How to Stake MATIC via the Klever Mobile Wallet

Ethereum is one of the most significant and successful projects in blockchain history. The richness of its ecosystem affects not only its own development, but also the entire world of Web3 technologies. Yet, despite the incredible success, it’s not perfect: the low speed and high transaction cost can stop many users and developers alike.

Therefore, Layer 2 solutions began to appear, inspired by the desire to complement and improve the existing ecosystem. Their main goal was to become parallel blockchains running alongside the main layer, which would scale and accelerate Ethereum without changing it. Polygon is one such solution.

Founded under the name Matic Network in October 2017, Polygon has evolved from a simple scaling solution to a more complex ecosystem that deserves a closer look not only as a promising project, but also as a great and convenient way to earn passive income through staking.

This guide will tell you how to stake MATIC via the Klever mobile wallet.

What Is the Polygon Blockchain?

Polygon is a Layer 2 solution that runs on the Ethereum blockchain and integrates Ethereum-based projects. 

The use of Polygon has a positive impact on the network as it: 

• Increases flexibility.
• Expands scalability.
• Strengthens sovereignty.

To take advantage of it, you can “bridge” some of your funds to Polygon, and then use a wide range of popular crypto applications that were once exclusively available on Ethereum only. The entire Polygon ecosystem is powered by the MATIC token that is used for paying gas fees, for staking, and for governance. To know more about Polygon, how it works and what makes it so unique, read our article “Polygon Overview: Scaling the Ethereum Blockchain”.

What Is the Klever Wallet?

Klever is a simple, powerful, smart, and secure multi-crypto mobile wallet. With over 2,000,000 downloads from 193 countries worldwide, the Klever App caters to a global audience of blockchain enthusiasts and cryptocurrency holders. The wallet is available in 30 languages.

Klever is a decentralized P2P and self-custody wallet putting the keys in the hands of users. This means that you have total and full control of your private keys and that the Klever team can never access your funds or view your private keys in any way. 

A big advantage of the Klever Wallet is that staking with it is available directly from the app, so if you are looking for the fastest and easiest way to delegate your MATIC, this is a good choice.

The Klever App is available for installation on iOS and Android mobile devices.

Why Stake MATIC?

Staking is one of the most important and mutually beneficial processes on PoS networks. It contributes to the security and efficiency of the blockchain projects you support. By staking your funds, you help make the blockchain more resistant to attacks and strengthen its ability to process transactions.

Your contribution to development will bring you a reward. The size of the reward differs on different blockchains. To calculate how many rewards MATIC staking can earn you now, use the Rewards Calculator. 

How to Set Up the Klever App?

You need to install the Klever App on your device. To do this, go to the official Klever website, choose your preferred operating system (iOS or Android), and download the app from the dedicated store. 

Once installed, go to the Klever App. To begin using the app, you need to read and agree to the Privacy Policy terms. Only then will you be able to import your wallet or create a new one. If this is your first time with the Klever App, click Create Wallet.The next step is a security check. Create and re-enter a 6-digit PIN to protect the app itself. After that, you’ll get a seed phrase for direct access to your account and funds. This step requires special care because losing or leaking your seed phrase can mean loss of your funds.

Read more about how to protect your crypto funds in our article “Crypto Security Guide: How Not To Lose Your Funds When Using Cryptocurrency.”

Carefully write down your seed phrase in the correct order, re-enter it for verification, and keep it in a safe place.

You already know how important it is to keep your seed phrase safe, so get through the next few in-app alarms with peace of mind. Please also note the message saying that the Klever team will never ask you for your seed phrase under any circumstances. Click Okay, I got it! and move on.

Enter your referral code if you have one, or simply click Skip and then optionally connect biometry to increase security even more.

Before proceeding to delegation, please note 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.

How to Stake MATIC via the Klever Wallet

Once your wallet is set up and topped up, it’s time to start staking. The Klever wallet is one of the most convenient tools for this purpose because it allows you to stake directly from the app. To make a delegation and start staking, the Search Coin line to find the ЕRС-20 standard MATIC on the list of available coins and click on it. Then scroll the action options to the right and find Staking.

Once you press Staking, you’ll get to a page asking you to sign the acceptance terms. You will only need to go through this approval stage on your first staking of each address. Access to the smart contract will incur an ETH fee depending on the processing speed you’ll select. Choose a processing speed, click I agree and I want to sign and Submit Transaction on the next page. After signing, the delegation itself can be done. Clicking on Staking will take you to a validator list where you will find well-known staking providers, such as Binance, stake.fish, Figment, and of course, Everstake. There you’ll see each validator’s uptime, commission, and total stake amount. These “health metrics” will help you choose a reliable validator, so be sure to familiarize yourself with them before making your choice.

• Uptime is the number of blocks signed in a certain time period. If a validator’s uptime is not close to 100%, it means that the validator is unreliable and could potentially be penalized.
• The commission rate is the percentage the validator receives for their services from your reward. Carefully 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.

To choose Everstake, find it on the validator list and simply click on it.

Now enter the number of MATIC you would like to stake and click Next. The minimum stake amount is 1 MATIC, so you can always start small. Then again, choose a transaction processing speed that is convenient for you and proceed further.Finally, submit the transaction, and if everything was done correctly and you had enough ETH to pay gas fees, your delegation is complete. All active delegations will be highlighted in the MATIC staking section, so there you can track the rewards that will accrue with each signed checkpoint.

Conclusion

Now you know how to delegate MATIC tokens using the Klever Wallet. Don’t forget to fund your wallet with ETH so you have enough to pay for transactions.

Our team of experienced developers, financial experts and blockchain enthusiasts is always concerned about the convenience and security of user service on more than 40 blockchains.

To stay up to date with all Polygon news and events and to receive 24/7 support, you can contact our Polygon Blockchain Manager on Twitter.