How To Stake Polygon (Matic)
How To Stake Polygon (Matic)
Polygon or older known as Matic has come a long way over it's years. When first created the token was called Matic but was later rebranded to Polygon and heavily supported by Mark Cuban. It was founded in 2017 by a India-based company and was created to solve the scalability issues of the Ethereum network. (Again this goes back to if Ethereum does figure out it's scalability issues in the next year it could be VERY damaging to tokens such as polygon as they would lose their primary use case)
Love it or hate it Polygon will soon be a part of the CUBDeFi program and introduce in an eta of IDO. Till that happens though let's dive into how to stake your Polygon now and get it working for you.
How To Stake Polygon from your Metamask wallet
Step 1: Your Wallets
You will need two accounts/wallets
The first - Metamask connected to the Ethereum blockchain
The Second Wallet.Matic.Network
Step 2: Connect your meta mask to wallet.matic.network
Go to Wallet.Matic.Network/login and login to your metamask account> This will trigger a metamask pop up asking you to sign. Once signed you'll be logged into your account which will show you how many of certain tokens you have on your metamask wallet including Matic Tokens.
Be sure you are also on the Ethereum mainnet otherwise it will keep bouncing you out to the login screen.
Step 3: Delegating your Matic
This is why I love about systems like this. You stay in control of your wallet and delegate out your resources much like you do here on Hive/Leo. Delegation allows you to earn rewards without having to transfer your tokens to another wallet for staking. It's something I believe DeFi might be moving towards in the future because of all the recent rug pulls that have been happening.
Click on Apps in the top right and then go to Staking .
On the new page that loads select your preferred validator. Be sure you go with a reliable and trusted one and click Delegate to the far right of their name.
After selected a pop up will show up asking you how much you want to delegate. You will need Ethereum in order to do the transaction so make sure you have enough Ethereum in your wallet to do so.
Once this is completed you then need to then click on Buy Voucher. Metamask will pop up again asking you to verify with the gas limit and as long as you have enough to cover fees your next message should be that the delegation is now complete.
Since Polygon is on the Ethereum network it's advised at the moment to have a large enough amount of Polygon and Ethereum to cover the higher fees. (Currently about $5 - $7 per transaction)
If you want to figure out your rewards you would earn on your Matic(polygon) check out this calculator here. https://wallet.matic.network/staking/rewards-calculator/
That's all there is too it. Rather easy and straight forward. Currently the APR is a little over 13% nothing near DeFi specs but still a rather decent amount for a staking reward compared to others I have seen.
Posted Using LeoFinance Beta
