Previously known as the Matic Network, Polygon was created to solve significant problems of Ethereum, namely low transaction speed and high transaction fees. Over time, Polygon went from being a simple scaling solution to becoming a more complex ecosystem.
Polygon is a project that deserves your attention as a technological pioneer and a great way to get passive income through staking.
What Is the Polygon Blockchain?
Also known as Ethereum’s internet of blockchains, Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable, user-friendly dApps with low transaction fees without sacrificing security.
Polygon gives users all the same features as Ethereum but with lower fees and higher speeds. Users with different levels of experience can use Polygon for purposes such as:
-
Launching Ethereum-compatible blockchains
-
Using Ethereum-based decentralized applications
-
Minting NFTs
-
Becoming node validators
-
Staking MATIC tokens.
Taking advantage of the security and vast Ethereum ecosystem, Polygon, with its scaling potential, has a significant impact on crypto’s growth and mass adoption.
The entire Polygon ecosystem is powered by its native token, MATIC. It’s used for paying gas fees, staking, and governance.
To know more about Polygon, how it works, 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. You secure the chain and receive rewards by locking your tokens for a while. It allows you to participate in the network’s growth while making your assets work for you.
By delegating your MATIC tokens to a validator of your choice, you can earn rewards and contribute to the network’s security. You can calculate your potential rewards with the Rewards Calculator.
This article will walk you through staking Polygon’s native token MATIC with ZenGo Wallet.
What Is the ZenGo Wallet?
ZenGo Wallet is a non-custodial mobile cryptocurrency wallet that replaces private keys in favor of threshold signatures to create two ‘mathematical secret shares’ – one stored on your mobile device, the other on their servers. This approach makes ZenGo wallet the only self-custodial wallet with no private key vulnerability while providing bulletproof security.
Thanks to the features that ZenGo provides to its users, it is truly an all-in-one solution that allows you to:
-
Buy, sell, and trade 70+ assets in a few simple taps;
-
Store, view, and discover NFTs;
-
Explore thousands of Dapps.
ZenGo is a mobile wallet available on iOS and Android mobile devices.
How to Set Up a ZenGo Wallet?
Please go to the official ZenGo website, choose your preferred operating system (iOS or Android), and install the app. To speed up the search, you can scan the QR code.
Once installed, go to the ZenGo app. After a short introduction to the wallet’s features, you will see a field for entering your email. Enter your address and referral code if you have one, and click Continue.
Now you’ll need to confirm your email address. Go to your inbox by clicking Open My Email in the ZenGo app, then click the Tap to Confirm button in the email you received. After verifying your email address, enable biometrics in the app for even more security.
After that, the wallet can be ready for use, but you should create a Recovery Kit for the safety of your funds and easy access when changing devices. To do this, go to the main page by clicking Explore The App, select the Account icon in the lower right corner, and click the Let’s Go button in the Secure Your Wallet section.
To know more about protecting your crypto funds, read our article “Crypto Security Guide: How Not To Lose Your Funds When Using Cryptocurrency.”
Unlike most digital asset wallets, ZenGo doesn’t require users to write down a seed phrase somewhere to restore their wallet if they lose their device. Instead, they use what is called an encrypted secret key share. One key is stored on your device, and the other is on their server, allowing you to unlock your wallet and use it with a face scan.
Your face scan is anonymous, so take off your hats and glasses, ensure your face is evenly lit, and click Continue. Place your face in the frame, click Start, and pay attention to the comments about the scale, if any.
Wait until your face scan is processed and your recovery file is synced. When the Recovery Kit is created, click Done and safely start using the wallet.
How to Connect the ZenGo Wallet to Polygon
To start staking, you need to connect your ZenGo 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 ZenGo 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, go to your ZenGo wallet home page and click the Connect to Apps button in the upper right corner. Then point your device’s camera at the QR code and scan it.
How to Stake MATIC via the ZenGo 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 is done in three steps. 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.
-
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.
-
The commission rate is the percentage the validator receives for their services from your reward. Consider this indicator because if you choose a validator with 100% commission, you will not receive a reward.
-
The amount of stake is the total number of tokens that have been delegated to a particular validator.
-
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 number of MATIC you would like to stake and click Continue. The minimum stake amount is 1 MATIC, so you can always start small. You will need to confirm the transaction, so return to the ZenGo app and Slide to Approve in the pop-up window.
Return to the Polygon Staking dashboard and click Delegate. Then again, confirm the transaction in your ZenGo wallet and wait for it to be approved.
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 ZenGo 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. 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.
