FAQ: Polygon (MATIC)

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Have you ever wanted to make a transaction on the Ethereum (ERC-20) network, but thought twice because it would be too expensive? Polygon is one of the main scalability solutions for Ethereum because it allows you to carry out transactions in a faster and cheaper manner.

 

Polygon was released in 2017 as "Matic Network", aiming to be “the Internet of blockchains for Ethereum”, so that Ethereum could become compatible with several blockchains in the future.

 

In 2021, it gained fame due to the number of applications launched on Matic's Proof of Stake (PoS) blockchain. According to the website DeFiLlama, the total value locked on Matic's PoS chain rose from around 300 thousand dollars in January 2021 to almost 5 billion dollars in December of the same year.

 

What network should I use to deposit Polygon (MATIC) on Bitso?

At the moment you can only use the Ethereum (ERC-20) network. If you send Polygon via another network, you will not be able to recover your funds.

 

Can I use the Polygon (MATIC) network to send my funds from Bitso to another Wallet?

At Bitso, you can only use the Ethereum (ERC-20) network to send MATIC.

 

How can I identify which network I sent Polygon (MATIC) to?

You can use a few browsers to identify the network over which you sent Polygon:

 

To search for it, you need to use the TX Hash or ID: they are a unique cryptocurrency transaction identification code made up of a combination of numbers and letters. Example hash or ID: 48fd533ba8d6036b20ca12bd1421b9304eecd00f3aj4aca6cd7fe8a9845ec53d


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