According to the announcement, the move further expands the NFT ecosystem within the Binance community. You can buy, deposit, withdraw, and list selected ERC-721 NFT collections on the Polygon network using your Binance account. To bridge tokens from Ethereum to Polygon, you need a compatible, , such as MetaMask. To bridge tokens from Ethereum to Polygon, you need a compatible cryptocurrency wallet, such as MetaMask. Opening an account that offers these features for all of their coins and tokens not just MATIC provides benefits down the road when you want to diversify your portfolio (discussed later in this article). T-Mobile Owner Turns to Blockchain, Becomes Polygon Validator - Crypto News Binance.US does NOT provide investment, legal, or tax advice in any manner or form. By default, the MetaMask wallet is only connected to the Ethereum. fee for this transaction. BSC News. To ensure smooth asset transition to sidechains and easy asset management for users, Polygon will be releasing its own wallet with a WalletConnect integration. Polygon Network Scores Telecom Giant Deutsche Telekom As Validator Blank stressed the importance of this partnership to the blockchain ecosystem and Web3. First, open MetaMask and click the network dropdown menu. Deutsche Telekom provides consulting and software development services while also using its infrastructure to boost network security and explore new revenue streams as a validator for several blockchain protocols. Tribe Capital Launches $100 Million Crypto Fund Targeting Layer 1, 2, and DeFi Projects Bull Market Back? To achieve this, Polygon is collaborating with top universities in India and the rest of the world to ensure that budding developers are aware and use Polygon as a platform to scale their dApps. Risk warning: Buying, selling, and holding cryptocurrencies are activities that are subject to high market risk. The Polygon Bridge allows users to quickly transfer ERC tokens and NFTs to the Polygon sidechain. On March 11, 2022, we observed network issues across the Polygon (MATIC) network. But wait, there's more! If you are ok with the gas costs, click [Continue] to proceed. CoinDesk journalists are not allowed to purchase stock outright in DCG. As mentioned, there are two bridges on the Polygon network: the Plasma Bridge and the PoS Bridge. This guide assumes that you have a suitable wallet set up and connected to the BSC network already, if not we can recommend using MetaMask.. This opens up a long list of use cases, including ZK rollups, optimistic rollups, sidechains, stand-alone chains, and enterprise chains on the Ethereum network. Connect MetaMask to Polygon Network It seeks to address some of Ethereum's major limitationsincluding its throughput, poor user experience (high speed and delayed transactions), and lack of community governanceusing a novel sidechain solution. The volatile and unpredictable nature of the price of cryptocurrencies may result in a significant loss. If you don't have a MetaMask wallet, follow the steps in this tutorial to create one. There are two types of bridge on Polygon for asset transfer, The PoS Bridge, as the name suggests, adopts the. Read More: Japan to Enforce Tougher Crypto Anti-Money Laundering Laws Next Month: Report. Wrote the first Node implementation of the original Walletconnect protocol. According to . The withdrawal time varies depending on which Polygon Bridge you're using. There are two methods to add the Polygon network to your MetaMask wallet. The Polygon Lab executive also noted that their partnership with Deutsche Telekom will empower consumers by unlocking the ownership and autonomy that Web3 technology offers. 9. Click [Continue], and you can see the assets when the withdrawal is complete. The PoS Bridge supports the transfer of ether (ETH) and most ERC tokens. 1. Deutsche Telekom is a giant in the telecom industry and the owner of T-Mobile, a leading provider of wireless voice, messaging, and data services in the United States, Poland, Netherlands, etcetera. All users' cash is safe, and the team detailed the specific flaws that caused the network to be unavailable for 11 hours. 3. . The PoS Bridge supports the transfer of ether (ETH) and most ERC tokens. Ex-CTO (Ecommerce) of Welspun Group. Some popular Decentralized Finance (DeFi) platforms have already been deployed on Polygon, such as Aave, Curve, and SushiSwap. Michael Blank, Chief Operating Officer at Polygon Labs, said they are excited to have Deutsche Telekom become a validator on the Polygon network. You need to confirm a second transaction to start the challenge period. 7. 2. 7. You can do so by clicking [Switch network]. The contracts repo contains the main business logic of the Polygon. During that IEO, the Polygon network set the maximum supply of MATIC at 10 billion tokens. 