As an entrepreneur and small business owner, I‘m always looking for ways to save money and operate more efficiently. One area where I‘ve found major cost savings is using the Polygon network with MetaMask instead of relying solely on Ethereum.
In this guide, I‘ll show you step-by-step how I added Polygon to MetaMask based on my own experience. Following these instructions can help reduce your cryptocurrency transaction fees drastically compared to using the Ethereum mainnet.
Why Every Small Business Should Use Polygon
Here are some key benefits I’ve gotten from using Polygon for my business:
- Lower Fees – Transaction fees on Polygon are typically under $0.001 compared to $20+ on Ethereum right now. This adds up to huge savings for a small business like mine.
- Faster Transactions – With no network congestion, transfers and transactions on Polygon are confirmed in seconds rather than minutes or hours as is often the case on Ethereum.
- Increased Sales – I’ve been able to boost sales by supporting crypto payments from customers on Polygon for negligible fees.
- Easy Adoption – Integrating Polygon was straightforward even for a non-technical founder like myself thanks to MetaMask integration and documentation.
As both an entrepreneur and cryptocurrency investor, I highly recommend other small business owners explore Polygon to reduce operating costs and improve transaction speed. The benefits are substantial.
Step 1: Install and Set Up MetaMask
To get started, you‘ll first need to install the MetaMask browser extension if you haven‘t already. MetaMask is one of the most trusted and widely used Ethereum and Polygon wallets.
Here‘s how to set it up correctly:
- Install MetaMask extension for Chrome, Firefox, or Brave.
- Create a new wallet and agree to T&Cs.
- Save your seed phrase somewhere secure – it can restore your wallet if you get logged out.
- Set a password for added security.
With over 30 million users, MetaMask has proven to be a secure, easy-to-use crypto wallet. But always make sure to take precautions like saving seed phrases when using any cryptocurrency software.
Step 2: Get Tokens and Assets on Ethereum
Before bridging over to Polygon, you‘ll first need some ETH or ERC-20 tokens on the Ethereum network in your MetaMask wallet. Here are some of the most common ways to get funds on Ethereum:
- Buy ETH directly on an exchange like Coinbase then withdraw to your MetaMask ETH address.
- Buy stablecoins like USDC from an exchange and withdraw them to MetaMask.
- Use a debit card to buy ETH or USDC directly in MetaMask.
- Transfer ETH or tokens in from another software or hardware wallet.
I generally recommend new users buy USDC stablecoins on Coinbase with USD, then withdraw those USDC tokens to MetaMask. This keeps your funds pegged to the US Dollar before bridging them over to explore Polygon.
Step 3: Add Polygon Network to MetaMask
Adding Polygon to MetaMask is very quick and easy:
- Click the network selection dropdown in MetaMask.
- Select "Add Network" at the bottom.
- Enter the following details:
- Click "Save" and Polygon mainnet will appear in your network list!
Now you can freely switch between the Ethereum mainnet and Polygon to access either network.
Step 4: Bridge Assets to Polygon
To start using Polygon apps, you‘ll need to move some tokens from Ethereum over to Polygon. This process is known as "bridging".
There are a few common ways to bridge assets:
This is Polygon‘s official bridge that is easy to use directly in MetaMask. I prefer the PoS Bridge for bridging smaller amounts (<$1000).
To use it:
- Go to PoS Bridge and connect MetaMask.
- Choose asset & amount to bridge.
- Complete bridge process in MetaMask.
- Assets bridged to Polygon (usually takes <10 minutes).
For bridging larger amounts, I recommend using CEXs like Binance, Crypto.com, or Coinbase which support direct withdrawals to Polygon. Fees are usually lower than PoS Bridge for bigger transfers.
You can also use decentralized bridges like Hop Protocol but do your own due diligence on their security and reliability.
Step 5: Use Polygon dApps with MetaMask
Now comes the fun part – take advantage of all the great apps being built on Polygon!
Here are just some of the popular dApps I use regularly:
- QuickSwap – Popular DEX and yield farm
- SushiSwap – DEX with yield farming
- DFYN Exchange – DEX with innovative products
Lending & Borrowing
- AAVE Polygon – Major DeFi lending platform
- Euler Finance – Alternative lending market
- OpenSea Polygon – Largest NFT marketplace
- Rarible – Creative community-owned NFT marketplace
- Pay with Matic – Checkout plugin for Shopify, WooCommerce, etc
- Transak – Fiat onramp directly to Polygon
I‘ve been able to integrate many of these platforms into my small business to reduce fees, boost efficiency, and expand my customer base by supporting crypto payments.
Key Takeaways as an Entrepreneur
Transitioning my business to using Polygon regularly took some learning but has more than paid off by significantly lowering my operating costs.
Here are some key takeaways from my experience using Polygon as an entrepreneur:
- Reduced transaction fees help any business save money and boost margins.
- Faster settlement aids cash flow and improves user experience.
- Supporting crypto opens up new customer markets if implemented strategically.
- Due diligence is still important before relying on any new technology long-term.
- There will be some learning and onboarding costs so be patient as an early adopter.
Overall, I would encourage any small business owner to explore Polygon. The efficiency gains can be substantial which positively impacts your bottom line.
Let me know if you have any other questions! Happy to help fellow entrepreneurs use web3 technologies like Polygon to gain a competitive advantage.