Also known as Ethereum’s “Internet of Blockchains,” Polygon is a decentralized scaling platform that provides users with the same wide range of features as Ethereum but with lower fees and much faster transaction processing speeds. The project boasts an experienced development team, advanced technology, and an ambitious goal of scaling the Ethereum network. As a result, Polygon attracts a diverse range of developers and users who can earn passive income through MATIC staking.
What Is the Polygon Blockchain?
Polygon is a Layer 2 scaling solution designed for the Ethereum blockchain to enhance its scalability and user-friendliness. It provides a framework for developing and connecting Ethereum-compatible blockchain networks that can be customized to meet diverse business needs and use cases. By leveraging Polygon, developers can create decentralized applications that are faster, more efficient, and cheaper to use than traditional Ethereum-based dApps.
Thanks to its ability to scale and leverage Ethereum’s vast ecosystem and security, Polygon significantly impacts the growth and mass adoption of cryptocurrency.
MATIC is the native cryptocurrency token of the Polygon network. It is used to pay for transactions, smart contract execution, and other services within the Polygon ecosystem. MATIC tokens can also be used to incentivize network participants, such as validators and stakers.
To learn more about Polygon and its uniqueness, check out our article, Polygon Overview: Scaling the Ethereum Blockchain.
Why Stake MATIC?
Staking is an essential component of many blockchain networks, including Polygon. It involves holding cryptocurrency tokens, locking them up to participate in the network’s consensus mechanism, and securing the blockchain’s operations. Staking is crucial for maintaining blockchain networks’ security, governance, and growth.
Staking MATIC tokens can support the Polygon network while also earning rewards and participating in network governance. You can calculate your potential rewards with the Rewards Calculator.
This article will walk you through staking Polygon’s native token MATIC with BitKeep wallet.
What Is the BitKeep Wallet?
BitKeep is a decentralized Web3 multi-chain wallet that supports over 250,000 types of cryptocurrencies across over 90 chains, including major blockchains such as BTC, ETH, MATIC, BNB Chain, TRX, FTM, and SOL. It is a safe, transparent, and non-custodial decentralized wallet that puts your data and assets in your own hands. BitKeep adopts a special DESM (Double Encryption Storage Mechanism) for your crypto asset security. Your assets will be intact even if your device gets stolen.
One of BitKeep’s unique features is its cross-chain support, allowing users to manage their assets across multiple networks. Users can transfer and exchange coins directly between different blockchain networks in the BitKeep wallet.
The wallet is available on iOS and Android mobile devices and via a Chrome browser extension.
How to Set Up a BitKeep Wallet?
Please go to the official Bitkeep website, click Download, choose your preferred operating system (iOS, Android, or Chrome extension), and install the app. Alternatively, you can scan the QR code, which will take you directly to the app.
Once installed, go to the BitKeep app. On the first pages, you can read about all the possibilities and features the wallet offers you. After that, you can create a new wallet or import an existing one.
In this article, we will go through the entire creation process, so click New Wallet and move on.
First of all, you will need to protect the application itself. Create and enter a six-digit pin code convenient for you and re-enter it to confirm the password. Then tap OK.
And although your wallet has already been created, you will need a backup for safe use. To do this, click the Back Up button in the upper right corner of the application. After clicking, you will receive a twelve-word mnemonic phrase that you must write down for yourself and keep in a safe place. To confirm that you have saved your phrase, a small quiz will await you at the next step: choose words from your phrase with the corresponding number from the list and click Confirm.
Be careful at this step, as the security of your funds is solely in your hands, and losing or leaking your secret phrase could lead to losing them permanently.
To learn more about protecting your crypto funds, please refer to our earlier article, “Crypto Security Guide: How Not To Lose Your Funds When Using Cryptocurrency.”
After the backup, you can safely add tokens to your library and replenish your wallet. But before you top up, please note that for Polygon staking, you must have your MATIC on the Ethereum mainnet and a provision of 0.05-0.1 ETH for fees to be safe.
To add MATIC, select the Ethereum network on the main page by clicking on All Mainnets in the upper right corner. You will be taken to the Ethereum mainnet and can add any network token by clicking the +. After clicking, enter MATIC in the search bar and check the box to the right of the token name.
How to Connect BitKeep Wallet to Polygon
To start staking, you need to connect your BitKeep wallet to Polygon. Go to the Polygon Staking dashboard and click Login in the upper right corner of the screen.
The protocol that allows you to connect your wallet to Polygon is called WalletConnect, so you must select it from the list of available connections. The QR code will immediately appear in front of you.
In the meantime, go back to the home page of your BitKeep wallet and click on the scan code icon, and then point your device’s camera at the code. After scanning the QR, you will receive a request to connect to Polygon Staking, which you’ll have to Approve.
How to Stake MATIC via BitKeep Wallet
We are almost there! But before proceeding to delegation, please remember that Polygon staking takes place on the Ethereum mainnet, so you need to have your MATIC in ERC-20 and a provision of 0.05-0.1 ETH for fees to be safe.
Go back to the Polygon Staking dashboard and scroll down to see the network’s overview, all active validators, their uptime, commission, amount of stake, and health status. These “health metrics” will help you choose a reliable validator.
What do these metrics mean? Let’s take a closer look.
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Uptime is the number of blocks signed during a specific period. If a validator’s uptime is not close to 100%, the validator is unreliable and could be penalized.
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The commission rate is the percentage the validator receives for their services from your reward. Consider this indicator because you will not be rewarded if you choose a validator with 100% commission.
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The amount of stake is the total number of tokens delegated to a particular validator.
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Health status is divided into colors, where green represents excellent performance and orange means the validator already needs to pay attention, as its performance is weakened. Validators marked in red have had a low performance for a long time and are at high risk of forced unstake.
Choosing a responsible validator is the key to the safety of your funds and income, so be sure to familiarize yourself with these metrics before making your choice.
To choose Everstake, enter the name of the validator in the search bar and click Delegate.
Now enter the MATIC amount you want to stake and click Continue. The minimum stake amount is 1 MATIC, so you can always start small. You must confirm the transaction, so return to the BitKeep app and tap Authorize in the pop-up window.
Return to the Polygon Staking dashboard and click Delegate. Then again, confirm the transaction in your BitKeep wallet and await approval.
If all the critical steps were completed accurately, congratulations! Your delegation is now activated, and you can expect to receive rewards that accumulate at each checkpoint, typically occurring every 30 minutes.
You can check your delegation and received rewards in the My Account section of the Polygon Staking Dashboard. Additionally, you can unstake, stake with multiple validators, or restake your funds there. To withdraw the rewards, it is necessary to accumulate at least 2 MATIC.
Now you know how to delegate MATIC tokens using the BitKeep wallet. Remember to fund your wallet with ETH, so you have enough to pay for transactions.
Our team of experienced developers, financial experts, and blockchain enthusiasts are always concerned about the convenience and security of user service on over 70 blockchain networks, both mainnet, and testnet.
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