From WaultSwap BSC (WEX) to WaultSwap Polygon (WEXpoly): how it works [Tutorial]
On June 14, 2021, Wault.Finance will release the crosschain version of WaultSwap on the Polygon (formerly Matic) network. WEXpoly, WEX’s mirror token, will be the platform’s main token, and will serve as a farming reward, but also for the governance of WaultSwap Polygon.
This important development obviously leads to its share of questions:
- CHAPTER 1: How to configure your wallet with the Matic network?
- CHAPTER 2.1: How to convert tokens from a blockchain (BSC, Ethereum, etc.) into tokens compatible with Polygon?
- CHAPTER 2.2: How to convert tokens from a centralized exchange (Binance) into tokens compatible with Polygon?
- CHAPTER 3: How to convert WAULTx BSC to WAULTx compatible with WaultSwap Polygon?
- CHAPTER 4: Is there a trick to get a fraction of native MATIC that can be used to pay first transaction fees?
This is what we will see in the following lines, until a WaultSwap native bridge is developed by the team.
Author’s note: for any questions or to discuss about Wault, you can find me on Wault’s French Telegram group (if you speak french!), or on Wault Main Channel. You can follow me on Twitter as well 😉
CHAPTER 1: How to configure your wallet with the Matic network?
First of all, you should know that some wallets are not yet compatible with the Matic network. We will therefore favor the use of MetaMask.
1.1. Migrate an existing wallet (ex: TrustWallet) to MetaMask
If you are using TrustWallet or another wallet that is not compatible with Matic, you must first migrate it to MetaMask. To do this, go to your wallet settings, click on “Show recovery Phrase”, then copy the 12 words that are displayed.
Now open MetaMask (https://metamask.io). If you already had a MetaMask account, make sure you have saved your keywords or private key if you plan to use it again in the future (or if there are already funds on it). Once this is done, log out (“Logout”), then click on “Reset Wallet”, this will reset your MetaMask wallet.
From now on, all you have to do is configure your new MetaMask Wallet with the keywords of your wallet which was not compatible with Matic. Click on “Get started”, then “Import using Secret Recovery Phrase”. Enter your 12 keywords, define a new password, then click on “Import”. Your old wallet is now imported to MetaMask!
1.2. Configure the Matic network (Polygon) on MetaMask
Open your MetaMask wallet, and click on the name of the network that appears at the top (Binance Smart Chain, Ethereum, etc.).
Then select “Custom RPC” at the bottom of the list.
From now on, it will be necessary to enter the information of the Matic network.
- Network Name: Matic Mainnet
- New RPC URL: https://rpc-mainnet.maticvigil.com/
- Channel ID: 137
- Symbol: MATIC
- Block Explorer URL: https://explorer.matic.network/
Once this information has been entered, click on “Save”. The Matic network is now on your wallet!
To change the network according to your needs (for example, to switch from BSC to Matic and vice versa), you just have to click on the name of your network at the top of MetaMask, then choose the desired network.
CHAPTER 2: How to convert tokens from a blockchain (BSC, Ethereum) or a centralized exchange (Binance) into tokens compatible with Polygon?
Now that you have the Matic network on your MetaMask wallet, you will be able to use your wallet on the Polygon blockchain. However, you will need tokens running on the Polygon blockchain to make your first exchanges, and especially MATIC tokens to pay transaction fees on the Polygon network.
Note: Polygon transaction fees are very low. So, with 0.001 native MATIC, you will be able to pay the fees for many transactions!
However, tokens such as MATIC or USDT that you buy on centralized or decentralized exchanges, are usually either in ERC-20 format (Ethereum blockchain), BEP-2 format (Binance blockchain), or BEP-20 format (Binance Smart Chain). This means that they will not be exploitable on the Polygon blockchain, unless you use a “bridge” or another exchange to convert them into tokens compatible with Polygon.
There are several methods for this, but most are unreliable or very expensive (between $ 15 and $ 100). In particular because of the significant transaction costs of the Ethereum blockchain, or quite simply because of the very high conversion and withdrawal fees of many centralized exchanges.
There is also a simple and inexpensive method presented by Ken from Wault Finance on the Wault YouTube channel, but this requires sending a minimum of 234 MATIC, which will not be suitable for everyone.
We are therefore going to study two solutions here that offer the best compromise between reliability and savings, but there are obviously many other techniques:
- 2.1. How to convert tokens from a blockchain (BSC, Ethereum, etc.) into tokens compatible with Polygon?
