Deposits and Withdrawals on Matic Network: Walkthrough Guide

3 min read

Deposits and withdrawals on the Matic Network mainnet went live yesterday and starting from today, June 20th, they are enabled for the community. This is part of our phased rollout of the mainnet. You are now able to deposit MATIC tokens from the Ethereum mainnet to the Matic mainnet. You can also transfer MATIC tokens to different wallet addresses on the Matic mainnet.

Note: Any address on Ethereum is compatible with the Matic mainnet.

Prerequisite: You need to have MATIC tokens and ETH on the Ethereum mainnet. Without these your transactions will fail.

Note: Depositing to the Matic mainnet is not required to participate in staking and delegation. All staking and delegation activities happen on Ethereum only.


Logging in to the Matic Web Wallet

To login to the Matic Web Wallet you need to access the following URL: https://wallet.matic.network/

Once you access this page, you will be requested to connect to your Metamask account. Note that currently the Matic Web Wallet only supports Metamask. We will gradually add support for more wallets.

Once you connect your account with the Web Wallet you will be navigated to the landing page.


Depositing MATIC Tokens from Ethereum to Matic

Depositing funds from Ethereum to Matic is convenient and simple using the Web Wallet. In 3 quick steps, you can deposit funds from Ethereum to Matic. Note that currently there is a limit to deposit Matic and ETH on Matic mainnet. You can only deposit upto an amount of 9999 Matic tokens or 9999 ETH for now. We will be gradually increasing this limit.

Notes:

  • You need to switch from “Ethereum Wallet” to “Matic Wallet” to deposit your funds to Matic Network. You can easily click on the “Matic Wallet” tab. Once you switch to “Matic Wallet”, you will see the “Deposit” and “Withdraw” options.
  • By default, PoS is the selected bridge option for deposits and withdrawals. If you want to deposit MATIC / ETH you need to click the “Switch to Plasma” option.
  • As stated above, you need to have MATIC tokens and ETH on the Ethereum mainnet. Without these, your transactions will fail.
  • Please be sure deposit MATIC tokens to the Matic mainnet, as MATIC tokens are used to pay gas fees on Matic Network. If you don’t have MATIC tokens in your account on the Matic mainnet, then you will have gas-related errors when you attempt to do ETH transfers on the Matic mainnet .
  1. Click on the ‘Deposit’ icon. You will see a popup with information fields where you can add the amount you want to deposit. Please ensure to deposit less than 9999 ETH or 9999 MATIC tokens only for now. This limit will be increased going further.

Once you have added the amount that you want to deposit, you can then click on the ‘Deposit to Matic Network’ button.

Note: You can switch to USD view by clicking on the toggle button. Also, if you want to deposit ETH instead of MATIC, you can just click on the ‘MATIC’ icon on this popup and then select ETH.

  1. Once you click on the ‘Deposit to Matic Network’ button, you will be asked for confirmations from Metamask. You will need to confirm the transactions in order for the deposit to successfully complete. There will be 2 confirmations from Metamask before the deposit transaction is complete.

Once the transactions are successful, you will see a confirmation message on your screen. You will also see a debit in your account with the amount that you deposited.

  1. Now that your transactions are successful, you can switch over to Matic Network using the Network Switcher.

Select Matic Network and click on ‘Confirm’. Your screen will refresh and you will now see your funds on Matic. If you still don’t see your funds, wait a couple of minutes and click on the refresh icon.


Transfer Funds on the Matic Mainnet

Transfer process

Transferring funds to anyone on the Matic mainnet is as easy as transferring funds using any wallet such as Metamask or Trust. You just add the address that you want to send funds to, click the ‘Pay’ button, and the other person receives the tokens.

Note: Both addresses need to be on the Matic mainnet.

To send tokens, you can click on the ‘Send’ button and you will see a popup opening, similar to the one you saw when you clicked on ‘Deposit’.

Add the amount that you want to send and then click on ‘Pay’. This will then ask for confirmation from Metamask. Once you confirm it on Matic, you will see how fast the transaction gets completed.

You will also see a success message once the transaction is completed.

You can also send ETH on Matic Network to any other address.


Withdrawing Funds from Matic Back to Ethereum

Withdrawing funds from Matic back to the Ethereum mainnet is also a simple 3 step process but with a caveat. For the funds to be available back on Ethereum it will take 7 days. This is to ensure there is no fraud happening whilst withdrawing.

The 7-day withdrawal period is a security requirement of Plasma. In the coming weeks, we will be adding a fast, instant exit option that will allow withdrawals without a wait period.

  1. To withdraw funds, click on the ‘Withdraw’ button and you will see a popup opening, similar to the one you saw when you clicked on ‘Deposit’.
  1. Add the amount that you want to withdraw and click on the ‘Withdraw to Ethereum Network’ button. Once you click on the button you will receive a confirmation from Metamask to approve the transaction. This will be the first of 3 transactions that will need to be completed.
  1. Once the transaction is approved, you will see a popup on your screen like this:
  • The first transaction is to initiate your withdrawal
  • The second transaction happens after the checkpoint is submitted and acknowledged; you will need to confirm the transaction again. This could take up to 30 minutes to complete.
  • The third and last transaction will be when the 7-day challenge period is complete; to get funds back to Ethereum you will need to confirm one last time.

Once you have confirmed all these transactions, you will receive your funds back on Ethereum.

Head over to https://wallet.matic.network/ and experience the power of Matic Network for yourself!

In case you have any queries, please leave a message in the dedicated Telegram group here: https://t.me/maticwalletweb


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