How To Stake Polygon Matic (3 Options)
In this article I'm going to cover a number of options to stake or earn on your Polygon Matic tokens. In a pervious article I went over the 5 year plan (which we are currently moved into year 3 of the staking rewards) you can read that article here Polygon Staking Rewards Each Year
Option 1: Exchanges
*This option comes with risk as your tokens will be locked on the exchange and not in your own wallet.
Exchanges such as Binance.com and Nexo offer APRs for locking up your Polygon matic tokens for a period of time. These often pay a higher APR as these exchanges are loaning out the Polygon matic to other projects and giving you a part of the rewards back.
Option 2: Stake it Yourself
This is the best option but does come with Ethereum fees. The risk here is much lower as you'll be in control of your own wallet in this case and voting on validators.
To do so you will need a metamask wallet with Ethereum main net and polygon matic tokens. Visit https://staking.polygon.technology/ and login with your metamask wallet. Be sure you're on Ethereum network.
Next you will search for a validator you want to delegate to. Note the commission is the commission the validator takes from you for running the node. While a lower percent means you keep more it doesn't always mean you'll earn more. You'll also want to check checkpoints signed and get one at 100% this means they missed no blocks.
You will need to pay a Ethereum fee in order to stake it. The benefit of this method is you're using your own wallet.
Option 3: Liquid Staking
This is a bit of a mix where there is risk as you're getting another token that represents your Polygon token and in theory you should be able to take that token and convert it back to polygon.
For example you can go on Lido or quickswap and convert you Polygon tokens into a token like stMATIC or MaticX which can be used as liqudity on defi platforms. This means you can freely move your polygon token around (which is now represented as another token and stake it on these defi platforms.
Another is wMatic which is a wrapped version of the Polygon matic token and is used on the DeFi platform PolyCub
These are are all the options you have and how to use them for you Polygon tokens so they don't just sit around in your wallet earning nothing.
*This article is for entertainment purposes only and is not financial advice.
Posted Using LeoFinance Beta