Thinking of giving DeFi a chance 🤔? You’ve come to the right place! Yet another article in the PolyCrystal Crystal Clear Educational Series through which we will help you to set up your very own wallet for storing cryptocurrencies as well as interacting with DeFi applications on the Polygon network 🌐.
Setting Up a MetaMask Wallet
Before you are able to use DeFi applications on Polygon, you first need a cryptocurrency wallet. Specifically — you need a wallet that can both hold crypto as well as connect to DeFi apps on Polygon. For this guide we will cover a very popular wallet that has established itself over the years — MetaMask! This wallet was originally built to talk with the Ethereum blockchain, but it can actually be used to have an account on various networks — including Ethereum, Binance Smart Chain, and Polygon!
You may use MetaMask directly on your computer web browser 💻, or on your Android or iOS mobile device 📱. Go ahead and navigate to the MetaMask download page.
In this example, we will install MetaMask for the Google Chrome web browser as an extension. Click “Install MetaMask for Chrome”.
Click “Add to Chrome” and then allow Chrome to add the extension.
For your convenience, we suggest you to pin the extension so that it is easily accessible to you at any time.
Once the MetaMask extension is installed, it should automatically navigate you to this view. If not, simply click on the fox icon in your extensions. Lets go right ahead and begin creating your very own cryptocurrency wallet account! Hit that “Get Started” button!
Since we are creating a brand new wallet, we will use the “Create a Wallet” button. Doing so will allow you to create a secret recovery phrase, also sometimes called a seed phrase. Before you proceed you must understand that this recovery phrase is what will allow you to access your funds on the Polygon blockchain — even if your computer is destroyed or lost. Think of the seed phrase as the key 🔑 that you need in order access the vault 🏦 that holds your valuable cryptocurrencies.
⚠️Warning: Never share your secret recovery phrase with anyone.⚠️
Just like you wouldn’t ever share your password or the pin to your bank account to a stranger, you should never share your secret recovery phrase. One of the most common scams in the cryptocurrency space are websites that ask users to enter their recovery phrase to fix a technical issue or to get free money. Unfortunately, the only outcome is stolen funds. Please be responsible and protect yourself, never ever share your seed phrase!
Over here you will create a password for your MetaMask extension. This password is only used to protect your account on the present device. Please memorize it or keep it for convenience, if you forget it you will have to start the process from scratch in the future and import your seed phrase (keep on reading).
Metamask talks about some of the same things we covered in this article about the seed phrase. Go ahead and review the information and/or hit the “Next” button.
This step is incredibly important! You will want to write down and store these secret words away from prying eyes. Please know that if you ever lose these words, you will never be able to recover your funds. Also, keep in mind the order of the words matters. It is advisable to not write these down on your device (in case your device is ever compromised), but instead write them down on a non-digital medium such as paper (or engrave them on a titanium plate 🤪). Once you write down your secret words, go ahead and hit “Next”!
Finally, MetaMask will ask you to confirm your secret words to make sure you wrote them down. Simply enter the secret words in the correct order and hit the “Confirm”.
You did it 🎉! Now you can brag to your friends and family that you have a cryptocurrency wallet! Isn’t that neat 😉? Alright — before we proceed it’s probably a good time for a coffee ☕️ break. Next, we will configure your MetaMask wallet to connect to the Polygon network and you will be ready to use DeFi applications such as PolyCrystal.Finance, ApeSwap, and many other protocols native to Polygon 🤩.
Configuring MetaMask for the Polygon Network
Before you are able to store some Polygon-compatible cryptocurrencies in your wallet or interact with DeFi applications on Polygon we will have to configure MetaMask to communicate with the Polygon network. Go ahead and click the fox icon to open up MetaMask.
Click the three vertical dots, and then select the Expand view option — which is a lot easier to navigate.
MetaMask will open up a larger view, now simply click your wallet circle icon, and navigate to “Settings”.
Now in the Settings menu you will want to select “Networks” on the left. Here we will configure MetaMask to connect to the Polygon network (also called the Matic Mainnet). Hit the “Add Network” button!
Fill out the following parameters, then hit “Save”.
Network Name: Matic Mainnet
New RPC URL: https://rpc-mainnet.matic.network
(Feel free to choose a different RPC from one of the options on here if you have any issues, or from the official Matic documentation).
Chain ID: 137
Currency Symbol: MATIC
Block Explorer URL: https://polygonscan.com
❓ What’s going on here?: To put it simply, we are configuring your MetaMask wallet to understand how to connect to the Polygon Network (Matic Mainnet). To connect to the network, your wallet will talk to the server in the given RPC URL. It is important to understand that you should only use an RPC that you trust — because a malicious RPC could be used to record your transaction activities! For this example we have used one of the public RPCs provided in the official documentation. As for the last bit, you may be wondering what is Polygonscan? It is a blockchain explorer which you can use at your convenience to explore any transaction or address on the Polygon network. Neat! ❓
That’s it! You’re done 👍! Now you will be able to interact with many cool DeFi protocols on Polygon through MetaMask. All you have to do is ensure that your MetaMask is connected to the Matic Mainnet network that we set up for you.
Why don’t you give it a try? Head on over to PolyCrystal.Finance!
Click the “Connect” button.
Select Metamask, and then allow the connection between your wallet and the PolyCrystal website.
If all goes well, the PolyCrystal site will then be able to see the address of the account in your wallet.
Give yourself a pat on the back, you now have a wallet to interact with DeFi applications on the Polygon network! Going forward, all you need is some funds in your wallet to be able to invest, swap, farm tokens, and do a lot of other cool stuff in Decentralized Finance 🤑. In our next article(s), we will go over topics such as:
- Bridging Funds from Other Networks — Coming 07/14
- Overview & Understanding of PolyCrystal.Finance
- Essential Tools for DeFi Users
- DeFi Security
And more! Make sure to follow the PolyCrystal Educational Series in the future to continue learning 😉👍!
This article was written by Light. Feel free to reach out to him if you’ve got a question or even if you just want to chat!
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