6. The rest of any funds held in crypto will be stored in cold wallets with multisig support. Roadmap, updates, and business development, Need to push block hashes from block producers to the ETH mainchain every ~5 minutes (256 blocks), - Higher uptime requirement as downtime is severely punished - Need higher end hardware and ancillary services to prevent DOS attacks, - Relatively lower uptime required as penalties for missing signing is relatively not that severe - Cost of checkpoint submission goes up with ETH price increase, Upto 2^16 TPS Achieved 6000-10000 in the testnet, Matic testnet released to developers (closed alpha), Dagger (real-time Ethereum events notifications engine) released Dagger integration with Zapier (ERC-20 transfers), Matic.js Javascript SDK released for testnet Matic mobile app (with Plasma support), Quarters (games platform integrated with Matic testnet), ERC-721 support on Matic testnet PoS implementation for Staker nodes for sidechain - internal release Matic testnet v2 released to developers (closed beta) Asset swaps PoC on Matic testnet (for Decentraland marketplace) Tokenized staker slots for PoS implementation, Dagger integration with Zapier (generic contract events). It also supports arbitrary state transitions on sidechains, which are compatible with the Ethereum Virtual Machine (EVM). Polygon's network was down for around 11 hours yesterday and today. You'll see a pop-up from your MetaMask extension with the Polygon network details. While this announcement specifically focuses on the MATIC mainnet token, Binance also intends tosupport ERC20, BEP2, and BEP20 MATIC associated tokens. It might take up to 3 hours to complete, but there is no action required from you. Please refer to the official documentation for more technical details. . . is a framework for creating Ethereum-compatible blockchain networks and scaling solutions. Once confirmed, wait for the tokens to arrive in your Polygon wallet. Double-check the URL to make sure you are on the correct website and click [Sign] to proceed. It now supports Polygon Network, giving users access to a wider variety of NFTs across multiple blockchains. They offer support for the browsers Chrome, Firefox, Brave and Edge, as well as both iOS and Android. Binance Now Supports Polygon NFTs, Crypto Daily TV 25/5/2023. The first one is to initiate your withdrawal from the Polygon wallet, which could take up to 3 hours. This news comes shortly after learning Binance will shut down crypto derivatives trading in Europe, despite the platforms cutting of withdrawal limits and its introduction of tax reporting tools. 4. Next, you need to connect your crypto wallet. May 25, 2023. It allows users to transfer ERC tokens and non-fungible tokens (NFTs) to the Polygon sidechain, all through the use of smart contracts. March 13, 2022 News Share IT From 5:50 p.m. UTC on March 10th to around 4 a.m. UTC on March 11th, the Polygon Network was down. The Polygon (MATIC) network upgrade and hard fork will not result in new tokens being created. As per a media release, Deutsche Telekom has become a Polygon validator, extending its services to the blockchain sector. Next, youll see the transfer progress. As a result, deposits and withdrawals on Binance via the Polygon (MATIC) network have been temporarily paused. As part of the process of learning about Polygon, take the time to research the crypto platforms youre considering using to access the market. Binance NFT, the nonfungible token (NFT) arm of crypto exchange Binance, has announced that the Polygon network has been included in its supported blockchains within the marketplace. The PoS Bridge, as the name suggests, adopts the Proof of Stake (PoS) consensus algorithm to secure its network. Essentially, the Polygon protocol makes it possible for blockchain networks to connect and scale. ADVERTISEMENT. 2. Michael Blank, Chief Operating Officer at Polygon Labs, said they are excited to have Deutsche Telekom become a validator on the Polygon network. The general manager of Binance Japan described stablecoins as the "glue" between the real economy and the blockchain in an interview with CoinDesk Japan. How to add BNB Chain and Polygon (MATIC) to MetaMask - Polkastarter You need to add the Polygon network to your wallet before you can view your MATIC and start the process. Besides MATIC, hes also shorting Binance Coin (BNB), the utility token of the BNB Smart Chain, the lending and borrowing decentralized finance (DeFi) protocol Aave (AAVE), decentralized storage and distribution platform Tron (TRX), and the Ethereum competitor Solana (SOL). Binance.US Now Supports Polygon (MATIC) Mainnet for Deposits DApp users are waiting patiently for Ethereum 2.0 to solve many of its scalability issues. To send your tokens from the Ethereum mainnet to Polygon, go to the [Deposit] tab. ZKEVM Applications Solutions. In this example, we'll use ether (ETH). Binance marks Polygon's latest integration, as the network has already worked with Huobi and Coinbase Wallet, among others, to the same