Polygon is a modern scaling solution for Ethereum and has experienced a lot of hype in recent months and years due to efficient transactions and high scalability. You cannot only earn money through price increases with Polygon but also with MATIC token staking. How can you stake MATIC with MetaMask? In this article, we show you how to stake with Polygon’s MATIC token at MetaMask.
What is Polygon (MATIC)?
Polygon (MATIC) is a cryptocurrency and blockchain network that represents a scaling solution for Ethereum. It is a Layer 2 solution that ensures transactions can be processed faster, splits the transaction load, and thus achieves higher scalability than the main Ethereum network.
The project was founded in 2017 and was formerly called MATIC. As a result, it was re-branded to Polygon. Only the network token, which is responsible for communication in the network and can be used for staking. Polygon uses sidechains to distribute the transaction load in smart contracts.
Polygon should not just remain a pure solution for Ethereum, but will be further developed into a multi-chain solution in the coming months and years, which should develop independently into an ecosystem. Due to the high scalability and the association with Ethereum, Polygon is a project that has extremely high potential in the long term.
What is MetaMask?
MetaMask is one of the most used and well-known crypto wallets. It is an online wallet that can be connected to an Internet browser. Furthermore, the MetaMask wallet can be connected to various blockchain networks. In addition to its function as a wallet, you can also use MetaMask for other functions:
- Cryptocurrency Transactions
- Cryptocurrency swapping
- Connection to dApp platforms (NFTs, DeFi, etc.)
MetaMask is suitable as a hot wallet for numerous cryptocurrencies. Among other things, you can keep the ERC-20 tokens while using DeFi functions via MetaMask. Furthermore, MetaMask is very easy to use and has a good reputation for the security of the MetaMask wallet.
What is staking?
Staking is a process in which you provide tokens to a blockchain network to validate transactions on the network. It relies on the Proof-of-Stake consensus mechanism , which is a modern way of validating transactions on the blockchain.
Proof-of-Stake is much more efficient than Proof-of-Work , which was used by Bitcoin and, until recently, Ethereum. With staking, you make the tokens that you have acquired on the network available in a staking pool. Depending on how many tokens you provide, you can earn a certain amount of rewards in the form of new tokens. These staking rewards can earn you an annual return, expressed in the form of Annual Percentage Yield (APY).
How to stake MATIC with Metamask?
You can easily and securely use the well-known MetaMask wallet to operate staking on the Polygon Blockchain with MATIC tokens. In the following we would like to give you instructions on how to do this.
1. Add MetaMask as a browser extension
Go to “Download” and you can then choose what you want to use MetaMask for. The choice is between the browser you are currently using and iOS and Android. Select the download for your browser! This will add MetaMask to your browser.
2. Connect MetaMask to the Polygon Blockchain!
MetaMask can connect to different blockchains. To connect MetaMask to Polygon, go to the networks first! Then go to add network! Once you have clicked this, you will come to a window where you can enter the data of the Polygon Blockchain.
3. Send MATIC token on Polygon to Metamask
In order to be able to do polygon staking at MetaMask, you need to send MATIC tokens to the MetaMask wallet. You copy the address from your wallet and enter it as the destination address on the respective exchange or on another wallet. Then your MATIC tokens will be transferred to your MetaMask.
4. Connect MetaMask to Polygon Wallet!
Go to Connect Wallet on this page and connect your MetaMask wallet! Then you can connect your MetaMask directly and use the staking functions.
5. Run Polygon (MATIC) Staking via MetaMask!
Now that your MetaMask is connected, go to Polygon Staking! You can then become a delegator there and start staking.
With these 5 steps you can quickly and easily stake Polygon’s MATIC token via the MetaMask wallet.
Should you invest in Polygon (MATIC) now?
At the moment, the crypto market is in a bear market. The prices of most cryptocurrencies are particularly low at the moment. The staking rewards are also lower. But right now an investment and staking at Polygon is worthwhile.
Your MATIC tokens will very likely be worth a lot more in the years to come than they are today. Polygon is a rapidly growing network and should see massive value gains over the next few years.
You can invest in Polygon’s MATIC token on the following crypto exchanges: