Adding Funds
Seed Labs does not endorse, recommend, or have any partnership with the services listed below. Move money into your wallet at your own risk, and vet your on-ramps/exchanges carefully.
Transactions on the blockchain are irreversible. Make sure you are sending the right tokens to the right addresses.
There are many ways to get funds into your crypto wallet. They differ based on:
- the blockchain network your DAO operates on (Ethereum Mainnet, Solana, Polkadot, Polygon, etc.)
- where your funds are right now (in a centralized exchange, in a checking account, credit card, etc.)
- your nationality/physical location
Let's say you're a US-citizen (and physically located in the United States) trying to pledge tokens to a DAO/SPV run on Polygon's blockchain.
Your end goal is to have the right amount of these two tokens on the Polygon Network:
- 1.MATIC. This is Polygon’s native token. 1-2 MATIC (less than $3 USD as of Q1 2022) is sufficient.
- 2.USDC. We accept investment in this stablecoins only for now, until the community decides otherwise. $USDC is pegged 1:1 to the US dollar, so you’ll need as many $USDC tokens as you plan to invest (as of now, there is a $1,000 minimum for the genesis community)
There are many ways you can acquire these funds. We outline some options:
Make sure you budget for gas fees if you move funds from Ethereum mainnet to Polygon’s mainnet. Gas fees change suddenly, so it’s better you have more in your wallet than less.
Coinbase, Gemini, and Crypto.com are some of the most popular centralized exchanges in the US. Note that most of these exchanges deal explicitly on the Ethereum Mainnet, which is different from the Polygon Mainnet. You may have to use a “bridge” to move money from your centralized exchange account held on Ethereum mainnet, to your personal web3 wallet on Polygon Mainnet.
On-ramps describe companies that make purchasing crypto easy by checking out with your credit card and sending tokens directly to your personal web3 wallet. There are loads of on-ramps to choose, a substantive list of which is available on Polygon’s wallet site.
Bridges are web3 protocols that help you move assets from one network (say, Ethereum Mainnet) to another (say, Polygon Mainnet). There are many bridges to use, and a convenient one is Polygon’s own bridge:
Here are two sample flows. Note that we do not endorse in particualr any of the products mentioned below.
- 1.Create an account on Coinbase.
- 2.On Coinbase, purchase $ETH. This purchase occurs on Coinbase’s web3 wallet, on the Ethereum Mainnet.
- 3.Send $ETH from your Coinbase account to your Metamask account. As this transaction occurs on Ethereum, the gas prices will be higher than a typical Polygon transaction.
- 4.With funds in your Metamask account, use the Polygon Bridge to turn your $ETH on Ethereum Mainnet into $USDC (PoS) on Polygon Mainnet. This transaction also occurs on Ethereum mainnet, so you will be paying Ethereum mainnet-level gas prices as well.
- 5.(You’re almost there! Now you just need a little bit of gas. )
- 6.Finally, use Polygon’s Swap for Gas Token app to get some $MATIC on Polygon network. 5 $MATIC is plenty. This costs no gas.
- 1.
- 2.Send $USDC (PoS) to your MetaMask wallet address.
- 3.Finally, use Polygon’s Swap for Gas Token app to get some $MATIC on Polygon network. 5 $MATIC is plenty. This costs no gas.
Last modified 5mo ago