Make the Switch: Guide for Converting SPOT Token for USDC on Polygon Chain

By bitbucket | Cloud-Labs | 15 Jul 2023

This will be a long-guided article (covering all gas fees) for how you can convert your SPOT Tokens to USDC and bridge to polygon and start trading on DEX for less than $0.05 as a fee for a single trade. The withdrawal to an on-chain wallet is a bit tricky and more technical than receiving straightly on Kucoin. Do note that transactions on on-chain wallets do incur gas fees; which we shall try to reduce as much as we can in this guide. We will try to initiate all swapping and bridging when the Ethereum Gwei falls to its lowest (i.e. <15 Gwei). Since Polygon is the most secure and cost-effective ethereum side-chain so we will convert our spot to a fiat token USDC inside the Polygon blockchain.

 Swapping and Bridging

Take a look on polygonscan, that conversion fees are as low as $0.02. There is absolutely no reason why you shouldn’t be using Polygon blockchain at all. At the end, I will also demonstrate how you can use a decentralized exchange (APEX Exchange) and trade here with leverages with all benefits of a centralized exchange but meanwhile having control over your assets. 

Since you have to swap your SPOT to USDC before bridging to another chain in the ethereum mainnet itself, it will be the part where it costs you the majority of the gas fees. Firstly, you would have to use Uniswap to convert your SPOT to USDC. The more SPOT you have, the more reasonable the gas fees will be. You will pay almost similar gas fees for any amount of SPOT. I think something like $20 in SPOT will be a good point to start the process. 

SPOT Markets On CoinMarketCap

Converting to USDC

We are going to use Uniswap here. I know there are other DEXs as well. But, since the majority of the SPOT token trade is centered around Uniswap, we would have to use Uniswap here and also, the gas fees will be lower this way. Remember the conversion is from SPOT to USDC and not SPOT to Ethereum. 

Converting SPOT to USDC in Uniswap

Converting $25 of SPOT to USDC cost me $4.15 in gas fees here. Now, we will bridge from USDC in ethereum mainnet to USDC in polygon chain. For this, we will be using Umbria Network. It just cost me $0.65 to bridge USDC from ethereum to Polygon here. Now, we will require MATIC token for paying gas fees in Polygon chain. Thankfully, we can swap our tokens in Polygon Chain to matic token for zero gas fees using the Polygon Website. So, we can use the website to swap our existing token to receive matic which looks like following:- 

Swapping For Gas Token in Polygon Website

It is just fine to convert all your USDC to matic if you wish. For here, I would be converting $0.4 worth of USDC into matic to pay for the gas fees. Remember, 0.01 MATIC can pay you for approximately 20 transactions as stated on the website. So, 0.5 MATIC in balance should keep you going for 1000 transactions. 

Using Apex Exchange as a Perpetual DEX to trade with margins

You can convert your existing tokens into MATIC again and whenever you want. Now, we will be using a perpetual DEX called Apex Protocol that will allow us to trade with leverages inside a decentralized exchange. We will have to pay a minor gas fee and deposit our USDC in exchange. So, in total, it will cost us less than $5 to convert our SPOT token into a tradeable unit this way provided that the ethereum Gwei is less than 15.

Note: Take a look for data on Polygon:-

Polygon Explorer: 

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