inSure DeFi is Expanding the Crypto Portfolio Insurance Capability to Polygon.
We are thrilled to announce our integration with Ethereum scaling project Polygon (Previously Matic Network) to bring the crypto portfolio insurance capability to Layer 2 Network.
- inSure DeFi’s SURE token can now be bridged to the Polygon Network
- The process for enabling Polygon on your MetaMask wallet is easier than you might think
- Bridging SURE from Ethereum to Polygon only takes a few minutes and could save you thousands in gas fees
- The opening of this bridge is a gateway event for inSure DeFi expansion on Polygon
The growing popularity of decentralized finance and NFTs has led to the largest blockchain networks like Ethereum becoming congested with transactions and bottlenecked by high fees. Supporting the transition from Web 2 to a completely decentralized Web 3 requires advanced and secure infrastructure to be built.
Polygon (Matic Network) solves these problems by providing a well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its ecosystem is one of the biggest multi-chain systems in the world encompassing 50+ EVM networks, hundreds of enterprise chains, and dozens of Layer 2 implementations.
Setting Up MetaMask for Polygon (Matic Mainnet) — Custom RPC Configuration
The first question many ask is, “which wallet should I be using”? At UniLend, we recommend MetaMask. MetaMask is a cost-free and protected browser extension that allows users to easily interact with the Ethereum blockchain as well as several other sidechains — like Polygon.
New users can download and configure MetaMask here.
Once you’ve installed MetaMask, there are only a few short steps to go!
From your browser extension menu that looks like a puzzle piece in the top right corner of your screen, select MetaMask. At the top near where it says “Ethereum Mainnet”, select the downward-facing arrow. At the bottom, you’ll see “Custom RPC”. Select it.
A screen will then appear, allowing you to set up the custom RPC for the Polygon Network.
Enter the details as follows:
For ease of use, you can also copy and paste the details from here:
Network Name: Matic Mainnet
New RPC URL: https://rpc-mainnet.matic.network
Chain ID: 137
Block Explorer URL: https://explorer.matic.network/
Carefully enter the details, and ensure that you haven’t missed any of the above fields. Once you’re confident that you have everything configured correctly, click the “Save” button.
Congratulations! You are now connected to the Polygon Network and ready to interact with Layer 2!
Transferring SURE from the Ethereum Mainnet to the Polygon Network
To transfer your SURE from the Ethereum mainchain to Polygon, you will need to use the PoS bridge.
To do so, you will need to open and set up the Matic Web Wallet V2. You can access that here: https://wallet.matic.network/bridge
Once you access the wallet, connect it to your MetaMask account with the Ethereum Mainnet selected as the network.
After you’ve connected your wallet, you will be navigated back to the Matic Wallet interface.
Click on “Move Funds to Matic Mainnet”. Enter the amount of SURE you’d like to transfer, and then click “Transfer”.
The following warning will appear. Read through what’s supported, and then select continue.
Next, open MetaMask, select “Matic Mainnet” from the drop-down menu, and you’re ready to interact with layer 2!
Last Step! Adding SURE as a Custom Token to Your Wallet on Matic Mainnet
Those who were already familiar with MetaMask will be familiar with the process of adding a custom token to their wallets. What many may not know is that even if they’ve already added SURE to their wallet on the Ethereum Mainnet, they will have to add it again on the Matic Mainnet to view their balances. This is because SURE’s address is not the same on Polygon as it is on Ethereum. SURE’s Polygon address is:
Will be crated soon!
The good news is that adding a custom token is very simple.
From your MetaMask wallet, with Matic Mainnet set as the network, scroll to the bottom and click “Add Token”.
Then, copy and paste SURE’s token address from above into the first line titled “Token Contract Address”. For added security, you can also verify that the address is correct on the Matic Token Mapper page. Once you’ve filled that line incorrectly, the other two fields (“Token Symbol” and “Decimals of Precision”) should auto-populate with the correct information (SURE and 18). Then, click “Next”.
MetaMask will then ask if you want to add the token to your wallet, and you should click “Add Tokens”.
Back in your wallet home screen, under the “Assets” tab, you should now see SURE.
One More Thing…
While gas fees on Polygon are next to zero, they aren’t completely free. You will need some MATIC in your wallet to purchase insurance, stake, lend, borrow, trade, or do any other kind of transaction on Polygon. Luckily, the network provides a faucet to help get people started. You can visit the faucet at https://matic.supply/ for enough MATIC to conduct a few transactions. After claiming your free Matic, you might want to consider heading on over to QuickSwap.Exchange — the largest DEX on Polygon, to purchase a little bit more so you never run out of gas.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, etc., and Standalone Chains like Matic POS, designed for flexibility and independence. Polygon’s Scaling Solutions have seen widespread adoption with 350+ Dapps, ~121M txns, and ~1M+ unique users.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
About inSure DeFi
inSure DeFi is a Decentralized Insurance Ecosystem, partnered with Chainlink, trusted by thousands of community members to protect their crypto portfolios from scams, exchange closures, and drastic devaluations. inSure DeFi provides insurance solutions for the crypto space to stabilize and secure Crypto & DeFi portfolios.
Fast. Transparent. Future.