Gateway to Staking : A How-to Stake & Delegate Guide — Polygon (MATIC)
Hi readers! 👋👋
The rise of Polygon(previously Matic) has been one of the most important changes to the Ethereum ecosystem let alone the crypto industry as a whole.
With its scaling solutions being adopted by over 400 apps, 76 million transactions and nearly 790,000 unique users, Polygon has swiftly risen in popularity. Also, it is involved with some of the hottest areas in cryptocurrencies, such as DeFi, DApp, DAO’s and NFT’s.
So, we figured that now is the best time to guide you through the process of staking and delegating your MATIC token!
Before we jump right in, let’s take a quick look at the Polygon.
Polygon is designed as a platform and a framework to build and connect Ethereum-compatible blockchain networks. Polygon supports Ethereum to be scalable with L2 solutions such as plasma, optimism rollups, zk rollups, validium and sidechains. Simply put, it aims to create a multi-chain ecosystem of Ethereum compatible blockchains.
With Polygon, any project can have an instance of Ethereum which combines the best features of stand-alone blockchains (sovereignty, scalability, and flexibility) and Ethereum (security, interoperability, and developer experience).
Additionally, these blockchains are compatible with all the existing Ethereum tools like Metamask, and can exchange messages among themselves and with Ethereum.
Validators in Polygon are selected via an on-chain auction process by locking up tokens in the network and running validator nodes to protect the Polygon network.
Those who are interested but can’t run a full node can participate as a delegator and gain rewards, increase network security.
Before we get started with staking, here are some things to keep in mind when staking MATIC:
- Estimated Reward Rate : 9–10 %
- Unbonding period: 9 days
- Reward Type : MATIC
Why Stake with DSRV?
South Korea’s Leading Validator
We understand the importance of geographical distribution for blockchain networks. Proof-of-Stake enables us to start globally on day 1.
Strong Technical Contributor
We are a tech-driven team that loves to build solutions that help users participate in top blockchain networks.
Trusted by leading institutions, and passionate community members in South Korea and around the world.
Staking MATIC with DSRV
Luckily, If you’ve come to choose the right one to delegate your tokens to, the hard part is now over! Follow this step-by-step guide to help you become a delegator on Polygon.
There are no prerequisites required to become a delegator. All you have to do is have an Ethereum account and have your funds(ETH and MATIC).
Table of Contents:
- Go to Polygon Web Wallet
1. Go to Polygon Web Wallet
1–1 Go to Polygon Web Wallet
Go to Polygon web wallet and select the ‘Login’ button to start staking.
If you want to use cli for staking, please follow this link.
2–1 Choose Sign-In Options
This guide was made for using the MetaMask plugin, but you can use WalletConnect or Walletlink instead. To use MetaMask wallet login, click the MetaMask wallet in the list.
If you need a guide for making new MetaMask account, follow this link.
2–2 Connect Your Account
Connect your MetaMask account with Polygon web wallet. On the right side, you can see the MetaMask Notification popup window. There are two steps to connect your MetaMask account to Polygon web wallet. Click the ‘Next’ button in the MetaMask popup window to confirm the connection.
3–1 Select Become a Delegator Button
Click ‘Become a Delegator’ button on the main page to start delegating.
3–2 Delegate to DSRV
In this stage, you need to select a validator who stakes your MATIC for you. Search for a ‘DSRV’ by using the search function in the middle of the page and click the ‘Delegate’ button next to the name of the validator. After clicking the button, the delegate modal will show up.
3–3 Enter the Amount of MATIC
Enter the amount of MATIC you wish to delegate and click the ‘Continue’ button. In this modal, you can check the transaction fee above the ‘Continue’ button.
3–4 Approve the Transaction
Click the ‘Confirm’ button on the MetaMask popup window to approve your transaction. You can see the estimated transaction fee on the delegate modal. After you check the transaction fee and delegating amount of MATIC, click the ‘Continue’ button on the delegate modal to go to the next step.
You should pay transaction fee in ETH.
Click the ‘Confirm’ button on your MetaMask pop-up window to approve the delegation. You can check your gas fee on the MetaMask popup window. After you check your gas fee, click the ‘Delegate’ button on the delegate modal.
Congratulations! Now, you successfully delegated MATIC to ‘DSRV’. Your delegation will take 1–2 minutes to reflect in your account.
4–1 Confirm Your Delegation
Go to the My Account tab and you can now check your delegation status in the ‘Your Delegations’ section. You can check your wallet balance, amount of staked MATIC, delegation and unclaimed rewards in the ‘Staking Overview’.
You can get more information about staking MATIC here. Happy staking! 🥳
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.