Staking Polygon (MATIC) presents a powerful opportunity to fortify the security of the Polygon blockchain while earning rewards for your valuable contribution. In this guide, we'll show you how to stack Polygon with validators to earn impressive returns.
Staking with validators is one of the best ways to keep your crypto safe and within your own custody compared to staking with an exchange chain or other platforms where you may not have full control of your crypto.
What is Polygon Staking?
Polygon staking is the process of holding and locking up a number of MATIC tokens (the native cryptocurrency of the Polygon network) over a period of time. The goal of staking is to participate in the network Proof-of-Stake consensus mechanism, help secure the network, and earn rewards.
Staking MATIC tokens helps the Polygon network's consensus mechanism and help secure the network while earning rewards through additional MATIC tokens. These rewards are distributed to validators in proportion to the amount of MATIC they have staked and the length of time they have been staking.
A delegator is a token holder who delegates cryptocurrencies to a validator or a staking pool on a Proof-of-Stake (PoS) blockchain.
When you delegate stake to a validator, you specify:
- The ID of the node you're delegating to.
- When you want to start/stop delegating stake (must be while the validator is validating).
- How many MATIC you are staking.
- The address to send any rewards to.
Polygon Staking Requirements
- The minimum amount that a validator must stake is 1 MATIC.
- There is no minimum amount that a delegator must delegate.
- The minimum staking period for validation is 21 days.
- There is no maximum staking duration for validation.
- The minimum delegation fee rate is 1%
Polygon staking rewards are divergent based on your choice of a validator. The annual percentage rate (APR) that is paid in return for staking AVAX to a validator is up to 5.36%.
How to Stake Polygon Validator: Step-by-Step Guide
The below guide will provide details on the staking process, delegating staked tokens & how to get node id for MATIC holders.
Step 1: Connect to the MetaMask wallet
Connect with your wallet account to stake MATIC. You can check available wallets on Polygon staking page and select one that fits your requirements. In this guide, we use MetaMask.
Step 2: Buy MATIC
You will need to purchase MATIC. You can buy MATIC on various cryptocurrency exchanges such as Binance, Bitfinex, or Kraken. Use our guide on how to buy Polygon MATIC on the Binance exchange to get started.
Step 3: Choose Polygon Validator
In the "All Validators" section, you have the freedom to explore and choose from a variety of validators to conduct your MATIC staking. For instance, let's consider staking with Blockdaemon as an example. Simply type "Blockdaemon" into the search area, select "Blockdaemon" from the list of options, and then click on "Delegate".
What are validators?
Step 4: Delegate MATIC
Specify the stake amount and select "Continue."
Once you initiate the transaction, a prompt from MetaMask will request access to your MATIC tokens. Simply click on "Confirm" to grant the necessary access. Please note that a gas fee may be associated with this transaction, as per the Ethereum blockchain's fee structure.
Delegate Your MATIC
Click "Delegate" to continue the staking process.
Once the authorization transaction has been approved on the blockchain, you will see the message "Delegation completed".
Earn Staking Rewards
Visit the Polygon Staking link at https://staking.polygon.technology/ and click "Login", then connect your wallet. Your staking amount and rewards will display in your account.
Step 5: Unstaking MATIC
If you decide to unstake your MATIC, you will need to go through a similar process to delegating your MATIC. You will need to select the validator and then unstake your tokens. It is important to note that there is a cooldown period after unstaking, during which you cannot withdraw your MATIC.
Best MATIC validators for staking
Not sure about choosing the right validator for staking your tokens? Check out our guide on the top validators for staking MATIC tokens based on their staking rewards, node uptime, and the amount of MATIC tokens available to stake.
Our staking validator guides are released on a monthly basis to reflect the changing dynamic nature of validator nodes and to provide the best up-to-date validating node info.
Start staking your avalanche tokens today!