The Polygon network is an Ethereum scaling solution that has seen massive adoption due to its ability to process transactions quickly and cheaply. And since these transactions are processed in huge bundles, Polygon minimizes the burden on the Ethereum mainnet.
Anyone looking to be involved in validating transactions on the Polygon network must stake MATIC. After becoming a validator, you can allow users to delegate their tokens and then receive a commission on the rewards generated.
Staking of MATIC Explained
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Currently, there is no limit on the amount of MATIC tokens users can delegate to validators. This makes it possible for anyone to start staking and earn rewards. However, for higher returns, one should delegate a significant number of MATIC tokens. To unstake, you are required to submit an unbound request.
Now let’s look at how you can stake via various Web3 wallets.
How to Stake MATIC on MetaMask
Metamask is the most used non-custodial Web3 wallet. It is compatible with the Ethereum network and can be accessed as a browser extension or mobile app. Here is how you can start staking MATIC on MetaMask:
Step 1: Add MetaMask wallet as a browser extension.
If you’re looking to stake MATIC on MetaMask, you should first add the wallet to your browser by downloading it from MetaMask.io. Once you visit the website, go to ‘Download’ and click ‘Install MetaMask for Chrome.’ After the wallet is added as a browser extension, you can set up an account.
Step 2: Connect MetaMask to the Polygon network.
MetaMask supports several blockchains. In order to use the wallet on Polygon, go to polygonscan.com and then scroll down to the bottom of the homepage. On the right side, you will see ‘Add Polygon Network.’ Click the button and enter your MetaMask password. After that, you will have connected your MetaMask wallet to the Polygon network.
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Step 3: Send some MATIC to MetaMask.
Transferring MATIC tokens to your MetaMask is an easy task. You simply have to copy the wallet address and input it into another wallet or exchange as the withdrawal address. Once done, you can initiate the transaction.
Step 4: Connect your MetaMask wallet to the Polygon wallet.
Visit https//wallet. Polygon.technology/, then click ‘Connect to a Wallet.’ and select MetaMask.
Step 5: Stake your MATIC tokens
After connecting your MetaMask wallet, staking is automatically enabled.
Step 6: Delegate MATIC.
This step requires you to select the validator you wish to delegate your tokens. Some of the elements you may want to consider when choosing a validator include the commission charged and the number of staked tokens. To stake your tokens, click the ‘delegate’ button on the validator’s profile. Now enter the amount of MATIC tokens for staking, then click ‘Continue.’ A pop-up extension window will appear where you click ‘Confirm’ to initiate the transaction, which completes within a few minutes. You have now completed delegating tokens, sit back, and start receiving rewards.
How to Stake MATIC Using Coinbase Wallet
Since crypto exchange Coinbase does not have a staking feature on the platform, users who wish to stake MATIC are required to have a Coinbase Wallet. After installing the wallet and setting up your account, you will realize there is no staking feature, but here is how you stake your MATIC tokens via Coinbase Wallet.
Step 1: Download and Install Coinbase Wallet
You can install the wallet from Play Store if you have an Android phone. iPhone users can get it from Apple App. After that, create an account by inputting your username and password. Do not forget to keep the recovery phase in a safe place where nobody else can access it.
Step 2: Transfer funds to the wallet.
To transfer MATIC, click the ‘Connect to Coinbase’ button and authorize the wallet to link to your Coinbase account. Now click ‘Buy or Transfer’ and pick ‘MATIC wallet.’ Enter the number of tokens you wish to send. Once done, input the verification code sent by Coinbase to your email or phone number to approve the transaction. Your funds will reach your wallet within minutes.
Step 3: Stake your MATIC tokens.
To begin staking MATIC, visit the Polygon official website and click ‘Staking’ or ‘Use Polygon.’ You will be directed to a new page where you will click the ‘Become a Delegator’ button to display the list of various validators and their details, such as commission and the amount staked. To delegate tokens, you must first create an account on Polygon. After doing this, select your preferred validator and enter the number of tokens to be delegated, then click ‘Continue.’ A pop-up window should appear where you are supposed to click ‘Delegate’ to complete the staking process.