Staking your cryptocurrencies is gaining mainstream attention as a means of earning passive income. Instead of hodling your tokens idly, you can simply stake your PoS tokens either for a flexible or a fixed term and earn rewards, depending on the platform you're staking with.
What is Staking?
Staking helps you earn interest on your deposit for either a fixed or flexible period of time. By staking your tokens, your digital assets are used to validate and confirm transactions on the network, and you're rewarded with interest for your participation. Staking activities can only be carried out by PoS networks in which deposited cryptocurrencies are used to verify transactions on the blockchain. The proof-of-stake consensus mechanism is responsible for recruiting participants in the blockchain.
10 Best Staking Platforms for Polygon
Polygon is a layer 2 scaling solution that can work with any blockchain. It is built alongside Ethereum’s blockchain to help facilitate faster transactions with lower gas fees. Its Layer 2 scaling technology makes it easy for developers to build Ethereum network-compatible chains on the platform. Being a Proof-of-Stake blockchain, your staked tokens help to secure the network. MATIC is the native cryptocurrency for the Polygon network and is used to pay fees, stake MATIC tokens and for governance on the network. When you stake, you delegate Polygon to validators who run nodes on the Polygon Network, and you're rewarded in return.
In this post, we've listed 10 Exchanges to stake your MATIC tokens. as stated earlier, beneath each exchange is our staking verdict. However, we strongly recommend thorough research beyond what we've provided.
MATIC was listed for staking on this Exchange on the 29th of June, 2022, and was available at an APR of 14% at the time. Currently, your yearly return is between 5%-9% and there are no network transaction fees for staking and un-staking, or for claiming and withdrawing staking rewards. With this Exchange, you can stake and un-stake at any time, with no lockup periods. Please note that you can only deposit MATIC on the Ethereum network only, as funds deposited on other networks will be lost.
MATIC staking rate for Kraken Exchange: On-chain Yearly rewards of 5-9%.
You can earn up to 5%-9% APR when you stake MATIC
According to Forbes rating, 2022, Kraken tops the list of one of the best staking platforms. It is also registered as a money service business in the US so that users within the United States can freely stake their tokens. However, compared to major staking platforms like Binance and OKX, the user interface needs more improvement.
Gemini launched MATIC staking on the 18th of August, 2022 and her services were available to users in the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil, and over 30 other countries. Gemini Exchange reimburses its users for any penalty imposed by validators on its staked tokens. Currently, you can earn up to 5.26% APR when you stake your MATIC tokens with this Exchange.
MATIC staking rate for Gemini Exchange: 5.26%
You can earn up to 5.26% APR when you stake your MATIC tokens with Gemini Exchange.
Gemini is remarkable for its strong security with default 2FA authenticator support, wallet address whitelisting, and SOC 2-certified. Navigating their staking interface is quite intuitive but we've noticed a mixed customer reaction for Gemini on Trustpilot, with a 1/5 score rating. However, regarding this list, Gemini is the least competitive in terms of APY offering.
Kucoin launched MATIC for staking on the 20th of August 2021 at a 10% APY staking rate. At the time, the redemption period for staked Assets takes 4 days, and MATIC staking was a fixed duration. Currently, Kucoin offers both flexible and fixed durations for MATIC staking, and you can earn up to 12.25% APY when you stake MATIC tokens with this Exchange.
See below all earnings and their respective tenors when you stake your MATIC tokens with Kucoin.
Earn up to 12.25% APR when you stake your MATIC tokens with Kucoin Exchange.
We observed that there's usually a small APY boost when you convert your Polygon tokens to any other token to be staked, which may be a challenge of focus in staking MATIC tokens with this platform. Currently, US investors cannot access Kucoin staking services, and rewards are paid after un-staking. Navigating their staking services on the platform is quite intuitive with a little above average rating on Trustpilot.
MATIC was listed on this platform for staking on the 23rd of November, 2021 with an offering of 20% APY at the time. Although this promo offering was paid out daily with high-yield earnings. Currently, your annual yearly return for staking MATIC with Nexo.io is 16% APY. All you need is the required amount of NEXO tokens based on the level of staking activity you want to engage. See their platform for more info.
MATIC staking rate for Nexo.io Exchange: 16% APY
Stake your Polygon tokens with Nexo and earn up to 16% APR.
Nexo offers more lending services than staking, however, Nexo is popular for fast payouts, with rewards distributed on a daily basis. They do not charge any fees from the APYs advertised. Their user interface is intuitive with an updated security architecture as the platform has been successfully audited by CISQ.
