Polygon FAQ
Questions and Answers about using the Swarm DEX on the Polygon Network
Polygon is a well-structured, easy-to-use, “layer 2” (L2) or “sidechain” platform for Ethereum scaling and infrastructure development. Polygon acts as a low-cost and speedy transaction processing layer, while relying on the time-tested Ethereum mainnet for settlement.
Swarm expanded to Polygon in order to make our platform more accessible to all types of trading profiles—especially everyday investors who are more likely to be burdened by network fees when trading at lower volumes.
Polygon network transactions incur substantially lower fees than gas fees for Ethereum transactions, but rely on the same secure infrastructure of the Ethereum blockchain for settlement.
Swarm is the first regulated decentralized exchange (DEX) available on the layer 2 solution, making it one of the cheapest and safest options for people wanting to participate in DeFi with the benefit of investor protections typical of the traditional finance industry.
Verified users can swap assets and create liquidity pools of assets. All future Swarm products will support Polygon as well as Ethereum.
Polygon transactions ultimately depend on the Ethereum blockchain for final verification, so activity on the Polygon network benfefits from many of Ethereum's security measures.
Polygon is one of the largest and most successful layer 2 solutions deployed to date. TVL on Polygon has grown to over $4bn in the past year and many of the best-known crypto projects have extended support for Polygon, including Aave, OpenSea, and Decentraland.
All verified users on the Swarm platform can now use both Ethereum and Polygon networks. As a regulated platform, every user must verify their identity (KYC) and undergo standard regulatory checks before they are permitted to transact.
A list of eligible jurisdictions can be found on our General FAQ here: https://docs.swarm.com/getting-started/faq#limitations.
A Network Selector Menu now appears in the top right corner of the Swarm Application UI (user interface) allowing users to easily switch between Ethereum and Polygon networks.
The platform indicates a user's current network and will prompt the user to switch networks if necessary.
The Network Selector Menu also contains a link to the official Polygon asset bridge. The Polygon Bridge allows for the easy transfer of assets between the Ethereum and Polygon networks.
The Swarm Application also includes a MATIC faucet that distributes enough MATIC to pay transaction fees for around 5 or 6 transactions. Anyone can get started with their first Polygon transactions by using the Network Selector Menu to select the Polygon network and launching the faucet to claim free MATIC from Swarm.
To get started on Polygon, you will need:
- Some MATIC, the gas token on Polygon. Use our faucet (see above) and we’ll send you enough MATIC for your first few transactions for free.
- Supported assets on the Polygon network. Use the official Polygon bridge embedded in the platform to bridge your Ethereum-based assets to Polygon. The ETH wallet address you have for the Ethereum network will be the same address for the Polygon network as well.
Yes, watch out for our announcements in the coming weeks about new assets we are adding to the platform
In brief, rewards will be calculated and distributed based on the liquidity, trading history and SMT balance of each address per network.
This means that if you have provided liquidity using the same address on both Ethereum and Polygon networks, this will be treated as two separate addresses. Rewards will be distributed and be claimable on each respective network. To benefit from Loyalty Level bonuses, you will need to hold SMT in each address/network combination.
Yes, the 50% protocol fee discount is available when trading certain asset pairs on Polygon. If you hold SMT (Polygon) in your connected address, make sure you have the discount enabled in the Swap page and the platform will automatically use it for your discount.
Last modified 5mo ago