As one of the most successful blockchain projects, Ethereum has always interested users and developers. But with the development of demand, the network faced problems that even the Merge needed help to solve completely, namely low transaction speed and high transaction fees.
This might have continued to prevent many from taking advantage of the Ethereum ecosystem, but Layer 2 solutions have come into play. Such solutions handle transactions off the Ethereum Mainnet to achieve scalability. Their main goal is to become parallel blockchains running alongside the main layer, which would scale and accelerate Ethereum without changing it, and Polygon is one of them.
This guide will tell you how to stake Polygon’s native token MATIC via Exodus Wallet.
What Is the Polygon Blockchain?
Formerly known as the Matic Network, Polygon launched its mainnet in 2020 and quickly began to gain popularity in the cryptocurrency community. At the beginning of 2021, the Matic team decided to expand its scope and changed its name to Polygon, which we now know as one of the most successful projects in its field.
As a proof-of-stake (PoS) network, Polygon relies on MATIC tokens to validate transactions. In this way, MATIC owners can become defenders of the network, earning every time a transaction occurs. This process is called staking.
Polygon can help you get almost the same utility as the Ethereum blockchain without worrying about slow transaction speeds and high fees.
You can easily use Polygon for such purposes as:
- Digital payments
- DeFi services
- NFTs
- Gaming
- Staking
The credible use of Polygon by popular projects such as yield farming protocols, Curve Finance, or Aave confirms its advantages. In addition, decentralized exchanges such as Uniswap and SushiSwap also use the Polygon Network.
To know more about Polygon, how it works, and what makes it so unique, read Polygon Overview: Scaling the Ethereum Blockchain.
What Is the Exodus Wallet?
Exodus is a cryptocurrency wallet with a built-in decentralized cryptocurrency exchange that also allows connecting to a centralized one. It supports over 310 cryptocurrencies for storage and crypto-to-crypto, peer-to-peer swaps.
While the Exodus wallet is-self custody, no account sign-up is required because Exodus runs locally on your device. Your wallet’s vital information, including your 12-word secret recovery phrase and private keys, is stored and encrypted directly on your device.
The Exodus wallet extension is available on Chrome and Brave browsers, iOS and Android mobile devices, and in a desktop version for macOS with optional Trezor integration. In this article, we’ll consider the Chrome browser extension.
Why Stake MATIC?
Staking is one of the most critical processes on PoS networks. By locking your tokens for some time, you secure the chain and receive rewards. This allows you to participate in the network’s growth and protection and simultaneously make 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 the process of staking Polygon’s native token MATIC with the Exodus Wallet.
How to Set Up the Exodus Wallet?
Step 1: Install the Exodus wallet
First, you’ll need to install the Exodus wallet. This wallet is available in the form of a mobile application, an application for Chrome and Brave browsers, and a desktop version for macOS with optional Trezor integration.
To install the Exodus Wallet, go to the official Exodus Wallet website and download the app for your chosen platform.
After installation, you will be taken to the introduction page of the Exodus wallet. Read about its capabilities, or just skip the intro. After that, you will have the option to import your wallet or create a new one.
Step 2: Create new wallet
If you are using this wallet for the first time, click Create Wallet and set up and confirm your password.
Step 3: Secure your account
After creating a wallet, go to the Security section of your settings to back up your wallet for safe use.
Click Backup and then View Secret Phrase. Remember that you should not share your secret phrase, as this may result in losing your funds.
Pass and hold to reveal your secret phrase. Please write it down and keep it in a safe place. It is not advisable to take screenshots or store your secret phrase digitally. To check the backup, enter the word corresponding to the number from your phrase in the app.
Step 4: Top up your balance
Once you have successfully backed up your wallet, proceed to your portfolio to add funds. Please note that for staking purposes, you will require Matic tokens on the Ethereum network and a minimum of 0.05-0.1 ETH to cover transaction fees and ensure a secure transaction. Please choose Ethereum as your network and Matic on Ethereum as the desired tokens.
Step 5: Stake your MATIC tokens
Now when your wallet is topped up with MATIC and ETH, you can proceed to staking. Select MATIC on Ethereum in the portfolio and click Stake. Check out the Average Reward Rate and tap Stake MATIC.
Enter the number of tokens you want to stake and click Stake MATIC again. Confirm the transaction by clicking Stake in the appearing pop-up window.
Once the transaction is done, which might take a few minutes, you will see your delegation in the MATIC Token Activity section. Scroll down and click on a transaction to view its details.
Congratulations! Now you’ve successfully staked your MATIC tokens. That’s all it takes to start getting rewards while participating in securing the blockchain ecosystem.
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 Events and updates and receive 24/7 support, you can contact our Polygon Blockchain Manager on Twitter.
