Deposits and Withdrawals on PoS Bridge

2 min read

If you are wondering about which wallet you should use, you should consider downloading a MetaMask extension. MetaMask is the free and secure browser extension that allows users to interact with the ethereum blockchain. You can download and configure MetaMask from https://metamask.io/ if you are a new user.


Connect MetaMask to Matic Custom RPC/Mapping Mainnet

You need to configure the Matic Network custom RPC in your MetaMask. It is easy to do and easy to switch over networks using the button near the top of the MetaMask application.

  • Click on the network selection button at the top of the app.
  • Click on the “Custom RPC” to add the Matic mainnet information.
  • Select ‘Custom RPC’.

On clicking this, the screen below will appear where set up the custom RPC for Matic Network. Enter in the Matic mainnet details as follows:

Network Name: Matic Mainnet

New RPC URL: https://rpc-mainnet.matic.network

Chain ID: 137

Symbol: MATIC

Block Explorer URL: https://explorer.matic.network/

You need to ensure that you do not miss out on any of the above fields. Once you have added the URL and all details you can click on the SAVE button. You will be directly connected to the Matic mainnet. You can close the dialog box now.


Logging into the Matic Web Wallet

To log in 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 supports MetaMask, WalletConnect and Walletlink. 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.


Introducing Plasma – PoS Bridge

Matic brings you a trustless two-way transaction channel between Matic and Ethereum by introducing the cross-chain bridge with Plasma and PoS security. With this, users can transfer tokens across matic without incurring third-party risks and market liquidity limitations.

Matic Network bridge provides a scaling solution which is near-instant, low-cost, and quite flexible. Matic uses a dual-consensus architecture (Plasma + Proof-of-Stake (PoS) platform) to optimise for speed and decentralisation.


Depositing Funds from Ethereum to Matic via PoS Bridge

You can easily deposit your funds from Ethereum to Matic using the Web Wallet. You need to ensure that you have ETH or ERC20 tokens on the Ethereum mainnet.

  1. You need to switch from “Ethereum Wallet” to “Matic Wallet” to deposit your funds. You can easily click on the “Matic Wallet” tab.

    Once you switch to “Matic Wallet”, you will see the “Deposit” and “Withdraw” options.
  1. Click on the ‘Deposit’ icon. you will get a popup where you need to enter details such as amount.

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. 

3. After you click on “Deposit to Matic Network”, you need to confirm all your transactions in your MetaMask wallet to make the transaction successful.

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.

4. Your transaction is now successful. Wait for ~7-8 minutes and click on the ‘Refresh Balance’ link to see your funds.


Withdrawing Funds from Matic Back to Ethereum via PoS Bridge

Withdrawing funds from Matic back to the Ethereum mainnet via PoS Bridge is also a simple 3-step process but with a caveat. For the funds to be available back on Ethereum it will take ~34 minutes. This is to ensure there is no fraud happening whilst withdrawing.

To withdraw funds, click on the ‘Withdraw’ button and you will see a popup opening.

  • 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 2 transactions that will need to be completed.
  • 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 ~34 minutes to complete.

The last transaction will be ‘Complete Withdraw’. Once the checkpoint is completed, you will need to confirm the last transaction

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

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


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