Polygon is a protocol and extended ecosystem that provides Ethereum-compatible blockchain scaling solutions. It's like a launch vehicle that massively expands on the original Matic project. Thanks to fast and cost-effective transactions, the Polygon network has become a real star.
Today we will dive into the world of staking MATIС via Uniswap Wallet.
WHAT IS THE POLYGON BLOCKCHAIN?
Polygon is like a genius kid, shaking up Ethereum with its Layer-2 network designed to supercharge performance and speed. The team behind Polygon has come up with a bunch of awesome solutions to make Ethereum an even brighter superstar.
One of the network’s essential products is Polygon PoS (Proof-of-Stake), eagerly awaiting the transition to zkEVM Validium. This would enable Polygon PoS to become more secure, performant, and a core part of the Polygon 2.0 universe.
WHY STAKE MATIC?
MATIC is not just any old cryptocurrency, it's the backbone of the Polygon network. MATIC token can be used in two different environments:
- As an ERC-20 token on the Ethereum blockchain,
- As the native currency on the Polygon network.
Staking is one of the main benefits of the MATIC token. It’s a practical way of earning passive income, and you can earn an annual interest rate of over 5% by staking MATIC. Sounds great, right?
WHAT IS UNISWAP WALLET
The Uniswap wallet is one of the safest and simplest self-custody wallets in Web3 on iOS and Android. This player was born from the creators of the popular decentralized exchange Uniswap.
If you were looking for something universal, Uniswap is here. But don't think that this wallet is only about swapping, it’s also about buying NFTs and crypto. The simple platform design, stringent safety and many features have impressed lots of crypto fellows. Let’s check it out.
HOW TO SET UP UNISWAP WALLET?
To start staking, you need to familiarize yourself with the popular Uniswap wallet. Welcome to our step-by-step guide.
STEP 1. DOWNLOAD THE APP
Download the Uniswap wallet from the official website.
STEP 2. CREATE A WALLET
Open the app and tap Create a new wallet. If you already have one, import it with a seed phrase. Optionally, give your wallet a name and tap Create wallet.
STEP 3. BACKUP YOUR WALLET
Backup your wallet using a cloud backup or a manual with a seed phrase. Remember, if you're opting for a manual one, write down your 12-word seed phrase and keep it in a safe place.
You may lose your funds if you lose or someone steals your seed phrase. So to make things look cool, make sure you save the phrase by writing the words in the correct order.
STEP 4. PROTECT YOUR WALLET
To be fully protected, enable push notifications and Face ID for even better protection. Congratulations! The wallet is ready and waiting for your top-up. You can make a deposit by card or with a transfer.
HOW TO STAKE MATIC VIA UNISWAP WALLET
Before proceeding to delegation, please remember that Polygon staking takes place on the Ethereum mainnet. You need to have your MATIC in ERC-20, and to be safe, you need to provide 0.05-0.1 ETH for fees.
STEP 1. LOGIN
Go to the official Polygon Staking Dashboard, click Login.
STEP 2. CONNECT YOUR WALLET
Connect your Uniswap wallet to the Polygon Staking Dashboard via WalletConnect by scanning the QR code.
STEP 3. CHOOSE EVERSTAKE VALIDATOR
Navigate back to the Polygon Staking dashboard and scroll down to view the network's overview, including all active validators, their commission rates, stake amounts, health status, and performance index. These "health metrics" can assist you in selecting a trustworthy validator.
Let's delve into the meaning of these metrics.
- Performance index refers to the number of checkpoints signed during a specific time frame. If a validator's uptime is not close to 100%, they may be deemed unreliable and penalized.
- The commission rate is the percentage the validator receives for their services from your reward. Considering this metric is important because choosing a validator with a 100% commission rate would result in no reward for you.
- The amount of stake is the total number of tokens delegated to a validator.
- Health status is divided into colors. Green represents excellent performance, and orange means the validator’s performance is weakened, and more attention is needed. Validators marked in red have had low performance for a long time and are at a high risk of being forced to unstake.
Find Everstake, click Delegate.
STEP 4. ENTER THE AMOUNT
Enter the amount of tokens you would like to delegate, click Continue. Confirm the transaction in your Uniswap wallet.
STEP 5. DELEGATE
Return to the Polygon Staking dashboard and check the transaction fee amount. Make sure you have enough ETH and click Delegate.
Then, confirm the transaction again in your Uniswap wallet and wait for approval. It can take a few minutes. That's it, good job!
THE TAKEAWAY
Do you want to earn passive income? Do you want to contribute to the security and growth of the network? Then you should try MATIC staking via the Uniswap wallet. The Uniswap wallet boasts a flawless interface and several other features, such as buying NFTs and crypto.
Everstake can always guarantee your safety as a reliable validator for your staking. So we will be happy to help you at any time. See you in the next guides.
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