Monkey business! Monkey business!
For those who has been following me here on my "risky monkey business" adventure, you will know how far I have gone from the first day I it the waves of adventure.
In fact, I even wrote a step by step guide (on Read.Cash) specifically for the BCH newbies for ApeSwap Finance recently how this can be done in case they have probably 30% or minimum $10 to spare just to test this site out.
With the Ape team actually making a move to a real DeFi Space on Polygon, the newest hottest L2 (Layer 2) hype, I have decided to give it a go and see how easy / hard it can be done to expand over to the new chain for more $BANANAs and $MATIC on the line.
But will I achieve this blind adventure easily with BSC's knowledge in my pocket?
1. First Look
Unlike the colourful (even in dark mode) of Apeswap on BSC, the Matic / Polygon network's AMM is a much simplified (like a minimalist) version and it does get used to when you are trying to figure out how to switch from one chain to another.
Fortunately if you are on landscape desktop mode, you will see it loud and clear how to switch it.
I have yet to discover how to switch it on mobile mode; perhaps it is now only usable for desktop version (for $MATIC)
But how on earth you get there?
For me I am currently using Metamask as there are a lot of wallets that I have yet tested out that seems to be supporting Polygon; but Metamask is by far the "easiest" to change chains (if you are used to it) manually once you have set up the Polygon / Matic network on the wallet.
In fact, my settings is a little old now you can actually check out the most recent one since March at this link
Most important is that the chain ID is 137
2. Bridging across from Binance Smart Chain
Currently I do not have any ERC20 tokens and ApeSwap actually started from BSC, it is important to know how to swap from BSC over to MATIC.
Although the bridging does support even BUSD, but Apeswap and most Polygon network do not recognise Binance's Stablecoin
If you, like me, accidentally swapped over BUSD over, you cannot swap / bridge back unless it is minimum $50 USD worth!
The safest is to move $BANANA over since we are dealing with Apeswap, or $BNB.
So after a few bumps on the road and having the Ape Engineer to help me out with 1 $MATIC sponsor, I managed to bridge over...
How do you do that??
First, after you added the MATIC / POLYGON network to your Metamask wallet, you will need to click on Bridge Asset.
Apeswap actually brings you to another bridging site , I think it is part of Anyswap (or uses Anyswap services), to bridge your $BANANA over.
Noticed that the red button "WRONG NETWORK" is seen? That is because your Metamask is still in Polygon network; and you will need to swap it to BSC in order to get the bridge to work (because you are sending from BSC to POLYGON)
You will need to head back to your Metamask plugin on your browser and change it back Binance Smart Chain
So over here since I already exhausted by $BANANA, the only way to send over is to choose BNB; however it is best to swap $BANANA to $BANANA.
Another way probably more effective way is that you can swap in BSC chain from Banana to MATIC before bridging over so that you will have the native token; and then swap MATIC back to BANANA later.
3. Providing Liquidity
Unlike the original Apeswap with tons of staking pools, the Polygon chain currently only offers farms, or "Yield" in the common Polygon space . And to farm for MATIC you will need to provide liquidity to it.
For me I am happy enough to swap half of my $BANANA into $MATIC just to create a pair together because the yield is too good to dismiss it. 10000% Annual yield is too good! Gotta get in and out quick!
How do I do that??
First, you will need to head over to Liquidity
Since your wallet is fresh and new with no pairs, you will need to create a pair for your wallet
Click on Select a Token over here to pair with $MATIC,
and choose $BANANA, just to join that yield pool
You can enter or max it either one and the other will calculate how much the tokens are needed.
And like BSC chain, you will need BOTH Approve and Provide Liquidity to activate the pair.
Just like you did for CubDeFi.com
(I forgot to screen capture it; I'll try to get more funds in later to update this post)
4. Adding into the Yield
Once the pair is done, you can just head back to yield
Click on the Pair that you want to provide liquidity for mining $MATIC
Make sure you click on MAX (because it is no use to let the pair sit in the wallet doing nothing), and click Stake
You will need approvals to get it activated; and it could wait up to 20 minutes if you only place 1 GWEI in the settings.
A lot of people in the chat community suggested 5 - 10 GWEI is the best at the moment, so I guess this is the best range if you are impatient
Other than the mistake of bridging your tokens over to the new chain that ApeSwap or other AMM doesn't support at the moment (since it is so new), the overall experience is actually quite straight forward. If you have already been practicing in BSC DeFi you will be able to spot the similarities that is relatively easy to expand over. Most important is that you need to know which chain you are on!
How about you?
Would you dare to give it a go on this totally new (true) decentralised chain on the Ethereum Layer 2 while it is relatively (almost) ZERO fees and its ecosystem is growing HUGE!