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- 1 Polygon is a leading-edge blockchain protocol that offers a number of solutions.
- 2 The Polygon users can indulge in staking and make passive income.
The Polygon network became popular among crypto enthusiasts due to its heightened efficacy. Originally called Matic, it’s an Ethereum-scaling protocol that advances the working of crypto on various fronts. It emerges as an EVM-enabled blockchain, open-source zk-rollup, Layer-2 solution, and native identity system.
Since the launch, Polygon has been working on upscaling its solutions. It uses a Proof-of-Stake (PoS) blockchain to provide better speed and safety. The protocol can handle more transactions per second than Ethereum. Besides all that, Polygon makes staking quite fruitful as well.
Polygon Staking: Things To Know About
The Polygon staking follows the same PoS standards as other blockchains. The token holders must delegate their tokens to a validator to join the activity. The ecosystem mandates the validator to add transactions and strengthen the network’s security.
While validators take care of the core process, stakers earn rewards against their staked tokens. As of now, the protocol hasn’t set any limits for staking requirements. However, the validators can decide how many tokens must be staked. They may even charge some fee or commission for their services.
The protocol follows an unlocking period of 80 checkpoints. It usually takes three to four days to go through these points. Those who want to exist just need to send an unbound request to the validators. Before becoming a part of staking, users must check validators’ credibility.
They can see this information on the Polygon staking dashboard. This dedicated section shows details about metrics on which validators’ performance can be gauged. It includes uptime, commission, and the amount required to stake. Uptime means the number of blocks signed in a certain duration.
Ideally, the uptime should be 100%, even one percent less reflects low credibility. The validators charge a fixed percentage of one’s rewards as commissions. The total number of tokens delegated to a validator is referred to as the stake amount.
Steps to Stake Matic on MetaMask
MetaMask is a noncustodial crypto wallet that is compatible with Ethereum. So, it becomes an obvious choice for potential stakers on the Polygon network. Moreover, it is available as a mobile app and as an extension on all leading browsers.
1- Add MetaMask
First of all, users need to add MetaMask as a browser extension. They can simply go to the website and download it after choosing a platform like iOS, Android, or Windows.
2- Connect MetaMask to Polygon
To connect MetaMask to the wallet, they need to choose the correct network as well. They just need to click on “Networks” and then, “Add Network”. Select “Polygon” from the dropdown and hit “Ok”.
3- Transfer MATIC Tokens
To do that, they need to copy the address from the wallet and put it in the destination address. After that, the transfer process can be started.
4- Stake MATIC Using MetaMask
Users can then select a validator and start staking.
Choosing Validator & Delegating
Users need to utilize the control panel to execute the staking process. They need to look for “Apps” and “Staking” buttons to initiate the whole thing. To choose a particular validator, they need to put their name in the search bar. After that, they can click on “Delegate”.
Once the validator’s name appears, all the relevant information appears on the side. Before executing the transaction, the users need to pay for gas and buy a voucher. For that, they need to click on “Buy Voucher”, put in details, and proceed with the transaction.
They can then input the MATIC amount and hit “continue”. The pop-up extension window will appear asking to click on “confirm”. They can click on it and wait for a few minutes for the transaction to finish.
After the process is completed, users can choose to “Stake More” or “Withdraw” the rewards. It must be noted that users need to pay for all transactions in Ether. Thus, the delegator must have sufficient ETH in the wallet to pay for transactions.
MATIC holders can use a number of other wallets for this purpose. Other options include ZenGo, Ledger, Trust Wallet, and Coinbase Wallet. While the process remains similar in all, it’s better to check it once before any of those means.
Upshot
Polygon is a prominent Layer-2 network that has worked extensively on its efficiency. It helps Ethereum get safer and more adaptable. When implemented as a unit of payment, it amps up the performance of other solutions as well. Going by its increasing use cases, it’s safe to say that Polygon will get more dominant in the future.
However, traders must perform a full-fledged analysis on their own before investing in it or staking through it.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
