ETH On The Polygon Network (2024)

Bitso continues its innovative journey in the crypto world, making waves once more with our recent integration: facilitating deposits and withdrawals of ETH through WETH on the Polygon network. As always, our goal remains – elevating the experience of our users.

Resumo

Introducing WETH on Polygon PoS

For those acquainted with the intricacies of Ethereum, you’d be aware that ETH, inherently, is not an ERC-20 token. Thus, its direct integration on Polygon’s PoS (Proof-of-Stake) network would be incompatible. That’s where WETH comes in.

WETH serves as an ERC-20 version of ETH, essentially a “wrapped” form allowing Ether to be traded on networks like Polygon. At Bitso, we offer users the ability to deposit WETH on the Polygon network swiftly and with reduced fees.

WETH in the DeFi Landscape

The versatility of WETH isn’t just limited to its compatibility with networks like Polygon PoS. In the decentralized finance (DeFi) world, WETH is a prevalent choice, enabling various platforms to facilitate seamless interactions.

Popular platforms like OpenSea, a giant in the NFT marketplace, leverage WETH for transactions. Moreover, WETH finds its place in DeFi platforms, contributing to liquidity pools, lending, borrowing, and many other decentralized applications, emphasizing its significance in the broader crypto ecosystem.

The Bitso Bridge: Simplifying WETH for Users

One of the biggest conveniences for our users lies in our bridging capability. Not only can you deposit WETH into Bitso using the Polygon PoS network, but if you wish to withdraw ETH on another network we support, such as Arbitrum or Ethereum, Bitso has you covered.

What do we mean by “bridging”?

In the crypto world, a bridge refers to a method of moving tokens from one blockchain to another. At Bitso, our bridging function seamlessly converts WETH back to ETH, streamlining the withdrawal process across different networks. The steps involved are:

Deposit WETH on Bitso via the Polygon PoS network.
Choose to withdraw as ETH on your preferred network, such as Arbitrum and Ethereum, or WETH on the Polygon PoS
Bitso automatically bridges (converts) your WETH to ETH for easy withdrawals on the chosen network.

A Gentle Reminder

While we’re excited to unveil these technological enhancements, it’s crucial to note that this article serves a purely informational and educational purpose. It is not intended as investment advice. Always conduct your own research and exercise caution when considering investment opportunities.

At Bitso, our commitment remains firm: equip our users with cutting-edge tools and services, fostering a safer and more efficient crypto experience.

Dive into the faster and cost-effective world of ETH (WETH) on Polygon PoS at Bitso today!

FAQs

Can you have ETH on Polygon network? ›

You can transfer Ethereum (ETH) to your Kraken account by navigating to Funding, selecting ETH and choosing the desired deposit method from the drop-down box (network): Polygon. Here's what you need to know about the assets: Ethereum (ETH) is a global, open-source platform for decentralized applications.

Read On ›

What is the best bridge for ETH to Polygon? ›

Wormhole. Known as the best Polygon to ETH bridge, Wormhole platform is not a cross-chain bridge itself. It is a messaging protocol that supports development and operations of on-chain bridge systems between heterogeneous decentralized networks.

Discover More Details ›

Can you bridge ETH to Polygon? ›

Bridging assets from Ethereum to Polygon is a straightforward process, but it requires a few essentials. First, you'll need a Web3 wallet, such as MetaMask or Ambire Wallet, which acts as your gateway to interact with blockchain networks.

Does Polygon rely on Ethereum? ›

The mission of Polygon is to use its network to create an infrastructure that can handle the mass adoption of Ethereum. Since Polygon is built on Ethereum's blockchain, it depends more on Ethereum than vice versa. However, there is a potential disadvantage of using Polygon for speed.

See Details ›

How to convert Polygon network to Ethereum? ›

Choose the crypto exchange pair

Choose Polygon (Matic Mainnet) in the “You send” section. Next, enter the amount of MATIC you would like to exchange. Then select Ethereum in the “You get” section. Click the Exchange button.

