Hey everyone! Exciting news for Binance despite regulators are trying to clamp it down.
Before Security Council (SC) Malaysia takes down Binance through IP address reject access through DNS servers (most likely they will do the same as they did to Remitano), let's take a look whether what I have started accumulating in ApeSwap.Finance Polygon chain will work when I move my $MATIC (Polygon) over directly with its deposit.
But will it work?
Let's try it out!
1. Harvesting From Apeswap Finance on Polygon
After 29 days of yield farming with a $20 USD capital, I can finally safely say that I can start trying out harvesting some of my investments and see if I can start preparing for my repayment of Credit withdrawal from Nexo so that my BCH is not locked up further from generating $NEXO interests.
I could have used the weekly rentals dividends stablecoins received from the previous RealT tokens I purchased...
But the test cannot wait.... Because Binance could be inaccessible for me soon and I need to exit in 10 days time.
So here I am, testing it through first and see how others in other countries that still has Binance access could benefit from this.
With hardly valuing to anything and just only 1 GWEI gas fees, I already able to harvest around $3.396 USD worth of $BANANA and $MATIC for my disposal. Now that's definitely a worthy investment!
2. Swapping from $BANANA to $MATIC
Since $BANANA is not recognised in the Binance.com platform, it has to be changed into $MATIC in order for the test to work.
And the best part is that it doesn't take a lot of MATIC to test and see if it works!
Fortunately, the $BANANA token still values higher than $MATIC, and with this I could get enough $MATIC to not only test it, I could also keep it for future use!
And fortunately, it doesn't take a fraction at all in order to make this work!
3. Time to Get the Polygon Address from Binance!
From the Spot Wallet section in Binance, getting $MATIC address is pretty straight forward, just click on Deposit and choose the MATIC Network for the $MATIC token, and you will be seeing a unique address generated for you ready for transaction!
You can copy the address from Binance Spot Wallet and you are good to go sending your MATIC out to the exchanges!
All you need to do is:
paste the address
key in the amount you want to send
and press NEXT!
Once you are happy with the fees, press confirmed. And you are pretty much good to go!
With such a low GWEI to send, and also the need of 128 confirmations from the network in Binance, it is best not to do this in a hurry, unless you want to increase your gas fees to speed things up.
Even it requires 128 confirmation, in around 3 minutes it is already almost half of the needed confirmation is done. We can safely say that it could take up to around 6 - 10 minutes for the deposit to arrive.
And as I was typing, Binance has notified me that the deposit has arrived, and it took around 5 minutes to get there.
And there it is, safely arrived!
Overall experience: Was it hard?
Technically if you are already a little more well verse with ETH chain and you are familiar with Metamask, this is actually a really straightforward process and pretty easy to get it into Binance for whatever you need to do.
I can safely say that I will definitely be looking for ways to see how I can continue to access to Binance via VPN settings in order to help me to move my re-generated yields from dividends that I have earned from RealT next week when I have more chances to convert them and start paying off my Credit loans in Nexo.
What about you?
Would you find multiple ways to keep generating more revenue, particularly on the Polygon (Matic) network in order for your earned more before you start using the final output for day-to-day life use, or would you just stick to easy ways where what you earned here goes straight into fiat to pay bills?
If you have questions that you would like to know more, please feel free to comment it here or on my noise account to discuss further.
