Thanks to CoinJar’s multichain functionality, CoinJar users can now move across the Polygon blockchain network as well as Ethereum. This means .
Think of multichain like having multiple highways for your crypto. Instead of being stuck in traffic on one congested network, you can choose the fastest and most cost-effective route.
than Ethereum primarily because it operates as a Layer 2 scaling solution.
Ethereum is like the main highway, often congested with traffic (transactions). Polygon is like a faster express lane built alongside it. It handles transactions off the main Ethereum chain, bundling them together and then periodically settling them back on Ethereum. This reduces the load on the main chain, allowing for quicker and cheaper transactions.
Polygon can handle significantly more transactions per second (TPS) compared to Ethereum. This means that Polygon is generally much than Ethereum. This means less waiting time and faster confirmations.
Since Polygon processes transactions off-chain, it requires less computational power and energy. This translates to significantly compared to Ethereum. On average, Polygon fees are fractions of a cent, whereas Ethereum fees can range from a few dollars to tens of dollars depending on network congestion.
And of course, Polygon is designed to work seamlessly with Ethereum. You get the security and decentralisation of Ethereum combined with the speed and affordability of Polygon.
One aspect of CoinJar's multichain feature is the ability to move POL (Polygon's native token) on the Polygon network. Here are the steps:
Make sure you have a sufficient balance of POL within your CoinJar wallet.
Navigate to the withdrawal section on CoinJar's platform.
Choose Polygon as the network for your withdrawal.
Carefully input the Polygon wallet address where you want to send your POL. Double-check for accuracy.
Review the transaction details, including any fees. Once confirmed, proceed to complete the withdrawal. Verify all information before confirming any transfers. You can send a small ‘test’ amount first to check whether you are doing it right, before sending larger amounts.
CoinJar's embrace of multichain technology means a flexible and efficient crypto experience. By enabling the seamless movement of tokens across networks like Polygon, Solana and Ethereum, users can capitalise on lower fees, and faster transactions.
The ability to easily transfer POL on the Polygon network shows the practical advantages of multichain. Polygon's high-speed, low-cost infrastructure offers a compelling alternative to Ethereum's mainnet, particularly for frequent transactions or smaller amounts.
Multichain refers to the ability to move tokens across different blockchain networks. This gives you more flexibility and the potential for faster, cheaper transactions.
Polygon is a Layer 2 scaling solution for Ethereum. It processes transactions off the main Ethereum chain, reducing congestion and resulting in faster confirmations and lower fees.
Currently, CoinJar supports multichain transfers for specific tokens like POL and USDC across networks like Polygon, Solana, and Ethereum. Check each individually inside the app or on the website.
-Ensure you have POL in your CoinJar account.
-Initiate a withdrawal and select Polygon as the network.
-Enter the recipient's Polygon wallet address carefully.
-Review the transaction details and confirm.
Polygon is a secure network, but as with any crypto transaction, exercise caution. Double-check all information before confirming any transfers. Consider sending a small test amount first.
Fees can vary depending on network congestion and other factors. Review the transaction details on CoinJar's platform before confirming your withdrawal.
Crypto transactions are irreversible. Always double-check the recipient's address before confirming any transfers.
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