Find Out More ›

What is the cheapest way to bridge Ethereum to Polygon? ›

The Polygon network has two bridges — the Plasma Bridge and the proof-of-stake (PoS) Bridge — to validate transactions. The cheapest way to bridge Ether (ETH) to Polygon is via the PoS Bridge. The Plasma Bridge utilizes Ethereum Plasma's scaling technology to enhance transfer security.

Tell Me More ›

How long does it take to bridge from Polygon to Ethereum? ›

If you are transferring tokens from Ethereum, you will receive exactly the same number of tokens on Polygon. Usually, it takes up to 5 minutes. If you want to withdraw tokens from Polygon to Ethereum, it might take up to 3 hours (or 7 days depending on the method).

Show Me More ›

Why bridge Polygon to Ethereum? ›

The Polygon Bridge enables users to seamlessly transfer their tokens from Polygon to Ethereum. By bridging tokens, users gain increased liquidity as they can access a larger liquidity pool on the Ethereum network. This increased liquidity helps reduce price volatility and provides more trading opportunities.

Explore More ›

How much does it cost to bridge from Polygon to Ethereum? ›

Polygon to Ethereum bridge fees

However, using the bridges mentioned before as an example, the gas fees of Matic Bridge can go from $42 to $200 while in Hop Protocol it's around 0.04% of the total transaction. In order to reduce these fees, you could optimize the transaction time.

Can you send Polygon to Ethereum address? ›

No, you cannot send a polygon directly to an ETH wallet. Polygon is a layer 2 scaling solution for Ethereum, and it operates on its own network. If you want to send tokens on the Polygon network, you will need to use a compatible wallet that supports Polygon, such as MetaMask or Trust Wallet.

Show Me More ›

Can you swap Polygon to Ethereum? ›

Swapzone helps you swap Polygon to Ethereum making the most of it by selecting the most profitable exchange deals currently available on the cryptocurrency market. To find the best exchange rate, sort available MATIC to ETH swap offerings by clicking the Best Rate icon above the list.

Read The Full Story ›

What is the difference between Polygon and Polygon bridge? ›

Polygon (formerly known as Matic Network) has emerged as a leading Layer 2 solution, designed to provide scalable and efficient infrastructure for Ethereum. Central to this ecosystem is the Polygon Bridge, a mechanism that allows users to transfer assets between the Ethereum Mainnet and the Polygon Network.

See Details ›

Can ETH be on Polygon network? ›

In other words, Polygon, formerly known as Matic network, provides an easy framework for new and existing blockchain projects to build on Ethereum without scalability issues.

Get More Info Here ›

Is a Polygon going to survive? ›

Despite facing significant challenges, the long-term outlook for Polygon remains promising. With ongoing technological advancements, increasing adoption, and strategic partnerships, Polygon has the potential to see a substantial rise in value in the coming years.

Who is the owner of Polygon? ›

Jaynti Kanani is the cofounder of Polygon (formerly Matic Network), the first made-in-India cryptocurrency unicorn. Polygon ranks among the top 20 biggest cryptos globally and has become a massive hit in India. Jaynti is an entrepreneur with a focus on product, users, market, design and marketing.

Is Polygon an ERC-20 network? ›

What Kind of Blockchain Does It Run on? MATIC was created on the Ethereum Virtual Machine (EVM) using the ERC-20 token standard. Because Polygon uses this EVM, developers can easily move applications built on Ethereum.

View Details ›

What is the difference between Ethereum network and Polygon network? ›

Ethereum. Ethereum provides a decentralized and secure platform for building smart contracts, dApps and digital assets, while Polygon enables scaling through sidechains which are less congested, offering a faster and cheaper alternative.

Can you send a Polygon to an Ethereum wallet? ›

However, if you wish to transfer your POL from Polygon PoS to Ethereum (convert them into ERC-20) or vice versa, you will need to use a bridge. You can bridge to and from Polygon PoS using the Bridge feature in MetaMask Portfolio, here.

Learn More ›