How long does it take to convert eth to eth on 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:

Signing in polygon

Click “Sign” and you will be directed to their bridging portal to transfer your assets from Ethereum Mainnet to Polygon. 

polygon bridge portal

Simply select which tokens you want to send, and click “Transfer”. It should take about 7-8 minutes to deposit your funds.

polygon bridge transfer message

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.

Transfer in progress Polygon

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.🕺🏽

polygon list of dapps

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.

toucan protocol

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.

Polygonscan BCT token

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.

KLIMA apphttps://dapp.klimadao.finance/

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.

SushiSwap on Polygon

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. 

Approving SushiSwap transaction of WETH to BCT

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.

Final Thoughts

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.

With the festive season nearing, there will be a lot of wrapping and gift-giving. But what about wrapping Ethereum? There’s nothing like the present to learn how to wrap (and unwrap) Ether!

What Is the Difference Between ETH and Wrapped ETH (WETH)?

Put basically, Ether (or ETH) is the native token for the Ethereum blockchain. It is used, among other things, to pay transaction fees (i.e., gas fees ) for transactions executed on the Ethereum blockchain.

However, ETH was built before the ERC-20 standard, and hence does not conform to that set of conditions.

In comes wrapped Ether ( WETH ), which is used to trade directly with other crypto tokens that meet the ERC-20 standard. Tokens that meet these standards are interoperable and can be used in transactions on the ERC-20 compliant blockchains.

ETH has to be converted into WETH if the holder wants to use the ETH in ERC-20 compliant decentralized applications (DApps), blockchains and decentralized autonomous organizations (DAO). It must also be converted to WETH if the holder wants to use it in conjunction with other tokens.

In essence, WETH provides more utility to ETH holders without the ETH losing value when it’s wrapped in a smart contract and minted into WETH.

With that said, steps are being taken to upgrade the Ethereum codebase to make it conform to ERC-20 standards — essentially making WETH a thing of the past.

Check out our guide on Wrapped Ethereum to learn more.

Benefits of Using WETH

There are several advantages to using WETH.

It is interoperable with other ERC-20 crypto tokens. Since WETH can only be minted by a custodian, an entity that guarantees its value (e.g., smart contract, dApp, DAO), WETH has higher liquidity than native tokens.

Another benefit of using WETH is that it has enhanced security because its custodians generally only use secure exchanges. Plus, you have more control over your crypto tokens because the custodian keeps the private keys in a secure location.

Finally, WETH has faster transaction speeds and lower transaction fees relative to the unwrapped version of the token.

Cons of Using WETH

WETH has some disadvantages too. Custodians are required for the wrapping and unwrapping of ETH. So, if there are any problems with the custodian’s operations, those problems may affect the custodian’s minting and burning process.

In addition, the reliance on a custodian to mint and burn tokens leads to centralization. This centralization can be problematic and contradicts the point of a decentralized currency. For example, there could be US$3 billion of WETH on the Ethereum blockchain, but it could all be held/controlled by one company.

Lastly, the minting and wrapping of ETH require the payment of gas fees — these are paid for minting and burning — which are not a small amount and can lead to slippage too.

How Does Wrapped Ethereum Work?

It is important to remember that the ERC-20 standard for crypto tokens was created after the ETH token was created for the Ethereum blockchain. The Ethereum token is not in compliance with the ERC-20 standards, so it cannot be used with ERC-20 compliant tokens.

The process for changing ETH so that it would be in compliance with the ERC-20 tokens would be too costly and disruptive for the Ethereum blockchain. Thus, is better that ETH be converted into WETH and then used in ERC-20 compliant dApps, smart contracts and blockchains.

When you convert ETH into WETH, a smart contract mints a WETH token that is backed by the ETH token being submitted for the transaction. The private key for the ETH token is kept secure by the custodian that mints the WETH and guarantees that the WETH has the same value as its underlying ETH token.

Moreover, the smart contract structures the WETH so that it is in compliance with the ERC-20 standards and can be used with other ERC-20 compliant software and programs.

Ultimately, WETH can be used to pay gas fees, make payments, trade in decentralized exchanges (DEXes) and anything else that can be done with any accepted crypto tokens.

Moreover, WETH can be used like a native token on any ERC-20 compliant blockchains and DApps. That means that WETH holders pay fewer and lower transaction fees, plus have faster transactions than ETH holders. The reason being ETH holders have to swap their ETH for tokens that can be accepted by other blockchains and their related dApps.

How Do You Convert Ethereum to Wrapped Ethereum?

If you have ETH, you can wrap it and get ETH by simply trading ETH to WETH.

Before that, you will need to have some ETH in a wallet, such as MetaMask

Next, you will need to connect your wallet (in this case, MetaMask) to a DEX built on Ethereum, such as Uniswap

Perform the following steps to convert your ETH to WETH:

On your Chrome browser, login to your MetaMask account and install the browser extension

2. Connect your wallet

3. Select ETH for the top asset and WETH for the bottom asset (pictured below)

4. Select the amount of ETH you would like to wrap

5. Click wrap

6. A popup notification from MetaMask will appear, showing the estimated gas fees and total transaction amount

7. Click confirm and voila, you will have WETH in your wallet in a bit

Another popular use case for WETH lately is on OpenSea, the largest secondary marketplace for non-fungible tokens (NFTs). Check out their guide on how to wrap ETH on OpenSea here

How Do You Unwrap WETH?

If you have WETH, you can unwrap it and get ETH. After unwrapping (a.k.a. burning) it, you get the original ETH back. The burned WETH is returned as ETH and deposited into the former WETH holder’s crypto wallet.

Just like wrapping ETH, you will need to have a wallet, like a Metamask account. Simply perform the same steps above but choose WETH as the first asset and ETH as the second asset.

How Do You Unwrap Ethereum on OpenSea using Metamask?

If you want to unwrap WETH, you can easily do it using OpenSea and a Metamask wallet. Before you begin unwrapping your WETH, go to each company’s website and sign up for an account. After you sign up for a Metamask account, you can fund it with fiat currency, cryptocurrency, or a debit/credit card. Next, connect your Metamask wallet to your OpenSea account. In order to do this, you must complete one transaction between your OpenSea and Metamask accounts.

After you have created your Metamask and OpenSea and you have WETH in your OpenSea wallet perform the following steps:

  1. Go to /opensea.io/
  2. Sign in to your OpenSea account.
  3. Click on the wallet icon in the top-right corner of the screen.
  4. Click on the three dots next to your WETH.
  5. Click the “Unwrap” option.
  6. After your request has been processed, click the “Confirm” button to swap it into your Metamask wallet.

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Written by Jane