effect. Binance NFT Marketplace Expands Support to Polygon Network Here's the reason. Youll need to partner with a robust cryptocurrency platform such as Binance.US that gives you access to the tools that can help you make timely and informed decisions about when to buy, sell, and trade. Download MetaMask from their official website . Trade Polygon NFTs on Binance. Previously Project Manager at EXL, and Data Analyst at Mu-Sigma. However, it appears that Polygon is filling that void for now. According to the May metrics for Polygon zkEVM, network fees decreased significantly while activity and liquidity increased. Advanced platforms will allow you to do this via several methods, including: You can also transfer a cryptocurrency you already own from another platform and use those funds to purchase MATIC tokens. May 22, 2023. Forex Market Status. The Polygon (MATIC) network upgrade and hard fork will take place at the. Read the important notes and click [Continue] when you are ready. Down APIs. Binance down? Current outages and problems. | Downdetector Binance NFT adds Polygon network support to its marketplace The following chart represents the number and breakdown of all MATIC tokens that are intended to be released into circulation on a monthly basis. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The network gives developers a way to build unique sidechains for all of their DApps, which may provide the necessary growth capabilities for mass adoption. Reddit - Dive into anything Stocks Market Status. As of February 26th 2019, Polygon has used approximately 7% of TGE funds according to the allocations below: As per their risk management strategy, Polygon plans to perpetually hold sufficient fiat reserves to fund their operational costs for at least 12 months. Meanwhile, with artificial intelligence (AI) finding its way into the Web3 space, Binance is also exploring AI. Finally bit the bullet and pulled most of my ERC20 tokens off ETH metamask and I wanted to send them via binance to the Polygon network, instead of bridging directly (crazy that it saves literally hundreds of dollars lol) but now they're sitting in binance purgatory until the network is back up. Polygon (MATIC) Network withdrawals down? : r/binance - Reddit It uses the Ethereum Plasma scaling solution and supports the transfer of MATIC, ETH, ERC-20, and ERC-721 tokens. Polygon has about 100 validators providing staking and validation services for the network. Its issued as an ERC-20 standard-compliant cryptocurrency on the Ethereum blockchain, which means that its compatible with other Ethereum-based digital assets. Steps to connect MetaMask to Polygon. "For example, we will provide various services from a different angle to finance, and we will also provide various IP (intellectual property) contents in the form of Web3.". The latest integration with Deutsche Telecom MMS could bring more wins to the Polygon network. Jamie Crawley is a CoinDesk news reporter based in London. For more information please read our full risk warning and disclaimer. In this guide we explain how to use xPollinate.io to move assets from the Binance Smart Chain (BSC) to the Polygon network.. In addition to mainnet MATIC token deposits, Binance.US offers existing deposit and withdrawal support for ERC-20 and BSC (BEP-20) MATIC tokens. 5. Add PoS Network to Metamask. "The challenge is and always has been to build sufficiently advanced infrastructure to enable it," he said, adding that the Taurus partnership will "create the foundation for robust opportunities in the . Official Announcement Channel Please refer to our Terms of Use for more information. This is a measure to offer increased security for withdrawal transactions. Click [Withdrawal] on the [Bridge] interface. Just make sure you hold enough MATIC in your spot wallets to withdraw those Polygon NFTs. 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You can review your transaction details, including the token amount, the bridge you're using, and the estimated gas fee before you click [Continue]. How to get Diablo 4's free items from KFC - Polygon 7. Binance.US is not responsible for any loss that you may incur from price fluctuations when you buy, sell, or hold cryptocurrencies. Scams Crypto101 HodlX Ethereum in 2021, thanks to its incredibly fast transaction speed at much lower costs. Once your transaction is validated, you need to claim the tokens to your MetaMask wallet. 8. Review your transaction details, including the token amount and the estimated transaction fee, before clicking [Continue]. 