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The DeFi Chronicle: Less than $0.01 per crypto transaction! Why and how to use Polygon Network.
With Ethereum gas fees climbing, alternative platforms like Binance Smart Chain and Polygon have become more attractive for normal investors. The world of DeFi is full of mystery, reward, heartbreak, and excitement. I’m going to share why Polygon Network has grown so fast and how you can set it up and use it. If you are interested in just learning how to use Polygon, skip to the last section.
In 2020, during the DeFi summer, I pretty much missed out on all the fun, games, and opportunities in DeFi because I just didn’t have enough in my portfolio to justify Ethereum’s high gas fees.
I tried experimenting with DeFi on Ethereum and didn’t really get much further than using Uniswap for trading ERC-20 tokens. I attempted to use Compound, but fees ate up my profits, and when I got a margin call it swallowed up $250 in ETH that today would be worth significantly more. I tried staking but quickly noticed that the gas fees for claiming rewards were often greater than my rewards.
Enter Binance Smart Chain
Earlier this year, I figured out how to use the Binance Smart Chain. Being in the US, this wasn’t easy and required some trial and error, but ultimately I figured out how to use BSC on my phone (read about it here)…
