Polygon is a Layer 2 scaling solution that works alongside the Ethereum blockchain to provide fast transactions and low fees. The network’s own cryptocurrency, MATIC, is used for fees, staking, and more.
To watch the video guide, follow this link:
How to Stake MATIC in Polygon Wallet via Metamask and Ledger
To learn more about how Polygon Network builds and connects Ethereum compatible blockchain networks, read our overview article:
Polygon Network Overview: Scaling the Ethereum Blockchain
In this guide, we will show you how to stake MATIC tokens in the Polygon wallet via Metamask and Ledger.
A hardware wallet has major advantages over hot wallets: it stores your private keys on the device, making it difficult for online hackers to access your accounts. Ledger is a wallet that offers cold offline storage. The Ledger Nano S and Nano X devices support not only cold storage of cryptocurrencies but also staking directly in the Ledger Live app.
To know more about crypto security and how to protect your wallet and avoid becoming a victim of crypto scammers, read our article:
Crypto Security Guide: How Not To Lose Your Funds When Using Cryptocurrency
Let’s get started!
How to Install the Ledger Live App and Connect it to the Ledger Device
To install the Ledger-Live App go to the official Ledger website, click the Download the app button as it is shown on the screenshot, and choose the version you need.
After installing the Ledger app, connect and unlock your Ledger hardware wallet. Navigate to the Manager section, connect your Ledger device using a USB cable.
Enter your PIN on the Ledger device to give access to the Ledger Live app.
After entering the PIN, return to your screen and authorize your device using the Ledger Live app.
After authorization, allow Ledger Manager to use the hardware wallet.
Done! You have successfully connected your device with the Ledger Live app and are ready to proceed to further steps.
Now launch the Manager application which is at the bottom-left of the Ledger Live app interface as indicated in the image below. After launching the Manager, go to the App catalog app. Use the search bar to choose and install the Ethereum (ETH) app.
The Ethereum App is installed, and you can add the account. For this, click Add Account.
After clicking Add Account on the Ledger Live interface, you will need to open the Ethereum app on your device.
Click to confirm on the Ledger device.
Once the Ethereum App is authorized, your application is ready to use.
Synchronization takes place to search all Ethereum accounts on the Ledger device.
The available wallets with their balances would be displayed after synchronization along with a section to add a new account. Rename in any convenient way and click Add account.
Success! Your account has been added. Click Done and go to your Metamask web wallet.
Connecting the Ledger device to MetaMask
The MetaMask wallet would allow seamless access to staking with the Ledger device. To connect your hardware wallet, click on the circular icon at the top-right corner of the MetaMask web wallet.
Click on Connect Hardware Wallet to select the one you want to use with the Metamask wallet.
With the Ledger device cable plugged in, select Ledger and click Continue to select the type of Ledger device you are using (for example, Ledger Nano X or Ledger Nano S).
Select Ledger and connect it to Metamask. Your device will be found automatically.
After a successful connection with MetaMask, navigate to the Accounts section on the Ledger Live interface, you will see the account you added on your Ledger device displayed on the screen. Select the account to be able to buy and also receive assets.
Click Receive to select the account created on the Ledger device.
Select the account to be credited and click Continue.
NB: Please send only ETH or ERC20 tokens to Ethereum accounts. Sending other crypto assets may result in a permanent loss of funds.
Verify the address.
Once the address is generated and verified, click Approve on the Ledger device to accept it.
Before proceeding, check the address displayed on the Ledger Live interface. If it matches the one on the Ledger device, you are good to go.
Now that your address has been shared securely, click Done to move to the next step which is selecting the address via the MetaMask web wallet.
Select the account displayed on your MetaMask interface to Unlock the wallet to be used for staking.
Connecting Polygon Staking Interface with the Ledger wallet
To start staking MATIC, you need to connect a wallet.
Connect the wallet with MetaMask and select the account relatable to the one on the Ledger device.
Authorize the Ledger Device by clicking Connect.
A pop-up notification will be sent to you to sign the transaction. This will allow you to sign the smart contract data on the Ledger device you are using. Click Sign.
A message will be sent to the Ledger device, click Sign Message to reveal the message hash.
The message hash would be displayed in this manner on the Ledger device.
Accept to sign the message using the Ledger Device. Once signed, you are automatically connected to the Polygon staking platform.
Now you can see at the top right all the information of the connected wallet. Here you can get your address via QR Code or Logout in case you want to disconnect your wallet.
Delegation of MATIC
Delegating MATIC is very easy, but in order to start earning rewards conveniently and safely, you need to choose the best validator. We recommend you choose reliable validators trusted by the entire crypto community, for example, Everstake.
The Everstake team of blockchain and fintech professionals provides high-quality staking, monitoring, and analytics services on carefully selected promising blockchain projects. With an experienced team, secure server hardware and 24/7 support, Everstake is one of the top validators on Polygon and many other blockchains.
Navigate to the Become a Delegator section and click Show All to see all the validators in the Polygon network.
On the search bar, type Everstake to find the validator quickly. Here you can check all the information about the validator: total stake, uptime, and validator commission. If you have chosen the validator, click Delegate.
First of all, specify the number of tokens you want to delegate. Click Continue to approve the transaction.
After approval, click Delegate to complete the transaction. After the transaction is completed, you will be able to receive rewards for the staked MATIC tokens.
If the delegation were successful, you would receive this message.
The MATIC tokens have been delegated, and you have completed the staking process. Your delegation will reflect in your wallet, and you’ll start earning rewards whenever a checkpoint is submitted.
Why delegate MATIC with Everstake?
Everstake is a reliable staking provider and one of the top validators in the world. Founded by a team of experienced developers, financial experts, and blockchain enthusiasts, Everstake shows excellent performance with sustainable uptime of about 100% on leading PoS platforms.
With more than 330,000 unique users, the total value of various digital assets staked with Everstake is ~ $ 3,102,034,351 (according to Staking Rewards as of 28/01/2022).
To stay up to date with all Polygon Events and updates and receive 24/7 support, you can contact our Polygon Blockchain Manager on Twitter.
