fbpx

Polygon FAQ's

General Polygon FAQs

What is Polygon?
Polygon is an interoperability layer two scaling solution for building Ethereum-compatible blockchains. Polygon effectively transforms Ethereum into a full-fledged multi-chain system. This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc. with the advantages of Ethereum’s security, vibrant ecosystem and openness.

What is MATIC?
The Polygon network uses the MATIC token for gas fees, governance, and staking via a proof of stake (PoS) consensus mechanism.

How do I get MATIC?
MATIC may be acquired by purchasing it on exchanges, and it is available on many. You may also receive small quantities of MATIC by using a Polygon faucet.

What is Layer 2?
Layer-two is a secondary framework or protocol that is built on top of an existing blockchain system. The main goal of these protocols is to solve transaction speed and scaling difficulties.

How does Polygon Work?
Being a layer-two scaling solution, Polygon uses a Proof of Stake (PoS) system of validators for asset security, and staking is an integral part of the ecosystem. Validators on the network stake their MATIC tokens as capital collateral in order to become part of the PoS consensus mechanism. Validators receive MATIC tokens in return.

Can I use ETH to pay for transactions on Polygon?
No. All transactions on the Polygon Network require MATIC to pay the gas fees. However, you will need some ETH to transfer your tokens back to Ethereum mainnet, if you wish to do so.

Do I get a new Polygon wallet address?
No, your Polygon wallet address will be the same as the address that you use for your Ethereum mainnet wallet.

How long do Polygon transactions take to execute?
Transactions on the Polygon Network are very fast as new blocks only take 2 seconds to confirm.

Can tokens on the Polygon Network be transferred to Ethereum?
Yes. To move assets from the Polygon Network to Ethereum mainnet, just use the Polygon Bridge.

How long does it take to transfer tokens using the Polygon bridge?
Bridging tokens to the Polygon Network can take around 7 minutes. Bridging tokens back from the Polygon Network can take around 6 hours. However, when bridging your ASK from the legacy Permission Network to the Polygon Network, it may take up to 24 hours.

How do I use the Polygon Network?
You use it much in the same way that you use any token on the Ethereum Network, however there are a few key differences. For more information, please click here.

More questions about Polygon?
Visit the Polygon FAQ page.

ASK On Polygon FAQs

Can I send my ASK directly from my Polygon wallet to an Ethereum wallet?
No. You have to bridge ASK back to the Ethereum Network first for it to show up in your wallet on the Ethereum Network. If you send it directly to an Ethereum address, it may show up in the Polygon wallet for that address, but not all Ethereum wallets support Polygon, so be careful!

Can I transfer my ASK to the Ethereum Network?
Yes! Just be sure to use the Polygon Bridge to transfer the ASK to the Ethereum mainnet before trying to send it anywhere else.

Why can’t I find my ASK in my MetaMask wallet?
Chances are it is one of two things: First, make sure you are on the Polygon Network by clicking the dropdown at the top of your MetaMask and selecting Polygon Network – or click here if you don’t have the Polygon Network setup on your MetaMask yet. Second, make sure that the ASK token placeholder is added to your MetaMask account. If you continue to experience issues, please contact permission support here.

Migration FAQs

How do I migrate my ASK in my Permission wallet?
A bridge will soon be made available for users to port their ASK to the Polygon Network. We will send out a notification once the bridge is live. Stay tuned.

Does this mean I can send my ASK directly to my Ethereum wallet and then port it to Polygon?
No! Do not try to use the official Polygon Bridge until after you have ported your tokens over using the ASK Bridge. Only after you have swapped your legacy ASK tokens for Polygon ASK tokens using the ASK Bridge can you then use the Polygon bridge.

How do I migrate my ASK that is being held on a hardware wallet?
You can connect your hardware wallet to MetaMask and then interface with the ASK bridge through MetaMask by following these instructions.

What happens to my legacy ASK on the Permission blockchain?
It is burned. This is a one-way bridge, so there is no going back.

How long do I have until the migration period is over?
The migration period is currently ongoing and will continue for as long as deemed necessary.

I can’t migrate my ASK that is stuck in pending, what do I do?
Don’t worry. You can keep your ASK in pending for as long as you want, and it will be just fine during the migration.

After my ASK is bridged to Polygon, how will it be supported?
For information on support for ASK and other Polygon tokens, please see Polygon’s documentation about supported hardware and software wallets, etc.

Exchanges FAQs

 
Please note the below information is provided solely as a means of anticipating inquiries related to how the migration will impact ASK trading on various exchanges – this is not a solicitation or encouragement of exchange trading in any way:
 
How do I migrate my ASK that is being held on an exchange?
If you hold ASK on these exchanges:

  • Bitrue
  • Gate.io

No action is needed on your part as they will migrate your ASK for you. Simply understand that when you withdraw your ASK from the exchange, you will automatically be withdrawing the Polygon version.

If you hold ASK on these exchanges:

  • Vitex
  • BitGlobal

At this time, these exchanges will not be supporting the Polygon ASK token. If you wish to migrate your ASK to Polygon, your ASK will need to be withdrawn to your Permission wallet or MetaMask and then use the ASK Bridge.

How do I migrate my ASK that is being held on an exchange?
Yes, depending on the exchange, trading may be down for up to a week while they update the listing.

 

Avatar photo
About the Author
Permission.io is connecting brands & consumers with Permission Ads, the world’s first crypto rewards ad platform, and $ASK, the crypto for Web3 Advertising.
follow icon
Web3 Advertising will be built on Permission.