What is multi chain support and how to use it?
"Multi chain" refers to coins (or tokens) available on multiple chains (networks) at the same time, for example, MATIC is supported via ETH (Ethereum network), MATIC (Polygon network) or BSC (Binance Smart Chain), this networks are usually compatible (share the same standards / interfaces) but can also be completely different, sharing only the coin ticker but with a completely different address format. An easy way to find out if a coin or token is supported through multiple networks (chains) is by checking their deployed contracts on their Coinmarketcap / project site:
Usually networks are compatible, for instance, an address on the ETH network has its analogue on the BSC network, and also on the Polygon (MATIC) network, at the same time.
For example, you can check your Binance (or any other exchange) deposit addresses, ie. for MATIC:
(You can also check other coins, like SHIB)
You will see that if you switch deposit networks (between BSC, ETH & MATIC), the deposit address is the same, which means you can safely receive your coins on any of those networks and the payment will be credited to your account.
(ETH - ERC20 network)
(BSC - BEP20 network)
If you use a third party wallet, , otherwise you may lose your funds if your wallet doesn't support it.
What are the advantages of switching networks?
There can be many advantages of switching networks, not just from our platform, but from the network itself. For instance, you can use the BSC network (switching from ETH) and take advantage of the lower fees and faster transaction confirmation times.
On our platform, we are able to set lower payment thresholds and faster payout delivery times (inherent to the network) depending on the chain. For instance, a payout over the BSC or MATIC network is way cheaper and faster than a payout over the ETH network, whereas a transaction can take several minutes due to network congestion or very high transaction fees (unpredictable after EIP1559).
Do I lose my funds if I switch payment networks?
Of course not, your funds will stay the same, and will not reset to zero. The payment network just affects the chain our platform uses for your next payout.
How to use switch networks?
For switching networks you must first select the Switch network button on your address site (it will only be visible if we support multi chains on the coin / token you are mining).
More info will show up, with the available networks and information on each one (payment thresholds, payment status).
After carefully reading the disclaimers and warnings, and making sure your exchange / third party wallet supports the chain you are switching to, just press the Use button.
An additional warning will show up, then just press Continue. The website will refresh and your newly selected network will appear on top of your balance, in this example it shows the BEP20 network (BSC).
You will also notice the new payment threshold, depending on your selected network.
Note that switching networks is instant, you could also switch back at any time, your next payout(s) will be processed using the new network you select.