The Ultimate Polygon Staking Guide
Polygon (MATIC), a cryptocurrency established in India, was created to make Ethereum blockchain transactions faster and cheaper.
Anyone who has used Ethereum can understand how important that is.
Ethereum is, by far, the most popular place for decentralized applications, yet its popularity has resulted in a lot of congestion. Users frequently complain about the length of time it takes to complete transactions and the hefty fees associated with them.
Polygon has attracted a large number of customers due to its possible applications. It is currently ranked #17 on CoinMarketCap in terms of market capitalization. Let’s take a look at all you need to know about it before you start on this Polygon Staking guide.
What is Polygon (MATIC)?
Polygon is the Polygon Network’s native token, and it’s a Layer-2 scaling solution for Ethereum users and developers that aims to boost transaction throughput while lowering transaction fees. Not only this, it even uses a Proof-of-Stake (PoS) consensus technique for transaction verification while retaining Ethereum’s blockchain’s security level. You delegate Polygon to validators who run nodes on the Polygon Network when you stake. Staking, in essence, is a method of assisting in the network’s security and gets compensated for it.
Who Created It?
The technology was first released in 2017 under the term ‘Polygon Network.’
Sandeep Nailwal, Jayanti Kanani, and Anurag Arjun, three Indian blockchain developers and consultants, formed the company.
Polygon’s current chief executive officer is Jayanti Kanani.
Polygon Staking Simplified
This guide will teach you all you need to know about staking Polygon and conducting transactions on the Polygon Network. Our Polygon staking guide is easier to understand, shows you the benefits and risks of staking, and help you determine if staking is right for your digital asset portfolio. But before you start staking Polygon, there are some prerequisites you should know.
Polygon is a prominent digital currency that can be found on a variety of exchanges, including:
- …and more.
After you’ve acquired some Polygon, transfer it from the exchange to your Ethereum wallet, which you’ll need for the staking procedure. If you got Polygon from a decentralised exchange (DEX) like Uniswap, you can use the same wallet you used to communicate with the DEX.
A web3 browser extension Ethereum wallet, such as MetaMask, is required. Additionally, your Ethereum address will require enough Ethereum to cover transaction fees incurred throughout the staking process.
A hardware wallet, such as the Trezor, is suggested for protecting your assets, although it is not required. The Ledger hardware wallet is currently incompatible with the Polygon Network and should not be used to send Ethereum ERC20 tokens to Polygon.
Polygon Staking Tutorial
Now that you already know the significance of the Polygon Network, we’re ready to begin with our Polygon Staking guide to help secure the network.
Visit the Polygon Web Wallet and sign in using your non-custodial wallet such as MetaMask. On the top-left of the screen, select the ‘All Validators’ tab. A list of validators should appear.
Select the validator to whom you want to delegate your stake and click the ‘Delegate’ button. A little pop-up window will emerge.
You can input the amount of Polygon you want to stake in this pop-up. Then press the ‘Continue’ button. The first MetaMask notice occurs; this notification is simply to grant the Polygon Network access to the Polygon staking procedure. Please check that your wallet is connected to the Ethereum Mainnet, then click ‘Confirm.’
The word ‘Delegate’ appears in a popup window. Continue by clicking on the ‘Delegate’ button.
Congratulations! Your stake has been delegated once that transaction is added to an Ethereum block!
Maximize Returns by Group Farming
Group Farming is the concept of putting crypto assets to work in a way that yields the maximum potential profit while reducing risk.
UniFarm is a platform that offers higher APY (Annual Percentage Yield) to investors in exchange for adding liquidity and raising the protocol’s Total Value Locked (TVL).
The high returns are paid out in a variety of high-quality tokens on the network.
Group farming is a technique for long-term investors with a diverse token portfolio to gain exposure to new projects and obtain fresh tokens without having to spend more dollars.
We have a simplified guide on How to Stake Tokens on UniFarm?
UniFarm is a one-of-a-kind staking solution where the best projects in DeFi space come together to provide value to investors. UniFarm allows you to stake one token but earn multiple high-value tokens, so in addition to a great APY, your returns are automatically diversified as well.