How long does it take eth to transfer to metamask
High gas prices can turn off even the most seasoned crypto user. Whether you’re a crypto native or a newcomer, one of the most efficient ways to utilize your assets is to bridge it to a Layer 2 network that inherits the security guarantees of Layer 1 Ethereum.
Why? Low transaction fees, higher throughput, and a better overall user experience. You may even get exposure to certain dapps that aren’t available on Mainnet.
To begin our bridging series, we’d like to start with the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development: Polygon’s Proof of Stake network (previously Matic).
Solving The Scaling Trilemma
The blockchain trilemma refers to a widely held belief that decentralized networks can only provide two of three benefits at any given time with respect to decentralization, security, and scalability (Gemini).
Matic was started as a scaling solution to overcome these obstacles.
Ethereum’s gas fees are untenable for most users and Polygon serves as a solution for the novel crypto user to purchase NFTs, partake in DeFi, and immerse themselves in virtual worlds in an efficient, affordable manner.
Read on to learn how to bridge your assets to the platform using their native bridge and interact with a dapp that will make your environmentally friendly senses tingle. 🌲
Sending Assets To Polygon
First, you’ll want to make sure you have your funds handy in your wallet. MetaMask is your portal into the Web3 world and you can use it directly in your browser extension.
Remember to practice good security with your seed phrase—store it safely, in multiple places, and NEVER give it to anyone.
After you’re done, you can make your way over to Polygon’s bridge and approve the transaction to log into their wallet. It will look like this:
Click “Sign” and you will be directed to their bridging portal to transfer your assets from Ethereum Mainnet to Polygon.
Simply select which tokens you want to send, and click “Transfer”. It should take about 7-8 minutes to deposit your funds.
You will be prompted to sign and approve the transaction in your MetaMask wallet which is where the gas fee will also be quoted, and you will see a progress tab bar indicating when your transfer is complete.
Note that the Proof of Stake (PoS) bridge is secured by validators and will take approximately 3 hours when/if you want to move your funds back to Ethereum.
Completed? Your funds are now on Polygon and you’ll be able to interact with a slew of dapps and tools.🕺🏽
Check out the extensive list here.
Bridging Carbon Credits To Polygon
*this section originally appeared on James Beck’s article, How We Get To Negative Emissions With Web3
Web3 decentralizes financial primitives and protocols and makes it easier to collectively pool capital and increase liquidity. With smart contracts, rewards can be automated on-chain, in real time, which makes it easier to incentivize participation. Standardized, tradable carbon credits tokens increase liquidity, and because of open source software and the inherent composability of DeFi, projects can build upon other ideas and smart contracts.
One project that just began to standardize carbon credits as tokens is the Toucan Protocol, which built a “carbon bridge” to bring carbon credits to Polygon. Using the Toucan Protocol, anybody can tokenize their carbon offsets on the Verra registry and make them available to DeFi protocols. They plan on expanding to other carbon registries, like the Gold Standard in the future.
Users of the carbon bridge need to retire the carbon offsets in the “real world” before bringing them on-chain in order to guarantee that a carbon token is unique and that burning a token on-chain is equivalent to retiring an offset. Each of their Base Carbon Tonne (BCT) tokens is backed by 1 tonne of a retired CO2 credit.
Since launch on October 18th, already 10.8 million tons of CO2 have traversed the carbon bridge from the Verra registry and deposited in the Carbon Pool, BCT (Base Carbon Tonne). Incredibly, this is about 12% of NYC’s annual CO2 emissions.
What is driving this rapid retirement of carbon credits? One clue is that members of KlimaDAO are retiring Verra credits and turning it to BCT in order to start earning rewards in a separate DeFi protocol called KlimaDAO.
$KLIMA tokens are fungible and backed by at least 1 Verified Carbon Unit in the KlimaDAO treasury. People can acquire KLIMA by depositing liquidity tokens (KLIMA/BCT and BCT/USDC) to the treasury, or directly from SushiSwap trading pools using the Polygon network. Holders of KLIMA can earn compounding interest on their KLIMA by staking, will have the ability to vote on Klima DAO policy. Staking encourages long-term holding of KLIMA, and allows participants to benefit from the rising price of carbon.
BCT Tokens On Polygon
Told you they’d be tingling.🌲
If you want to harness the power of Web3 in climate servitude here’s how to get some BCT tokens on SushiSwap.
Once you’re on the Swap tab, make sure your network in the upper bar is selected to Polygon. If you’re on Mainnet, simply switch your network, and approve the transaction in MetaMask.
You can then select which token you would like to swap and click “Approve Transaction”. In this case, we selected WETH.
You will have to approve the transaction fee on MetaMask (which will likely be close to $0), and “Confirm Swap” on SushiSwap for the final step:
And done! You pay a modest amount in gas fees and contribute to improving voluntary carbon markets. Feel free to continue perusing dapps on Polygon without high transaction costs barring the fun.
New users and natives alike don’t enjoy paying an arm and a leg in high gas fees, and as more and more dapps get deployed on Polygon, people may conduct most of their Web3 activity in this ecosystem. Polygon’s Proof of Stake network is more environmentally-friendly than Ethererum’s current Proof of Work chain (soon to change) and allows Ethereum activity to scale in an efficient way. Once your assets are bridged, you can choose to swap and stake tokens, play games, purchase NFTs, and foray more into Web3 with ease.
