joking about it. I bought one VERT token and threw it in the pool at about 2 million percent APR. Not surprisingly, it is down to 437K now and the token that I bought around $69 is only worth about $32. I have earned .577 tokens from the pool, so I am currently down around $20 to $25 or so. Oh well....
If you are familiar with BSC, you should be able to handle a lot of the DeFi stuff on MATIC fairly easily. The biggest hurdle is getting the tokens over there if you don't have a way to buy right on chain. It is slower than BSC. I am not sure what is going on, but many of the transactions take a very long time to process. I have found that changing my node helps a little bit.
As much as we love BSC, we all know that it is very centralized. Since MATIC is supposedly decentralized, I (and a lot of other people) think it could be a viable alternative to BSC at some point. They already have transaction fees that are fractions of a penny, so once they get the speed issue sorted out, the sky could be the limit.
Sports Talk Social - @bozz.sports
Posted Using LeoFinance Beta
Thanks for sharing this, I am thinking that's why the ones I bought on binance only let me withdraw to ETH 🤔.
They wanted 18 Matic to withdraw.
Has to be an easier way to get Matic at some point
Yeah, I think there was a bridge, but they shut it down. That is what I heard anyway. It definitely sounds like you were on the wrong chain.
Posted Using LeoFinance Beta
I was actually thinking if buying MATIC using the polygon bridge on hive would be an easier experience. At least it seems like it would probably be a little bit easier.
Posted Using LeoFinance Beta
That could be. I haven't heard of that.
What is the process if I want to buy using some hive? Do I need to go thought the same lengthy process or there is an easy way ?
Thank you very much for sharing.
You can withdraw/send Hive to Binance and convert it into BNB and send it to your Metamask(BSC) and there you can convert it into Cub or Cake.
If its via BSC should be able to convert it to other tokens on other Defi platforms.
Someone mentioned a bridge. I don't know though. Maybe wait and see what the Leo team has in store. They might have a bridge when they launch Cub on MATIC.
Didn't a rugpull not just happend to TITAN?
https://peakd.com/hive-167922/@deathwing/usd2b-rugpull-on-polygon-iron-finance
Something like that. I haven't checked lately. Won't be able to until next Tuesday when I am on a PC again.
Ohh okay. I just know deathwing wrote about. I am not on Polygon :D
I only had funds locked in iron and Matic so I might be okay. I hope.
I am looking at iron.finance roght now, but I have no idea what I am looking for haha.
It seems like the Iron token is still around 0.9999$, but some sources (coindesk) says it dropped to 0.69$ pr Iron, so dno.
The Titan thing didn't go well, did it? Hope you made it out alive!
Posted Using LeoFinance Beta
I am still in. Kind of off the grid do I can't get out until next Tuesday.
I'm just sick of $0.3 fees everytime you do a transaction
Better than $30 though!
True that!
How much did you lose in iron? or did you manage to get out in time?
Posted Using LeoFinance Beta
I won't know until Tuesday when I am back on a machine that has meta mask installed. I am camping this weekend and only have access to my smart phone, so I am kind of off the grid.
We will wait until Tuesday then