What Is Polygon (Matic) Staking and How Do You Do It?

Staking is a great way to earn interest on your cryptocurrency holdings. You stake your cryptocurrency and the network rewards you with coins in return. It's also a way to help maintain the stability of the network by ensuring that validators are always available and in a position to confirm transactions.

However, many people are confused about how to stake their Polygon coins or any other altcoins for that matter.

In this article, we will look at what Polygon staking is, the MATIC staking process, and where to stake it.

Previously known as Matic Network, Polygon is a layer two scaling solution that uses a Proof of Stake (PoS) consensus mechanism to secure transactions. It focuses on building a scalable infrastructure for Ethereum that can support high-throughput dApps.

Before going any further, let's define these two terms.

Proof of Stake (PoS) consensus: This involves validators staking their coins to participate in block generation. In this system, there is no need for miners as in the Proof of Work (PoW) consensus algorithm. This is because verification can be done through smart contracts on-chain without requiring outside resources like electricity or hardware.

A layer two scaling solution: This refers to a software solution that is built on top of an existing blockchain network. Its purpose is to allow for more transactions per second than is possible on the underlying blockchain network.

Essentially, Polygon is designed to be a platform for developers who want to create their own side chains on top of Ethereum and connect them into one ecosystem.

Therefore, you can think of Polygon as a layer on top of Ethereum, which allows users to make transactions faster and cheaper. It also guarantees blockchain integrity by regularly publishing transaction data to the Ethereum mainchain.

Staking is a way to earn passive income from cryptocurrencies and can be very profitable if you choose the right project and stake it at the right time. When you stake your cryptocurrency, you're basically putting down some of your coins as collateral so that they can't be used for anything else for that specific period.

As a staker, you lock up your tokens in a smart contract and then vote on valid transactions on the network. In return, you can earn tokens as rewards.

Staking rewards are paid out every time a block is created on the network. The more tokens you stake, the higher your reward will be. However, it also considers how long you stake, and how many other people are staking as well.

MATIC staking is a way to earn rewards for validating transactions on the Polygon network. This process also helps secure the network by verifying transactions and preventing attacks from bad actors.

When you stake, you lock up your MATIC tokens in a smart contract. This allows you to participate on the Polygon network through voting. As a result, it gives you a chance to earn rewards in the form of newly minted Polygon tokens (MATIC).

The more tokens you stake, the more weight your vote has when it comes time to approve or reject a transaction.

To help you get started with staking your MATIC coins here are a few tips:

Make sure that you have enough MATIC coins in your wallet before starting to stake them.

Check if your wallet is compatible with your chosen wallet/validator before staking your coins outside of it.

Always make sure that you keep your private key safe at all times!

Staking cryptocurrencies can be quite a straightforward process. The most common way to stake MATIC is through a centralized exchange. This platform is easy to use and allows you to buy/ sell Polygon crypto and deposit your tokens in a wallet without any hassle.

You might also want to consider staking in a wallet that supports the MATIC Network. If you’re not sure which one is right for you, here are a few factors you should consider:

The security features: How secure is it? Does it have 2FA support?

The user interface: Is it easy to use? Is there a mobile app or only a website?

What cryptocurrencies does it support? Can you stake your MATIC tokens there?

If you want to stake MATIC, you have three simple steps to complete. The process is pretty easy—you'll just need a little bit of patience while things are being processed by the network and blockchain system.

The first step in staking MATIC is to purchase it. You can decide to either get it from a decentralized or centralized exchange.

Transfer your MATIC to a staking provider’s wallet. Some staking providers support only specific wallets, so make sure to choose one that is compatible with the wallet you want.

The last step is easy; just connect your wallet with your chosen staking provider's platform and enter in how much MATIC you want to stake. You're all set—now go enjoy your newfound passive income!

Exodus is the all-in-one cryptocurrency wallet that supports over 200 crypto assets and allows you to stake your MATIC. As the most popular and secure way to store, trade, and learn about crypto, you can move crypto as fast as you like with a one-click blockchain asset exchange.

With built-in support for Polygon (MATIC) on the Ethereum network and the MATIC network, you can stake, store and view rewards on one platform. What's more, your funds stay safe in your wallets, so you can access them anytime and anywhere, whether it’s via desktop or mobile device.

Contact us today and harness the power of Exodus products.