Move POL on Polygon with CoinJar Multichain Transfers

Thanks to CoinJar’s multichain functionality, CoinJar users can now move POL across the Polygon blockchain network as well as Ethereum. This means faster transactions, and lower fees.

Why multichain

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.

Polygon is faster and cheaper 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 faster than Ethereum. This means less waiting time and faster confirmations.

Fee difference

Since Polygon processes transactions off-chain, it requires less computational power and energy. This translates to significantly lower transaction fees 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.

Moving POL on Polygon via CoinJar

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:

Have POL in your CoinJar account

Make sure you have a sufficient balance of POL within your CoinJar wallet.

Initiate a withdrawal

Navigate to the withdrawal section on CoinJar's platform.

Select Polygon Network

Choose Polygon as the network for your withdrawal.

Enter recipient address

Carefully input the Polygon wallet address where you want to send your POL. Double-check for accuracy.

Confirm and complete

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 Multichain: Conclusion

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.