Direct from the desk of Dane Williams.
Walkthrough for getting free MATIC for gas fees using Hive’s swap tokens on Hive-Engine.
Following the launch of PolyCUB DeFi on the Polygon blockchain, I see the same question being asked over and over:
“How do I get free MATIC for gas fees so I can get started?”
Unfortunately, there right now doesn’t seem to be a single free MATIC faucet that’s working.
So this walkthrough will show you how to use HIVE to get free MATIC for gas fees.
Let’s jump right in.
1. Get a free Hive account
If you’re here looking for free MATIC for gas fees but don’t yet have a Hive account, it’s actually super simple to sign up.
LeoFinance makes it easy to create a censorship-resistant Hive account using nothing more than your current Twitter handle.
Simply head to leofinance.io, click the get started button at the top to create your account.
Claim your keys, add them to Keychain and you’re now able to earn HIVE rewards from posting/commenting/curating that you can use to get free MATIC for gas fees.
If you already have a Hive account, you can of course skip this step and use the HIVE sitting in your wallet.
2. Deposit HIVE into Hive-Engine
Hive-Engine is the home of Hive’s layer-2 token ecosystem.
Currently the cheapest way to deposit HIVE into Hive-Engine is to use HivePay SWAP.
But to keep things simple, use the Tribaldex front-end to deposit HIVE by clicking your wallet at the top and then choosing HIVE from the drop down.
You will now see that deposit sitting as SWAP.HIVE in your wallet.
3. Swap SWAP.HIVE for SWAP.MATIC
Click the pools tab at the top and then swap your SWAP.HIVE for SWAP.MATIC.
This is an asset backed token, meaning that the Hive-Engine team is holding MATIC and thus its price remains pegged.
4. Withdraw SWAP.MATIC to your Polygon wallet
Finally, click on your wallet at the top and then the withdraw button.
By earning HIVE from your social activity, you now have what is essentially free MATIC for gas fees.
Final thoughts on getting free MATIC for gas fees
The Hive Blockchain is extremely powerful because it allows people to invest nothing more than their time to earn free crypto.
By simply adding to the discussion on any of Hive’s Web3 social media dApps, you’re able to earn free crypto.
Yep, by doing nothing more than posting, commenting and upvoting comments.
Crypto that you can then permissionlessly transfer to other networks like Polygon.
Hive - The biggest sleeping giant of the crypto industry.
Best of probabilities to you.
Posted Using LeoFinance Beta
Beautiful! Insert mandalorian meme..
Was trying to figure this out and this I think was the easiest way to get some matic for fees, lot less needed compared to cubdefi too.. thank you!
Haha I actually just finished watching the Mandalorian season 2 yesterday!
Good content :)
And yep, Polygon fees are cheapppppp so you only need a tiny amount.
Posted Using LeoFinance Beta
This is helpful because I actually am getting ready to jump into Matic this week and test some stuff out.
Thanks man :thumbsup:
Posted Using LeoFinance Beta
No worries.
It's perfect for testing stuff on Polygon because it's quick and easy to get some MATIC for gas fees.
But I wouldn't use the Hive-Engine route to buy big chunks of MATIC to actually pool.
Use an exchange and double check multiple prices for bigger amounts :)
Posted Using LeoFinance Beta
Nice one Dane. There was a Polygon Bridge created by @deathwing. I am not sure if it's still operational.
https://leofinance.io/@deathwing/polygon-matic-bridge-announcement
Posted Using LeoFinance Beta
Yep, that's another great alternative.
Send HIVE with your Polygon address in the memo to @polygonbridge and you will receive MATIC instantly.
(This service relies on liquidity being provided by @deathwing and has a fee of 2.5% automatically calculated into the MATIC you receive.)
Posted Using LeoFinance Beta
Fantastic explainer and something that a lot of CUB users are trying to work out so they can access PolyCub. Well done!
Keeping it simple, stupid :)
Edited to make sure it's clear I mean that I'm stupid, not you haha!
Posted Using LeoFinance Beta
It's all good. I have a background in business and familiar with the KISS acronym.
I really appreciate this I just got mine now
Happy to help!
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If tribaldex had more liquidity it would be the most useful token bridge on the interwebs. I was so excited when I realized how many withdrawal options it has but once I saw the order books my mood quickly changed lol
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Yep, liquidity certainly remains an issue.
I guess all we can do is incentivise people to add liquidity to these pools?
The changes from the Tribaldex team to incorporate fees that go back to liquidity providers is a good change in this regard.
The BXT reward token from the BeeSwap guys on certain pools giving a share of fees via their on/off ramp is another.
They're both relatively small, but they're certainly trying to make things happen.
Finally, this is slightly unrelated because the Hive network itself has the power to pump liquidity into the SWAP.HBD:SWAP.BUSD pool.