To buy ETH, first you will need to set up a Coinbase account. Having launched in June 2012, Coinbase has built its reputation as one the most trusted and secure crypto exchanges in the world. With over 89 million registered users, you can trust that you’re not alone when you choose Coinbase as your preferred crypto exchange.
To set up your Coinbase account, follow these steps below:
- Create your account
Go to Coinbase from a browser on your computer, or download and open the Coinbase app on Android or iOS to get started.
- Verify your email
Select Verify Email Address in the email you received from Coinbase. This email will be from [email protected]
- Verify your phone number
When you sign into Coinbase, you will be asked to enter your phone number. Upon doing so, you will need to enter the seven-digit code Coinbase texted to you, into your Coinbase account.
- Enter your personal information
Enter all the required info from your government-issued photo ID (you will need to provide a picture of your ID later).
- Verify your identity
Sign into Coinbase to complete your ID verification.
- Link your payment method
Depending on which country you live in, the type of payment methods you can link will vary. In general, you can choose to link to a Bank Account, Debit Card, Wire Transfer, PayPal, and other various forms of payment.
If you need additional help setting up your Coinbase account, make sure to check out this guide.
What is gas? Why do transactions take so long?
By Mattison Asher
TL;DR: Just like you pay a wire or ACH fee when transferring money out of your bank account, there is a fee (called gas fee) to send transactions on Ethereum. It is like paying a toll to use Ethereum.
What is gas?
While you may think of filling up your car, or even what you ate earlier in the day, when you hear the term gas, the term has a special context in the world of crypto. Gas in crypto refers to the unit that measures the amount of computational effort required to execute specific operations on Ethereum. You must pay a gas fee in order to execute a transaction on Ethereum. Whether you are on MetaMask mobile or the desktop extension, you will always need to pay for gas when executing transactions.
Need to send your mom some ETH? That transaction requires gas. Want to lend out your money via Compound? That transaction requires gas too. What about buying an NFT? You guessed it–gas. Gas is like a toll. If you want to use the highway, you have to pay the toll so the government has money to maintain the highway. The more duress a vehicle puts the road under, the higher the toll the driver must pay. Tolls are a lot higher for 18 wheelers than motorcycle drivers.
Similarly, the more complex the transaction on Ethereum, the higher the gas fee, since the transaction will require more computational effort.
What is a gas limit?
Gas fees are denoted in Gwei, which is just .000000001 ETH. You can think of Gwei like cents, since 1 cent is .01 of a dollar. For every transaction you want to make, you must set what fee you are willing to pay for your transaction to be executed. The maximum amount of gas units you are willing to pay for in a particular transaction is called the gas limit. In addition to there being a gas limit that needs to be specified for a transaction to execute, there is also a gas price that must be input as well. The gas limit x gas price = gas fee, which is what you have to pay for the transaction to be executed.
Lucky for you, MetaMask calculates the approximate gas fee you should set for you based on how fast you want your transaction to be confirmed.
Where your gas fees go
You might be wondering “why will my transaction be confirmed if I set a higher gas fee?” An excellent question!
When you submit a transaction on Ethereum, you are competing with a bunch of other people who also want to submit a transaction at the same time. While you might be sending your mom some Ether, someone in India might be trading on Uniswap, while someone in Nepal might be buying the latest NFT minted on OpenSea. Each person is trying to have their transaction executed at the same time. But, only so many transactions can be included in an Ethereum block, and there are only new blocks every roughly 13 seconds. In fact, only 12.5 million units of gas can be included in each block. This means everyone is competing against one another to have their transaction included in the next block. When demand is high, and supply is constrained since only so many transactions can be included in a block, price must increase.
But where do these transactions go when they are submitted but prior to them actually being executed? These transactions go to the mempool, short for “memory pool.” The mempool is where all the transactions that have been submitted but not yet verified live.In short, the mempool is the waiting queue for validation. Miners, who validate transactions before they are executed to make sure they aren’t malicious, pick the transactions that should be included in the next block from the mempool.
“So why would miners pick my transaction from the mempool where I am sending my mom some ETH to be included in the next block?” Because I am willing to pay them more of course!
Miners select what transactions should be included in the next block based on how high the gas fee users set prior to submitting the transaction. The higher the gas fee, the higher chance a miner will be willing to include your transaction in the next block. This situation is where the competition comes in, since you are competing with everyone else setting gas fees during that time frame to be included in the next block.
Why do transactions take so long
Since you are competing against other users submitting transactions, if your gas fee is too low, miners won’t be incentivized to include your transaction in a block in the near future. Thus, your transaction takes so long because the gas fee was not set high enough for it to be included in a near-future block. You will have to wait for the gas fees that other users are willing to pay to go down for your gas fee to be attractive to miners.
This series article is intended for general guidance and information purposes only for beginners participating in cryptocurrencies and DeFi. The contents of this article are not to be construed as legal, business, investment, or tax advice. You should consult with your advisors for all legal, business, investment, and tax implications and advice. ConsenSys is not responsible for any lost funds. Please use your best judgment and practice due diligence before interacting with smart contracts.