First Literature will use Layer 2 star public chain Matic

Three Questions Answer: How to use Matic Wallet? How to transfer assets from Ethereum to Layer-2? How to find Matic’s existing ecological projects?

Analysis of Layer-2 and Matic

How to use Matic wallet?

How to transfer assets from Ethereum to Layer-2?

How to find Matic’s existing ecological projects?

Tip: The Matic mentioned in this article has now been renamed Polygon. For the convenience of everyone, the name will continue to use Matic.

In the past two months, with the rise of the Layer-2 circuit, one of the most well-known investors in the United States, one of the cryptocurrency bull market pushers, and the owner of the Dallas Mavericks of the NBA, Mark Cuban (Mark Cuban), has opposed Layer2. The star project Matic praised him, confirmed his investment in the project in an email to CoinDesk, and listed Matic on the Cuban Investment Company website. This also pushed Matic to the forefront again.

Coin World-Yiwen will use Layer2 star public chain Matic

Image source: Mark Cuban company website

Key 1: A brief analysis of Layer-2 and Matic

Ethereum, which has the most prosperous ecosystem, handles huge transaction volumes every day. It needs to settle billions of dollars of transactions every day, and on-chain decentralized finance (DeFi) and non-homogeneous tokens (NFT) are also booming, and the ecology is becoming more and more prosperous. However, the block space of Ethereum is limited, and all applications are grabbing the space of Ethereum, which also causes congestion on the Ethereum network, making transactions more expensive, more fees, and slower.

In fact, the cost of a single smart contract transaction (such as Uniswap transaction) on Ethereum may exceed hundreds of dollars, depending on the degree of network congestion, it is not very friendly to retail traders, and the transaction cost is too high (you can pay attention to it. This month, the Ethereum London upgrade, the newly implemented EIP-1559 proposal may significantly reduce transaction fees).

Expanding the Ethereum network to improve performance is imminent. The current expansion plan is divided into two categories, one is Layer-1, and the other is Layer-2 as we talked about today.

We all know that Ethereum is currently upgrading to the 2.0 network. The consensus mechanism has changed from PoW (Proof of Work) to PoS (Proof of Stake), which can significantly increase transaction speed and greatly reduce transaction fees. In fact, the upgrade of Ethereum belongs to layer-1, which is an expansion solution on the chain, which keeps all transactions on the Ethereum, “operating directly on the blockchain” and directly modifying the basic rules of the blockchain.

Coin World-Yiwen will use Layer2 star public chain Matic

In the transition phase of the Ethereum network from 1.0 to 2.0 (V God estimates that the upgrade will not be completed until the end of 2022), it is actually a development opportunity for Layer-2. Layer-2, that is, off-chain expansion, transactions and calculations outside of Ethereum’s own chain.

For example, if the expansion of Ethereum is compared to road repair, then Layer-1 means that if there are multiple traffic jams, the most direct way is to expand the original two-way two-strand lanes into four lanes, and if it is not enough, change it to six lanes or eight lanes. ; And Layer-2 is not to expand on the original road, but to build an elevated or tunnel that can extend in all directions on the existing route. Ordinary cars are driven there, and the original road is not used as a last resort.

In 2020, with the coming of the bull market in the cryptocurrency market again, the transaction fees of Ethereum will be pushed up again.

Coin World-Yiwen will use Layer2 star public chain Matic

Image source: Glassnode

Matic’s expansion plan was first proposed in 2017, and the mainnet went live in May 2020. Thanks to the rise in Ethereum fees, Matic quickly attracted the attention of the market and became a star project in the Layer-2 circuit. With the low processing fees (almost zero) and faster transaction speeds on the Matic chain, more and more application developers come to Matic to develop native applications or directly port projects from Ethereum, such as The well-known Uniswap, Sushiswap, etc., have been deeply cultivated on the Matic chain.

Of course, in terms of price, as the leading product of Layer2, according to the Messari website, the price of Matic’s tokens has risen by more than 9525% so far this year. In just six months, Matic’s price has risen from $0.015 to a maximum of $2.4.

In order to avoid the high transaction fees of the Ethereum mainnet, the number of addresses on the Matic chain continues to increase sharply, and the number of new addresses is about 5,000 every day.

Coin World-Yiwen will use Layer2 star public chain Matic

Point 2: How to use Matic Wallet?

As the first hurdle to enter the public chain ecology, many domestic friends still don’t know how to configure wallets.

If you are just a cryptocurrency holder, then the first choice for wallets is the mobile-end Maizi Wallet, Imtoken and TokenPocket. After all, mobile-end wallets are known for being fast and convenient.

But if you are a cryptocurrency enthusiast and want to experience the ecological application of the public chain and cultivate in the ecology, then I suggest that you use Metamask on the computer side for wallet configuration (little fox wallet), which can not only achieve multiple public chains side by side, You can also better participate in the experience of public chain ecological applications. As an early decentralized wallet in 2015, the current daily active users exceed one million, making Metamask the leader in the DeFi wallet sector.

So how to use Metamask wallet to configure Matic public chain?

First open the Metamask wallet and click on the top network.

Coin World-Yiwen will use Layer2 star public chain Matic

Then in the pop-up network list, click the last “Custom RPC”

Coin World-Yiwen will use Layer2 star public chain Matic

Then enter the configuration of the Matic network one by one, and click Save.

Network name: Matic Mainnet

Added RPC URL: https://rpc-mainnet.matic.network

Chain ID: 137

Asset symbol: MATIC

Block explorer URL: https://explorer.matic.network/

Coin World-Yiwen will use Layer2 star public chain Matic

After saving, we return to the main interface of the wallet, switch the ETH network to the Matic Mainnet, and then enter the Matic wallet.