- 2.2. How to convert tokens from a centralized exchange (Binance) into tokens compatible with Polygon?
SECTION 2.1: How to convert tokens from a blockchain (BSC, Ethereum, etc.) into tokens compatible with Polygon?
What you will need:
- A MetaMask wallet connected to the BSC and Matic (Polygon) networks
- USDT BEP-20 (BSC) tokens available on your Metamask wallet
- An account on the MEXC exchange (previously MXC)
Step 1: Buy USDT on WaultSwap BSC
1- Connect your MetaMask wallet to the BSC network (see the tutorial here), then go to WaultSwap, in the “Swap” section.
2- If you don’t have a BEP-20 USDT (BSC) on your MetaMask wallet, change one of your tokens (here the BNB) for USDT, indicate a quantity, then click on the “Swap” button. Then confirm the transaction with MetaMask.
Step 2: Send your USDT to MXC from your MetaMask wallet
1- Go to MEXC and create an account.
Do not forget to enter and then validate by SMS your mobile phone number after creating the account, otherwise you will not be able to make a withdrawal afterwards.
2- Once you have validated your account, click on “Assets” then on “My Assets”, write “USDT” in the search bar, and finally click on “Deposit” to obtain the USDT deposit address to deposit the ones you bought from WaultSwap.
3- Choose the BEP-20 network (the Binance Smart Chain network), and copy the USDT deposit address.
4- Now that you know your USDT BSC address, you must manually add the USDT token contract (BEP-20) on your MetaMask wallet to see it appear on your wallet.
To do this, go to CoinGecko’s USDT (Tether) page with your MetaMask wallet connected to the BSC network. Then click on the three small dots (…) to the right of the “Contract” section, and click on the MetaMask logo which appears to the right of the “Binance Smart Chain” contract to automatically add the USDT BSC contract to your wallet. Remember to validate the MetaMask pop-up window that will appear to confirm the addition of the token. Your USDT BSC tokens are now visible on your MetaMask wallet.
5- Now open your MetaMask wallet (connected to the BSC network), look for the USDT token in your assets and click on it. Then click on “Send”. Paste the USDT BEP-20 wallet address that you copied on MECX, insert an amount, click “Next”, then confirm the transaction. A few moments later, your USDT BEP-20 tokens will be available on your MEXC account!
Step 3: Exchange your USDT for MATIC on MEXC
1- Return to MEXC and click on “Assets” then on “My Assets” to check that you have correctly received your USDT (do not hesitate to refresh the page if necessary). Once your USDT are available, click on “Trade” (or “Exchange”) then on “Spot Trading”.
In the search bar, look for the “MATIC / USDT” pair. Enter the amount of tokens you wish to purchase, then click “Buy MATIC”.
Step 4: Send your MATICs to your MetaMask wallet
1- Open your MetaMask wallet, and check that you are connected to the Matic network. Click on your account name to copy your wallet address, then come back to MXC. Click on “Assets” then on “My Assets”.
2- Click on “Withdraw”, choose “MATIC (Matic Network)” and check “MATIC”, paste the address of your MetaMask wallet that you had copied previously, indicate the number of MATIC you want to send to your wallet, and click on “Submit”.
Perform the withdrawal verification by entering the codes received by email and SMS (hence the importance of having provided your phone number beforehand!), And finally click on “Submit”.
Congratulations, you now have real MATIC tokens, ready to be used on the Polygon blockchain and WaultSwap Poly!
SECTION 2.2: How to convert tokens from a centralized exchange (Binance) into tokens compatible with Polygon?
What you will need:
- A MetaMask wallet connected to the Matic network (Polygon)
- An account on the Binance exchange
- BNB or USDT tokens available on your Binance account
- An account on the MEXC exchange
Step 1: Get USDT on Binance
1- Go to Binance, log into your account, then click on “Trade” and “Convert”.
2- Select “BNB”, indicate the amount you wish to spend, then indicate “USDT” in the destination token section, and finally click on “Preview Conversion” to see the conversion conditions. If all is good for you, click “Convert”.
Step 2: Send USDT to MXC from Binance
1- Go to MEXC and create an account.
Do not forget to enter and then validate by SMS your mobile phone number after creating the account, otherwise you will not be able to make a withdrawal afterwards.
2- Once you have validated your account, click on “Assets” then on “My Assets”, write “USDT” in the search bar, and finally click on “Deposit” to obtain the USDT deposit address to deposit the ones you bought on Binance.
3- Choose the TRC-20 network (one of the cheapest for a USDT transfer from Binance), and copy the deposit address.
4- Go back to your Binance account, click on “Wallet”, then on “Fiat and Spot”. Then locate your “USDT” token and click “Withdraw”.
A second window will appear. Choose “USDT”, then indicate the USDT deposit address (TRC-20) of the MXC platform that you had previously copied, choose “TRC-20” as the network, indicate an amount and finally click on “Withdraw” to send your USDT to your MEXC account.
Step 3: Trade USDT for MATIC on MEXC
1- Return to MXC and click on “Assets” then on “My Assets” to verify that you have correctly received your USDT (this may take a few minutes, remember to refresh the page if necessary). Once your USDT areavailable, click on “Trade” (or “Exchange”) then on “Spot Trading”.
In the search bar, look for the “MATIC / USDT” pair. Enter the amount of tokens you wish to purchase, then click “Buy MATIC”.
Step 4: Send your MATIC to your MetaMask wallet
1- Open your MetaMask wallet, and check that you are connected to the Matic network. Click on your account name to copy your wallet address, then come back to MXC. Click on “Assets” then on “My Assets”.
2- Click on “Withdraw”, choose “MATIC (Matic Network)” and check “MATIC”, paste the Matic address of your MetaMask wallet that you had copied previously, indicate the number of MATIC you want to send to your wallet, and click on “Submit”.
Perform the withdrawal verification by entering the codes received by email and SMS (hence the importance of having provided your phone number beforehand!), And finally click on “Submit”.
Congratulations, you now have real MATIC tokens ready for use on the Polygon blockchain and WaultSwap Poly!
CHAPTER 3: How to convert WAULTx BSC to WAULTx compatible with WaultSwap Polygon
If you already have some MATIC to pay the costs of the first transactions on WaultSwap Polygon (otherwise see chapter 4), and you do not want to go through a centralized exchange such as MXC to convert your assets (the method of chapter 2) , you can use the AnySwap bridge to convert the WAULTx that you have on the BSC network to WAULTx compatible with WaultSWap Polygon. Here’s how to do it (NOTE: a minimum of 1200 WAULTx is required to use the bridge):
Step 1: Buy WAULTx on WaultSWap BSC
1- Go to WaultSwap, in the Swap section. Make sure your wallet is connected to the BSC network, then click on “Connect” at the top right of the WaultSwap interface.
2- Choose the token you wish to exchange, indicate a quantity, then select “WAULTx” and click on “Swap”. A confirmation window appears, click on “Confirm Swap” then validate the transaction with MetaMask by clicking on “Confirm”.
Step 2: Exchange your WAULTx BSC for WAULTx compatible with Polygon
1- Now go to the AnySwap platform, in the “Bridge” section.
2- Connect your MetaMask wallet to the Matic network (see chapter 1).
3- Choose the Matic network (“MATIC Mainnet”), then connect your wallet to AnySwap by clicking on “Connect to a Wallet” (top right).
4- Click on the token which appears in the “Deposit” section, and search for “WAULTx”. Indicate the amount you wish to convert, then choose “WAULTx” in the “Receive” section.
5- Click on “Confirm” to validate and connect to your MetaMask wallet, then sign the transaction by clicking on “Sign”.
Congratulations! You now have WAULTx fully compatible with the Polygon network, and ready to be used on WaultSwap Polygon!
CHAPTER 4: Tip for obtaining a free fraction of native MATIC which can be used to pay transaction fees
Get a fraction of MATIC thanks to the “faucet” (“tap”) of the Mac & Cheese site
Please note: the Mac & Cheese site is not an official Polygon project site. So use it with caution.
1- Connect your MetaMask wallet to the Matic network, and copy the public address that appears below the name of your account.
2- Then go to the following site:
https://macncheese.finance/matic-polygon-mainnet-faucet.php
3- Enter the address of your wallet that you previously copied, then check the “I am not a robot” box.
4- Click on “Send 0.001 MATIC to my address!”.
5- Wait a few seconds, then click on your Metamask wallet. You should see 0.001 MATIC appear!
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Author’s note: for any questions or to discuss Wault, you can find me on Wault’s French Telegram group (if you speak french!) or in the main Wault channel, and you can follow me on Twitter as well.