Binance launched MATIC staking together with DODO on the 23rd of February, 2021 at a promo price of 54.79% APY, and the payout was made on a daily basis. From the time of staking, assets will remain locked until 24 hours. Currently, Binance offers a wide range of staking products ranging from flexible to fixed duration.
Stake your MATIC tokens and earn up to 19.60% APR.
Binance has always distinguished itself as one of the best staking platforms available with a combination of staking products so that investors are provided with a wide range of staking options. We believe that Binance is a good choice to stake your MATIC tokens having the best Exchange features that guarantee asset safety and proper management.
OKX launched polygon staking on the 28th of June, 2021 at an APY of 14.5%. Currently, OKX offers a wider range of staking products ranging from fixed to flexible duration. Although you may have to check their website momentarily to see if there's an update on their product offering.
See the list of rewards you can earn when you stake with OKX Exchange.
Earn up to 25.65% APR when you stake MATIC tokens with OKX Exchange.
According to crypto news, OKX has been termed the overall best staking platform available, and we cannot agree less. Just like Binance, OKX’s staking platform is integrated right into the exchange, making it very easy to use. Although, based on the ratings on OKX Exchange, it seems they've not done an updated job in maintaining their Exchange architecture. It seems their staking score is a result of the volume of tokens available for staking on the platform. But when it comes to the platform's management itself, there are still more improvements to be made.
Polygon was listed for staking on this platform on the 19th of January, 2021 and currently, you can earn up to 11.90% when you stake MATIC on this platform. In this platform, staking services are not incorporated into the Exchange itself but your assets are transferred to the Mycointainer wallet where staking is done.
MATIC staking rate for Mycointainer Exchange: 11.90% APY
Earn up to 11.90% APR when you stake your MATIC tokens with Mycointainer.
The platform is absolutely commendable and has received one of the best reviews we have on this list. Navigating their staking interface is quite intuitive if you're an experienced crypto investor. Efficient customer support and up-to-date security system.
8. Stake Fish
Polygon was officially listed as a staking partner with Stake Fish on the 16th of January, 2020. If you wish to stake but do not want to be a Validator, or aren’t able to be a Validator, you can delegate your tokens to a Validator of your choice and still take part in the staking process. You can earn between 9%-20% APY when you stake your tokens with this validator.
MATIC staking rate for Stake Fish Exchange: 9%—20% APY
Earn up to 9%-20% APR when you stake MATIC tokens with Stake Fish.
Stake.Fish is one of the best staking platforms available with a very competitive APY offering. Their user interface is very intuitive with a very efficient customer response system. Their staking rewards is one of the best we've got on our list, with an up-to-date security framework.
MATIC was listed for staking on this platform on the 20th of July, 2020, and has been offering 7% APY in reward since then. Their minimum- maximum staking and un-staking limits ranges between 0.1 to 50,000 MATIC tokens respectively. However, in order to stake your MATIC tokens, you must have a verified account and must be located in a region without geographical barriers to Uphold staking. For instance, countries like Japan and Singapore can not access Uphold staking services.
MATIC staking rate for Uphold Exchange: 9% APY
Stake MATIC with Uphold and earn up to 9% Estimated APY.
The user interface is intuitive for beginner crypto investors, with their customer feedback ratings on average. Their staking reward is one of the most competitive we have on our list, but beyond staking offerings, the above factors are worthy to be considered.
Polygon was listed for staking on the 30th of June, 2021, offering an APY of 12% per annum at the time. Currently, the platform now offers 7% APY per annum and rewards are paid out weekly in the coin allocation with flexible, 1-month or 3-month terms available. You can earn more by staking at least 50,000 CRO.
MATIC staking rate for Crypto.com: 7% APY per annum (p.a.)
You can earn up to 7% APR when you stake Polygon with Crypto.com
Crypto.com does not technically support staking, however, it does offer crypto interest accounts that operate in much the same manner. The striking difference is that the crypto assets are used to fund loans. For this platform, their best interest rates are usually offered on longer-term agreements. Crypto.com isn’t as intuitive as expected, and the customer service delivery is not quite encouraging.
We have provided 10 platforms where you can conveniently stake your MATIC tokens. From our list, you'd observe that there're two categories of staking platforms. They're platforms with a single staking product offering like crypto.com, Uphold, Kraken and others. On the other hand, we have OKX, Binance, and Kucoin. Investors should be able to determine what is a priority for their staking adventure. Either the management and security of the staking platform or their reward offerings. For those platforms with a secured platform architecture and management, we consider Binance and Stake.Fish as the best platform to stake your token from our list, but if you're considering rewards as a priority, then OKX and Uphold is a good choice.