Polygon, a project that was founded in 2017, has emerged as one of the industry’s most promising and successful initiatives.
It was first introduced as MATIC before changing its name to Polygon in April 2021. For Ethereum developers, Polygon offers a decentralized scaling platform that can be used to create dApps. At a reasonable cost, Polygon offers a faster network and greater security.
If you are looking to stake MATIC using your Ledger and MetaMask wallets, here’s how.
Ledger is a cold wallet used for storing cryptocurrencies safely. Compared to a hot wallet, a cold wallet is safer. This is because crypto is stored offline and, as a result, is less prone to attacks and hacks.
To stake your MATIC using Ledger, follow the steps below:
Download and install the Ledger app from its website.
Navigate to your app and connect your hardware wallet using the USB cable.
Authorize your device by entering the PIN.
Give permission to allow the Ledger manager to use the wallet.
Click on “Manager” from the bottom left and choose “Install Ethereum (ETH) app.”
Click on “Add account” and open the Ethereum app on your Ledger.
Once the authorization completes, the wallet with the available balances will display.
You will see a section “Add account.”
Click on it and rename it “Ethereum (Polygon)” or anything that you wish.
How to Connect Ledger to MetaMask?
The Ledger device may be seamlessly accessed for staking using the MetaMask wallet. Click on the circle symbol in the top-right corner of the MetaMask online wallet to link your hardware wallet.
Click on “Connect Hardware Wallet.”
Ensure that the hardware wallet is plugged in and select your type of wallet.
Once connected, go to your accounts section and choose the account that you added on Ledger.
Click on “Receive” and select “Continue.”
Verify the address and approve it on the device.
Once the address displays, click on “Done.”
You will redirect to MetaMask to select your wallet for staking. Click on “Unlock.”
How to Connect Polygon Staking platform with Ledger?
To begin your staking process, initially, you have to connect your Ledger wallet with the Polygon staking platform.
Connect your MetaMask and select the account you chose for staking on Ledger.
Click on “Next” and authorize your transaction by clicking on “Connect.” Then, sign the transaction.
Accept the sign message on your Ledger and it will connect to the Polygon staking platform.
Once it connects, you have to delegate your MATIC to earn rewards. There are several validators out there. Choose the best and most reliable validators. Click on “Become a validator” and you will see the list of all validators on the Polygon network. Once you choose your validator by analyzing the uptime, rewards, and total stake, click on “Delegate.”
Mention the number of tokens that you wish to stake and click on “Continue.” Once you click on “Delegate,” the transaction will be complete. You will start earning your rewards.
Open Ledger Live and go to Discover > Stader Labs - Polygon Liquid Staking. Click Change account and select your Polygon or Ethereum account. Enter the amount of MATIC to stake and click Stake Matic. Click Continue.
As one of the largest cryptocurrency exchanges globally, Binance (and its US subsidiary, Binance.US) offers a user-friendly platform for staking MATIC. At the time of writing, Binance.US offers 3.1% rewards for staking MATIC.
Can I stake MATIC through crypto exchanges? Polygon (MATIC) tokens can be staked through some crypto exchanges along with other crypto assets. Coinbase, Binance, and Kraken are all examples of staking platforms where staking MATIC is possible. Staking providers like them tend to offer flexible staking plans.
Open Ledger Live.Connect and unlock your Ledger device.Navigate to the Accounts tab, click the Add account button, select Polygon (MATIC), and click Continue.
For this reason, MetaMask offers you the convenience of accessing different staking options, including MetaMask Pooled Staking, for an intuitive experience. So now you understand that staking is a public good that helps secure a blockchain network, and there are various ways to get involved.
What is Polygon Staking? Staking on Polygon is the process of delegating your MATIC tokens to a validator, to support the reliability and security of the network. In return, stakers earn an average reward of 4.87 % in MATIC tokens.
The current estimated reward rate of Polygon is 3.43%. This means that, on average, stakers of Polygon are earning about 3.43% if they hold an asset for 365 days. 24 hours ago the reward rate for Polygon was 3.79%. 30 days ago, the reward rate for Polygon was 3.42%.
To stake MATIC using MetaMask, users first need to ensure they have MATIC in their MetaMask wallet. They must then navigate to a staking interface, such as the one provided by the Polygon network, connect their wallet, select a validator, and delegate their MATIC tokens.
If you stake your $MATIC, your tokens are pooled together with other tokens to help maintain the reliability and decentralization of the network. And in exchange, you'll earn rewards in $MATIC.
The longer you stake your MATIC, the more rewards accrue. While you can unstake at any time, most people stake at least long enough to earn back any network fees they paid to stake their MATIC. Remember, reward rates and the price of MATIC may fluctuate.
MATIC tokens are used to govern and secure the Polygon network and pay transaction fees. Polygon uses a modified proof-of-stake validation mechanism to efficiently operate the platform.
You can stake specific assets through your Ledger Live app , from the security of your hardware device. Create an account for the coin you want to stake.
It allows users to stake their MATIC tokens on the Ethereum blockchain and mint stMATIC, which represents their share of stake without the need to maintain the staking infrastructure.
Click “Use Polygon”, then “Staking”, and finally “Become a delegator”. Browse through the list of validators. Check details like MATIC staked, commission, and performance. Choose a validator, view their specific details, then log in at the top-right.
Introduction: My name is Dr. Pierre Goyette, I am a enchanting, powerful, jolly, rich, graceful, colorful, zany person who loves writing and wants to share my knowledge and understanding with you.
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