👛 How To Deposit $PLOT

Background

  1. To use the PlotX protocol for activities like placing predictions, you need to deposit $PLOT tokens to your non-custodial Web3 wallet

  2. PlotX uses Magic Link as a preferred Web3 wallet to provide a uniform and blazing fast experience of using the protocol, but you can also use other Web3 wallets to connect to PlotX

  3. The deposit process allows you to move your $PLOT tokens from Ethereum or Polygon to your connected wallet

  4. All the $PLOT that are deposited in your Magic Link wallet are in your custody. PlotX does not store your email or private keys

Guide

Here's a step-by-step guide on how to deposit PLOT in your connected wallet on PlotX:

Step 1 - Go to the Deposit page

Navigate to My Funds > Deposit.

Step 2 - Connect the wallet from which you want to transfer your PLOT

Step 3 - Select the network from where you want to transfer your PLOT

Since the PlotX v2 app is on the Polygon network, depositing PLOT in your connected wallet may mean one of two things:

  • Ethereum to Polygon

    You are migrating your PLOT from Ethereum to your connected wallet on Polygon

  • Polygon to Polygon You are transferring your PLOT from another wallet to your connected wallet within the Polygon network

Depending on which of the above two you want to pursue, you need to select one of the two choices as shown in the screenshot below:

Step 3.5 - Choose the method of deposit (only for Ethereum deposits)

If you're depositing PLOT from Ethereum, then you have two choices available:

  1. Standard Deposit

    • This includes migrating PLOT from Ethereum to your wallet on Polygon via the Matic PoS bridge

    • Deposit time of ~8 mins

    • Fees = Only gas fees that is to be paid on Ethereum

  2. Fast Deposit

    • This includes migrating PLOT from Ethereum to your wallet on Polygon via Connext

    • Deposit time of ~3 mins

    • Fees = Connext fees (calculated at the time of deposit) + Gas fees to be paid on Ethereum

Choose the one you're most comfortable with.

For deposits from Polygon, there is only one method of deposit, i.e., Standard Deposit, which is selected by default.

Step 4 - Enter the amount of PLOT you want to deposit

Step 5 - Approve the deposit transaction(s)

Depositing from Polygon

If you're depositing your PLOT from Polygon, then all you need to do is sign the initiated MetaMask transaction and that's it, no gas fees at all

Depositing from Ethereum

If you're depositing your PLOT from Ethereum, then depending on which method you chose in step 3.5 of this guide, you will have to pay the necessary fees for the deposit transaction(s).

For a first-time deposit, the user will have to make an approval transaction first, before moving on to the deposit transaction.