Founded in 2017 under the name of Matic Network, Polygon is a Layer 2 scaling solution created to solve Ethereum’s problems – high transaction fees and slow transaction processing speeds. But over time, the directions of its development expanded, and Polygon not only evolved into a more complex and diverse ecosystem but also became one of the most popular blockchains. Its convenience and multi-functionality are increasingly attracting developers and ordinary users who can easily earn passive income through MATIC staking.
What Is the Polygon Blockchain?
Polygon has many sides, shapes, and uses like its geometric namesake. Believing that there is no single best solution that fits all applications, the Polygon team has created and continues to develop its full suite of scaling solutions using the latest technologies.
Thanks to this approach and cutting-edge developments, Polygon offers users almost all the benefits of Ethereum but with significantly lower fees and higher speeds. Users with different levels of experience can use Polygon for purposes such as:
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Launching Ethereum-compatible blockchains
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Deploying and using Ethereum-based decentralized applications
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Minting NFTs
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Becoming node validators
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Staking MATIC tokens
Taking advantage of the security and vast Ethereum ecosystem, Polygon, with its scaling potential, significantly impacts crypto’s growth and mass adoption.
The entire Polygon ecosystem is powered by its native token, MATIC. It governs and secures the networks, and transaction fees are payable with it.
To learn more about Polygon, its operation, and what makes it so unique, read our article “Polygon Overview: Scaling the Ethereum Blockchain.”
Why Stake MATIC?
Staking is one of the most critical processes on PoS networks. Such chains create and verify new blocks through a staking process, where the protocol can randomly choose validators who lock their coins to create a block. Polygon’s consensus mechanism rewards token holders for keeping the network running and verifying transactions.
Not only validators can take part in these processes, but also every willing MATIC holder. You can secure the chain and earn interest by locking your tokens for a while. You can calculate your potential rewards with the Rewards Calculator.
This article will walk you through staking Polygon’s native token MATIC with Linen Wallet.
What Is the Linen Wallet?
Linen Wallet is a secure multi-signature wallet for Ethereum and Polygon. Multisig wallets, in contrast to wallets that use one seed phrase, usually do not have a single point of failure and are, therefore, more secure. The Linen team also designed and built wallet backup and recovery mechanisms that do not require users to write down passwords or secret phrases that can’t be recovered.
The wallet is secured using three seed phrases, not just one like most non-custodial wallets. Two out of the three phrases are required to make a transaction. As such, even if someone steals one seed phrase, they won’t be able to access your assets. Also, Linen makes it easy to manage your seed phrases – one is stored in your cloud drive, one in a secure area of your mobile device, and one is secured by Linen.
With the Linen wallet, you have the advantage of multisig security, as well as access to all the features you may need, such as:
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Buying crypto with a card;
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Token Swap;
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In-app support;
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Access to popular dApps via WalletConnect.
Linen is a mobile wallet available on iOS and Android mobile devices.
How to Set Up a Linen Wallet?
Please visit the official Linen website, choose your preferred operating system (iOS or Android), and install the app.
Once installed, go to the Linen app. If you are a new user, click Get Started to create a new wallet, or choose Recover Linen Wallet if you already have one. In this article, we will go through the entire creation process.
As mentioned above, the Linen Wallet is protected by three keys, two of which are required to complete a transaction. Key 1 is stored on your mobile device, Key 2 is in your cloud drive, and Key 3 is secured by Linen. Tap Ok, let’s create the keys! to continue.
After that, your Key 1 will be generated, and to continue, tap Next: Generate Key 2. Key 3 can be accessed using codes that Linen will send to your mail and phone number, so enter your email address in the appropriate field and click Continue.
After you enter your email address, you will receive a code that you will need to enter into the Linen wallet for confirmation. Then, enter your phone number for the final backup step and tap Continue. Your keys are now generated, and you can move on by clicking Continue once again.
You can now choose the network on which you would like to deploy your Linen Wallet but click Not Now because we still have a few more steps to ensure your funds are as safe as possible. You must read and agree to the Terms of Use, then set and re-enter a password that will protect the app. You can also enable biometrics if you wish.
Now that your keys are generated, and the app is secured, you can set up the wallet. The primary network on which your wallet will be deployed is Polygon. In order to protect your wallet with three keys, Linen needs to deploy a smart contract to the blockchain, which will require a network fee. These are paid by Linen on the Polygon network so that you can have a Polygon multi-key wallet for free.
However, since the MATIC staking process occurs on the Ethereum mainnet, you must create a dedicated wallet and pay a smart contract deployment fee. To do this, on the main page, click Actions and then select the Ethereum network among your Linen wallet addresses. The fee for deploying a smart contract can be paid both by card and in crypto.
In the case of cryptocurrency payment, you can scan the QR code or copy the address for transfer, which will be active only for a limited period indicated on the screen. After funds to create your wallet are received, you may have to wait a while for the smart contract to be deployed. It will take a maximum of 10 minutes, and if after this time you still don’t see a success message, please contact support directly in the application.
How to Connect Linen Wallet to Polygon
To start staking, you need to connect your Linen wallet to Polygon. Go to the Polygon Staking dashboard and click Login in the upper right corner of the screen.
The protocol that will allow you to connect Linen to Polygon is called WalletConnect, so you will need to select it from the list of available connections. The QR code will immediately appear in front of you.
In the meantime, return to your Linen wallet Actions page, choose the WalletConnect option, and click Scan QR to Connect. 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 confirm.
How to Stake MATIC via Linen 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.
The delegation itself takes just a few taps. 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 receive a reward 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 Linen app and tap Confirm in the pop-up window.
Return to the Polygon Staking dashboard and click Delegate. Then again, confirm the transaction in your Linen wallet and await approval.
If everything was done correctly, congratulations! Now your delegation is active, and you will start receiving rewards. Rewards will accrue at each checkpoint, which takes about 30 minutes on average.
You can check your delegation and received rewards in the My Account section of the Polygon Staking Dashboard. You can also unstake, stake to multiple validators, or restake your funds if needed. In order to withdraw the received rewards, you will need to accumulate a minimum of 2 MATIC.
Now you know how to delegate MATIC tokens using the Linen 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.
Contact our Polygon Blockchain Manager on Twitter to stay updated with all Polygon Events and updates and receive 24/7 support.