But I have to also mention @ecoinstant's DHF proposal to incentivise the SWAP.HBD:SWAP.BUSD pool.
Supporting these sorts of proposals that offer bridges to the rest of the DeFi world have gotta be a priority.
Open the bridge, incentivise adding liquidity and it will come from the outside!
Why has this not passed yet...?
Posted Using LeoFinance Beta
LeoFinance gonna fix all of this with wrapped Leo. I don't know if you tried the pLEO bridge, it is insanely fast.
As long as we can have enough liquidity on every chain that is yet to come people can always transfer value outside of Hive using LEO which is kinda a big deal.
Also, BXT is a great example. We need to incentivize liquidity more but those incentives should be sustainable. Throwing money at this problem won't solve it because once the incentives dry up people will be looking for better options.
Revenue share and a well-thought-out tokenomics model. That is all a DEX needs to become successful.
Posted Using LeoFinance Beta
I didn't check but how much liquidity is available? Also isn't there a diesel pool if you want a mid-price?
Posted Using LeoFinance Beta
Only about 80k in the Matic pool. It's great to get some Matic for transaction fees but it is way off when it comes to market prices.
Posted Using LeoFinance Beta
I think 80k would be quite a bit. Wouldn't you be fine doing a few hundred dollars or would it swing it too much?
Posted Using LeoFinance Beta
1 person buying a few hundred USD worth of Matic wouldn't cause any problems but 10 people doing the same would... 80k is really low in terms of liquidity but it gets the job done in emergency situations.
Posted Using LeoFinance Beta
It's important to mention that you shouldn't be using this route to accumulate large chunks of MATIC to actually pool.
As Jerry said, the liquidity just isn't there and therefore prices can slip.
Just use it if you quickly need that small amount of MATIC for gas fees.
Posted Using LeoFinance Beta
Just wondering, is there a 1% withdrawal fee from Hive Engine? I remember seeing it as 1% for using their services for Hive and HBD. So I wonder if there are some extra fees added or is it only counting in transfer fees?
Posted Using LeoFinance Beta
In terms of withdrawal fees from Tribaldex:
Posted Using LeoFinance Beta
Thanks for the information.i have not deposited hive before in Hive engine. I will try it.
Posted Using LeoFinance Beta
Really?
Amassing over 200 LEO Power is impressive without buying any on Hive-Engine!
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Keep it up
Posted Using LeoFinance Beta
Score! Thanks for the tip @forexbrokr
I was one guy who asked about a faucet.
Idk why my brain didn't ask, is there SWAP.MATIC?
!PIZZA
Posted Using LeoFinance Beta
No worries mate :)
Were you just needing it in order to do something with your PolyCub airdrop?
You've got it all up and running now?
Posted Using LeoFinance Beta
Okay man but how to claim the keys, any screenshot of the claim would be helpful. Thanks in advance..
Posted Using LeoFinance Beta
You already need to have a Polygon wallet set up.
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Really bro? and I was thinking of buying MATIC in Binance and do all the transfer to my metamask wallet, hahaha this is easier than peeling a cambur, I think the cambur takes longer.
Posted Using LeoFinance Beta
The only thing is that I wouldn't recommend using this route to accumulate large chunks of MATIC to actually pool.
Only use it if you quickly need that small amount of MATIC for gas fees.
This is because the liquidity just isn't there and therefore prices can slip if you're buying size.
Posted Using LeoFinance Beta
Of course, I thought so, although in the future it could increase liquidity.
This is ideal seeing what we are doing in this sphere.
#tribaldex made it easy.
Power to everyone boosting Hive and all communities.
!BEER
Posted Using LeoFinance Beta
Cheers mate!
All we can do is contribute our small part to boost Hive and its communities.
We're both playing our part :)
Posted Using LeoFinance Beta
thanks for posting this. Very useful stuff. In fact I used hive-engine to get some matic to stake in the wpleo-wmatic farm. It was my first time and it was easy.
Posted Using LeoFinance Beta
Just be careful using it for large amounts to stake because the lack of liquidity may mean the price is more expensive.
Just make sure you're comparing prices with what you can get MATIC off an exchange for.
But yeah, ultimately it might come down to whether you're happy to pay for convenience :)
Posted Using LeoFinance Beta
thanks. that makes sense and is something I would think about.
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Thank you so much @forexbrokr! Finally a simple and straightforward way to get some MATIC for gas fees without having to buy 50+ of them via an exchange.
It's one of the KEY things a lot of the POLYCUB tutorials overlook: You have to have MATIC in order to swap for MATIC to pay GAS fees...
=^..^=
Posted Using LeoFinance Beta
You're welcome mate.
Happy to hear that this little walkthrough is helping a few people in community out :)
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