After opening my test position on the Arbitrum One network yesterday, I decided I needed to open a test position on another network. My guru recommended I try the Polygon network. I did open a test position, but the results (at least in the first 24 hours) were quite different than my MAGIC/ETH test position.
It is good to remain optimistic. Since I can quickly contrast the two positions, I will focus on what I learned from this test position…regardless of the outcome:
- Everything in the crypto world costs a little bit. Whether you are converting from one asset to another or creating a test position, it will cost something.
- Every time you send money to a new wallet or need to convert crypto to the crypto of a particular network, do a small test send first. Yes, there are fees. Paying a little extra in fees is nothing compared to sending all of your crypto to the wrong wallet. The crypto world is not too forgiving when this happens.
- Using a bridge is not too hard. This position is in the Polygon network. To create this position, I needed to send crypto to this network. This involved a few steps:
- Once the bridge was completed, the Polygon crypto was deposited into my wallet.
- After the money was in my wallet, using Krystal doesn’t change. The only difference was when creating the test position, I needed to choose the Polygon crypto in my wallet…not Ethereum.
If, in the end, this position only makes 20ish% APR, I am not out. The baby steps continue as I build confidence in my skills. If available, I will likely find another test position in the Polygon network. When I find it (and assuming the test position doesn’t take an upward turn), I can roll the crypto in this position over to the new one. This flavor of crypto is not “passive-passive,” but its not too bad. 😉
