How to get on the Matic Smart Chain (Polygon) to generate money?
So, you jumped on the Cryptocurrencies bandwagon, and are now holding your precious token or coins, waiting for the price to go up?
Instead of holding preciously your tokens, what about putting them to work and earn some decent money out of it?
There is multiple ways of generating passive income, or leveraging DeFI, on Matic smart chain:
- Hypercompounding on AAVE
- Get on the krill-usdc farm (“ocean”) on polywhale
- Get on the different pools (“tanks”) on polywhale
In this guide we will go through the differents steps to get into the Matic chain, and put some money into polywhale.
Warning: Only invest what you can afford to loose in Cryptocurrencies.
Install & Configure MetaMask
Go here and install the MetaMask extension: https://chrome.google.com/webstore/detail/metamask/nkbihfbeogaeaoehlefnkodbefgpgknn
Once installed, you will have to initialize it:
- Create a new wallet
- Display the 12 words and save them in a local file
- Input the 12 words correctly
- That’s it!
MetaMask is working by default on the Ethereum network so we need to configure it for the Matic Smart Chain instead:
- Click on the MetaMask icon on the top-right of your Chrome browser and select the left icon
- Select “Settings” > “Network” > “Add Network” and add the following new network:
- Name: “Matic network”
- URL: https://rpc-mainnet.maticvigil.com/
- Chain ID: 137
- Symbol: MATIC
- Block explorer: https://explorer-mainnet.maticvigil.com/
Click “save”. The new network will be automatically selected (you can see it in the drop down list at the top) and added to your network list.
MetaMask is now configured and ready to work on the Matic Smart Chain.
Now we will need MATIC to use as gas on the Matic Smart chain.
Get some free MATIC token
Go here: Matic wallet
When accessing the Matic web wallet, you’ll be asked to connect with your wallet. Once connected, sign the transaction and validate the MetaMask popup, and you will receive 0.001 MATIC for free. This will be super useful to move forward on this tutorial.
Note: you might have to wait a few minutes to get the token credited on your wallet.
Next step: we will get some stable coins (USDT or USDC) from Binance Smart Chain (BSC) and move them on Matic smart chain.
Transfer USDC from Binance Smart Chain to Matic network
We are going to use the fantastic xPollinate bridge to send stable coins from BSC to Matic network.
Note: this step is useful if you have funds on BSC, and wants to avoid the awful gas fee of the Ethereum network. If you have funds on the Ethereum blockchain, you can use the Matic bridge.
What I will do here is using the same MetaMask address, and only switch network:
- 0x0451… => USDC funds used as the source (Binance Smart Chain)
- 0x0451… => Destination address to receive funds (Matic network)
Make sure that you have some BNB funds available for the fees in your wallet!
- Go to https://www.xpollinate.io/
- Connect your wallet
- Select “Binance smart chain” on the first dropdown and “Matic Mainnet” on the second.
- Select your stable currencies in the dropdown list (USDC / USDT / DAI). In our example, we will use USDC
- Copy your destination address (it should already be filled with your connected wallet, but better safe than sorry :D) in the “receiver address”
- Before clicking on “cross-chain transfer”, verify that the funds are available on the destination chain table for your selected stable coin.
Once done, click on “Cross-chain transfer” button. This will open a popup where you will have to enter the amount you want to send. You will see the receiver address, and source / destination network. Verify that everything is ok and click on “swap”.
You will probably have multiple MetaMask popup to validate. Keep the window open until you see the “Success” popup.
Wait, where are my Token funds? They don’t appear on my MetaMask wallet!
Don’t panic, we just need to add the coin in our wallet.
To do that, go on google.com and search for “Matic explorer” and click on the first link. Once on the Matic explorer, click on the search field on the top right, and search for “usdc” (USD Coin PoS contract) Click on the “Copy contract address”.
Click on MetaMask icon, click on “Add token”, and select the 2nd tab (“Custom token”). Paste the contract address. This should automatically fill the other fields. Click “next”, and voilà!, your tokens are in your wallet.
Now that you have transferred funds on Matic network, you can do what you want with it … But I will highly suggest to get some Matic, as it’s the ‘gas’ used on all the Matic network DeFI apps, so let’s do that!
Go on https://quickswap.exchange/#/swap, connect your wallet and swap some USDC for some Matic.
Next in this tutorial, I’m going to explain how to create a KRILL-USDC pair and supply them in the polywhale farm.
Of course, feel free to do anything you want (again, DYOR / Put in Crypto only what you can afford to loose / not financial advice …)
If you want, you can play around with AAVE (buy Matic and deposit supply on AAVE to be able to borrow and buy more Matic and supply them on AAVE again and so on… Also, as a reward, AAVE provide WMatic (“Wrapped Matic” that can be unwrapped) that you will also be able to supply on AAVE to continue the Hypercompound loop), or deposit in single assets farm on Polywhale, or supply token in QuickSwap. It’s up to you!
Create the token pair
Go on https://quickswap.exchange/#/swap and connect your MetaMask wallet (verify that you are on the Matic network).
We are going to buy some KRILL to create LP token with our USDC. Remember, we will do it with a 50–50 ratio, so if you want to enter the farm with 1000$, you will need 500$ of USDC and 500$ of KRILL.
Select a token as “From” (USDC for me) and KRILL as “To”. Enter the amount, “Approve” and click the “Swap” button.
Note: quick tips to reduce the fees, click on the cogwheel at the top right and change the slippage tolerance to 0.1% ;) This will reduce the gas used for your transactions (even if it’s small, let’s reduce it ^^)
When you have both your token in 50–50 ratio, go to Pool, and click on “Add Liquidity” (or go here). Select USDC as first input, and KRILL as second input. Click on “MAX” on the KRILL one, to fully use your KRILL and compensate with your USDC. Approve and then “Supply”.
Once your LP are created, you will see them in the https://quickswap.exchange/#/pool page, under “Your liquidity”.
Now, final step is to head over to https://polywhale.finance/ocean to supply your LP token in the pool. Click on “Approve Contract”, and, when contract is approved, click on “Stake”, click on “MAX” in the popup and Confirm. Validate the transaction in the MetaMask notification window, and that’s it!
Now, you just have to wait and check every day or so to “harvest” your earned KRILL!
The profit rate can vary drastically from one day to another, so it’s important to follow up every 1–2 days.
Your strategy with the harvested KRILL can be to re-supply, or to switch them to MATIC, or to put them in another farm … It’s up to you!
I hope you liked this guide / tutorial, clap if you liked it, subs if you loved it!
My BNB Address (if you want to deposit some coins): 0x0451864cdd0cb179893EB91057dA7746B5b1973B
My MATIC Address (if you want to tip me some coins):
0x0451864cdd0cb179893EB91057dA7746B5b1973B
My Binance referral link: https://www.binance.com/en/register?ref=RUERPAKG
QuickSwap: https://quickswap.exchange/
Polywhale: https://polywhale.finance/
xPollinate: https://www.xpollinate.io/
AAVE: https://app.aave.com/markets
