Polygon is a reasonably popular blockchain that regularly ranks in the top 15 cryptocurrencies by market capitalization. Previously known as the Matic Network, Polygon bills itself as a solution that improves some of the significant negative aspects 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 has solutions for everyday users, developers, and enterprises. The project aims to scale Ethereum without compromising decentralization or security, allowing everyone to earn passive income through staking.
What Is the Polygon Blockchain?
Also known as Ethereum’s internet of blockchains, Polygon now represents itself as a set of scaling solutions that are not limited to a single technology. It provides users with a wide range of possibilities and a stack of solutions on a single network.
Polygon has created and continues to improve a simple framework for building on Ethereum without scalability issues. Users of all experience levels can use Polygon for purposes such as:
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Launching Ethereum-compatible blockchains
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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.
The Polygon team's approach using the security and richness of the Ethereum ecosystem, a user-friendly framework, and its scaling potential has a massive impact on crypto's growth and mass adoption.
The entire Polygon ecosystem is powered by its native token, MATIC, required for paying gas fees, staking, and governance.
To know more about Polygon, how it works, and what makes it so unique, refer to our article "Polygon Overview: Scaling the Ethereum Blockchain."
Why Stake MATIC?
Staking is part of the process that PoS networks use to verify transactions. By locking your crypto assets for some time, you help support the operability of a blockchain and get rewarded for it. This allows you to participate in the network's growth and protection and simultaneously make your assets work for you.
Polygon allows users to participate in this vital blockchain process through MATIC staking. Potential rewards for your delegation can be calculated in the Rewards Calculator.
This article will walk you through staking Polygon's native token MATIC with Omni Wallet.
What Is the Omni Wallet?
Omni (formerly Steakwallet) is a next-generation mobile wallet for iOS and Android that can manage over 10,000 tokens across the most popular blockchains. Omni aims to provide an easy-to-use, highly functional, versatile Web3 wallet without sacrificing self-sovereignty.
It is important to note that Omni wallet is fully self-custodial, which means that users have complete control of their assets and do not have to rely on centralized entities that may be vulnerable to hacks or failures. In addition, Omni supports Bluetooth-enabled Ledger hardware devices.
The application also has built-in native and liquid staking options accessible via just a few taps.
How to Set Up Omni Wallet?
Go to the official Omni website, choose your preferred operating system (iOS or Android), and install the app. To speed up the search, you can scan the QR code provided on the site.
Once installed, go to the Omni app and tap Let’s Go to start using the wallet, and don't hesitate to enable biometrics to protect your wallet even more. Then, you’ll get an opportunity to create a new wallet, import an existing one or connect your Ledger.
If you are using this wallet for the first time, click Create a New Wallet.
You need to back up your wallet to take advantage of all the security features that Omni offers. 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."
You will receive a 12-word phrase you must write down and keep in a safe place. If your device is lost or stolen, this phrase will allow you to regain access to your funds.
After you write down the phrase, click Next to proceed to verification, enter your words in the correct order, and click Next again.
Wait a few seconds for everything to load, and you can start using the wallet. Click Done to go to the home page.
How to Stake MATIC via Omni 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. On the homepage, select MATIC on Ethereum. After clicking on it, a page with the current price chart, possible actions, and transaction history will open. Scroll down a bit to find the Top Polygon Yields section. The Omni wallet enables both native and liquid staking through Lido. In this guide, we will focus on native staking.
As soon as you click on Staking, you will see the current APR, price chart, and your balance available for the delegation. Click Stake MATIC, read the process details, and tap Let's Go. Please note that rewards must be claimed manually, and the unstaking process can take approximately two days.
Now enter the number of MATIС you would like to delegate and tap Next. The minimum stake amount is 1 MATIC, so you can always start small. Also, Omni will show you the expected number of rewards you can earn in a year.
Review the transaction fee, make sure you have enough ETH to pay it and click Confirm Stake.
If you did everything right, congratulations! You have just staked your tokens. To view active delegations, return to the token page and scroll down. They will be displayed under Currently Earning. There you can also unstake, restake or claim your rewards. 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 Omni 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 cares about the convenience and security of user service on more than 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.
