How To Move Umbria to Polygon (MATIC) Chain

This month, the Umbria team announced the release of its decentralized exchange and farming platform on Polygon. Users can provide liquidity, swap between cryptocurrencies and earn interest on a select range of tokens, for a fraction of the price compared to traditional decentralized exchanges such as Uniswap. This article describes the steps involved to move Umbria (or indeed any ERC20 token supported by Polygon) onto the Polygon ecosystem, in order to use the Umbria DEX and farm.

To use the Umbria DEX on Polygon, we need to move our Ethereum tokens onto the Polygon chain through the Polygon Bridge. The first step is to hold the token you wish to move in a Metamask wallet. Metamask is a cryptocurrency wallet that can store Ethereum-based tokens. It is also compatible with Polygon, and many other Ethereum-based blockchains such as Binance Smart Chain.

Screenshot of Metamask connected to the Ethereum Mainnet

By default, Metamask is configured to connect to the Ethereum mainnet, but it can be configured to connect to the Polygon blockchain. To do this, click the dropdown at the top of the Metamask application, and choose “Custom RPC”. Enter the following information into the fields.

Once you have configured your Metamask wallet, the next step is to head to the Polygon bridge website, and transfer your assets to the Polygon ecosystem. You will need some Ethereum in your wallet to pay for the gas costs of transferring your tokens onto the Polygon ecosystem.

Note: The Polygon bridge does not support all ERC20 tokens, just those that the polygon team has approved.

Search through the dropdown box until you find the asset that you wish to transfer to the Polygon network (in this case, Umbria) and enter the amount you wish to send over. Whenever you interact with a smart contract that moves your ERC20 tokens from your wallet, will have to first Approve the transaction, before the transfer can take place. Once you have Approve the transaction, you will then need to Deposit your token into the Polygon bridge contract. This will cost a small amount of gas and take approximately 10 minutes.

This transaction may never complete if the cost of sending an Ethereum transaction increases dramatically while you attempt this transaction. If this is the case, you can speed up the transaction from your Metamask wallet by paying more gas.

Eventually, your transaction will complete and you will receive a success message which says that your tokens have been successfully bridged to the Polygon chain.

IMPORTANT: After your transaction has completed, it may take up to 1 hour for your tokens to appear in your Metamask wallet.

Umbria is a decentralised protocol (Defi) which enables the creation of tokenised money markets. These money markets will enable users to accrue interest.

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