Coin World-Yiwen will use Layer2 star public chain Matic

Key 3: How to transfer assets from Ethereum to Layer-2?

In the previous step, we completed the wallet configuration, but there are still no assets in the wallet. In fact, the simplest and most cost-effective operation method for asset transfer is to directly withdraw Matic tokens from the exchange to the Matic public chain, and then go to the decentralized exchange in the ecological application to convert the Matic tokens into the required ones. Other tokens (ETH, USDC, etc.).

But if your assets are on Ethereum, then it is inevitable to transfer assets from Layer-1 to Layer-2.

First we open Matic’s official network: https://wallet.matic.network/

Use Metamask wallet to log in.

Coin World-Yiwen will use Layer2 star public chain Matic

After entering the web wallet, we can see the assets on the Matic chain. Click “Asset Transfer from Ethereum to Matic”

Coin World-Yiwen will use Layer2 star public chain Matic

After the transfer of the input quantity, wait 6-8 minutes for the assets to be successfully transferred to Matic.

Next, you can experience and play Matic’s ecological application with almost zero transaction fees.

Key 4: How to find Matic’s existing ecological projects?

Bai Ze reported that there are currently more than 400 ecological applications on the Matic chain, and there are more than 80 outstanding projects cooperating with the official chain, such as Chainlink, Polkastarter, and Cruve. The well-known projects of recent cooperation include O3 Swap, 0× and MakerDao. At present, the leading project lending platform Aave in the Defi and NFT fields, the stable currency trading protocol Curve and the trading platform Opensea have all selected Polygon as the expansion solution.

Coin World-Yiwen will use Layer2 star public chain Matic

Comparison of Matic ecology and Solana ecology. Image source: Solana Daily

According to the self-report of the Matic development team, the birth of Matic will focus on providing a more stable and efficient application ecological solution for the following 5 types of applications.

Pay:

Matic aims to allow dApps to increase the speed of payment by integrating a dedicated application programming interface (API) and software development kit (SDK) to achieve near-instant payment settlement. This process allows dApps, merchants and users to accept or pay for assets in any type of cryptocurrency (although usually ERC-20 tokens or ETH).

Lending platform:

Matic is building a mechanism that allows merchants to analyze their credit rating by evaluating the transaction history of these users when users register to use the lending platform. This function is implemented in cooperation with Dharma Protocol. The lending agreement Aave has more than 8,000 users in the market deployed in Matic, locking in more than $1 billion in liquidity.

game:

Matic’s Layer-2 sidechain expansion solution aims to improve the speed and performance of blockchain games. Due to slow transaction speed and high network latency, the development of blockchain games lags behind traditional PC and console game systems. Using Matic’s Commit Chain expansion technology and collaboration with the Ethereum network, developers will be able to build games more effectively, and game players will also improve their gaming experience. Now is a good time for Matic to promote the development of the blockchain game industry, because the popularity of the non-homogeneous token NFT and NFT market promotes the popularization of the blockchain and encryption industry-many gamers buy, sell and trade different types of Game NFT. Top games such as Aavegotchi, Neon District, Zed Run and Cometh and NFT Dapps have improved their user experience through Matic.

Decentralized exchange:

Matic can also be used for other use cases, for example, to help DEXs achieve fast settlement to provide their users with a faster and cheaper trading experience. Quickswap, Dfyn, and ComethSwap are some of the DEXs deployed in Polygon, they have a huge transaction volume and active users. Protocols such as Curve and mStable also ensure low-cost and low-slip stablecoin swap.

privacy:

Due to user privacy issues, most dApps require a way to sign transactions without submitting a private key. Due to its enhanced scalability, Matic helps enable an open identity framework for dApp design and use.

If you don’t know what ecological applications are available on Matic and don’t know how to get started, you can refer to Matic’s ecological application aggregation website: https://awesomepolygon.com/, which lists more comprehensive ecological applications and brief introductions of each application.

Coin World-Yiwen will use Layer2 star public chain Matic

Author’s thoughts

According to the description of Ethereum founder V God, Ethereum 2.0 may not be officially launched until the end of 2022. Although Ethereum will upgrade to London this month, the implementation of the EIP-1559 proposal will greatly reduce transaction costs. However, it is estimated that when Ethereum 2.0 goes online, transaction fees will drop to about $1, and it will run at a transaction speed of about 1,000 transactions per second. Transaction speed will be greatly improved, but I think the transaction fee is unlikely to be less than one dollar.

Matic can process 1 million transactions per second for only $1, which is still a thousand times cheaper than Ethereum 2.0. Ethereum’s 1 dollar may not sound like much, but if you consider use cases with a large number of transactions, such as the Internet of Things, games, inventory systems, and logistics, every penny will have an impact on the economic model of the application.

V God talked about Matic in an interview with Lex Friedman released in early June. God V said: I respect Matic’s achievements very much, and he is very happy that they have become part of the ecosystem. Considering that Matic has actually got something up and running, and Ethereum has just announced another delay in version 2.0, maybe this is what I am happy about.

Therefore, the author believes that in the two years since the arrival of Ethereum 2.0, Layer-2’s identity is more like a replacement for Ethereum 2.0; and when Ethereum 2.0 goes live, the Layer-2 expansion plan led by Matic will Will continue to exist and continue to “expand” Ethereum.

to sum up

All in all, Matic is a very interesting project. They have begun to solve the real problems on Ethereum and are very successful. For this reason, many excellent projects have been built on Matic. In the future, Matic will become an indispensable partner of the Ethereum 2.0 ecosystem.

(Note: All articles of the Baize Research Institute cannot be used as investment advice and recommendations. Investment is risky and the cryptocurrency market fluctuates greatly. Please be mentally prepared before entering the market)

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/first-literature-will-use-layer-2-star-public-chain-matic/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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