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Polygon has validators who will stake their assets for the right to participate in the PoS consensus mechanism on the sidechains. Wrap Dat Music on Twitter: "RT @CCurrencyWallet: We recently launched This collaboration will pave the way for more businesses to embrace blockchain technology through Polygon, he said. Deposits and withdrawals of MATIC will be suspended approximately starting from 2023-01-17 17:00 (UTC). Is the SECs action against BUSD more about Binance than stablecoins? Then, in 2021, developers rebranded the network as Polygon, while retaining the MATIC token as the native cryptocurrency. The issuer also stated that many leading ecosystem apps are already . Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). Polygon is carbon neutral, with plans to be climate positive. 2. Github. Adding Polygon support to your wallet involves adding some network details to the extension. Crypto Bear Doubles Down Again, Goes Short on Polygon (MATIC), Solana (SOL), Aave and More. What is MATIC? Now, click [Add Network] on the pop-up. Polygon's network was down between March 10 and March 11 but the platform noted that all of the users' funds are safe and the team explained the particular issues for which the network was not operational between 11 hours. If you are ok with the gas costs, click [Continue] to proceed. Rder explained why Deutsche Telekom MMS chose Polygon out of other blockchain ecosystems. Now you are successfully connected to Polygon Network. Stocks Data. By. This is why one of the main offerings of the ecosystem is the Polygon SDK, which allows developers to create these Ethereum-compatible networks. Polygon is unique both in terms of its technical approach towards Layer 2 as well as its potential support for variety of use cases. Since then, the network has implemented major decentralized finance (DeFi) protocols, Mark Cuban has invested in the company, and the MATIC market cap has exceeded $10.5 Billion USD. Submit. Once youve chosen the crypto platform thats right for you, create an account and verify your identity. The Plasma Bridge is for devs that need increased security. On the other hand, the Plasma Bridge supports the transfer of Polygon's native token MATIC and certain Ethereum tokens (ETH, ERC-20, and ERC-721). 10. Polygon's Network Was Down For 11 Hours And Here's Why - DC Forecasts Polygon is a platform that provides scaling, infrastructure development, and L2 solutions for the Ethereum network. In this example, we will use Metamask. by Daily Hodl Staff. Diversifying can help mitigate that risk. The leading crypto exchange Binance, through its NFT market platform, has added support for Polygon NFTs. Binance's market share has decreased by about 17% since the start of the year. All data provided on Polygon is provided for informational purposes only, and is not intended for trading or investing purposes. 2023 Binance Academy. accused Binance of stealing and copying their project. Polygon is more of a protocol than a single solution. In this example, we'll transfer MATIC tokens from Polygon to Ethereum using MetaMask. The partnership strengthens the connection between the crypto industry and the. Apart from this, Binance also said it would review NFT listings periodically and recommend those that do not meet its standards for delisting. Investors and traders will be happy with this move, as Binance incorporates Polygon's main network into the platform. Germanys Deutsche Telekom is set to leverage its infrastructure in Web3 to become a Polygon Network validator. Previously Data Scientist with Housing.com. Before initiating any transactions with MATIC (or any cryptocurrency, for that matter), its always a good idea to develop a strategy. A quick 3min read about today's crypto news! Let's see how to transfer from Polygon to Ethereum via the PoS Bridge. Partnering with the right platform will make it easier to buy, sell, and trade MATIC (and other cryptos) as you gain more experience. If you decide to move funds back to the Ethereum network, it can take up to 3 hours. The transaction fees will be determined by the users on the network as they do on Ethereum, but given the high transaction throughput that is possible, the transaction fees are expected to be significantly lower than those of Ethereum due to supply and demand of "gas fee" markets. Binance NFT Marketplace has expanded its support to the Polygon Network, in addition to existing blockchains BNB Chain and Ethereum. What is polygon? It uses the, scaling solution to offer increased security. Slack. Using Polygon, one can create Optimistic Rollup chains, ZK Rollup chains, stand alone chains or any other kind of infra required by the developer. He argues that the bear market hasnt ended yet and BTCs recent rally from $15,700 to $30,000 was nothing more than a retracement, which has now come to an end. The interoperability of the Polygon Bridge enables users to transfer their assets between Ethereum and Polygon blockchains. To add Binance Smart Chain Network follow the below steps: Follow the same steps from 1 to 5 as guided for the polygon network; Enter the details listed below to add BSC network; Network Name: BSC Mainnet .
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