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How to stake Polygon (MATIC) in 2023

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Polygon is a framework that enables developers to build blockchains that run Ethereum’s software on custom infrastructure that makes their network cheaper and faster.

These blockchains, called Polygon chains, can be sovereign standalone networks that connect to and transfer data with Ethereum, or secured chains that achieve security by relying on Ethereum’s validators or a pool of professional validators. 

Ethereum is the most robust ecosystem in the crypto space, but it is slow and expensive to use. Polygon's technology aims to solve this problem by making a copy of Ethereum and running it on hardware that makes it faster. 

The popular Polygon PoS Chain or MATIC network is a secured polygon chain that relies on a pool of 100 validators to secure the network. This network is also interoperable with Ethereum and has a native token called MATIC.

This page examines MATIC staking in detail including how to stake, where to stake, and why staking MATIC tokens is worth considering. 

MATIC staking: How to stake in 3 simple steps

Staking is a way of putting crypto assets to work to generate yields. These yields are made possible by the proof-of-stake consensus mechanism that rewards stakers with a yearly percentage for helping validators secure the blockchain.

Stakers, also known as delegators, deposit their assets into a pool and earn based on the total yields generated by that pool. The rewards get distributed among individual stakers based on their percentage contribution to the pool.

1. Buy MATIC

First, you need to purchase some MATIC. You can do so using any of our recommended exchanges. These exchanges are known for their security, service, and selection of crypto assets.

2. Stake MATIC

Next, you need to stake MATIC by accessing a staking pool on any exchange of your choice. Centralised exchanges allow you to choose the period you wish to lock your MATIC. Some of these exchanges offer anything from 15 days to six months. The longer you lock your MATIC, the higher your rewards.

3. Earn passive income

Click (or tap) on the pool, select the lock period you want and enter the amount of MATIC you wish to stake then watch your money generate more money. When your lock period expires, your assets will automatically unlock along with the interest generated. You may then re-stake them.

Where can I stake MATIC?

You should be able to stake MATIC on any of the exchanges below:

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PRO TIP: You can also stake MATIC on a Ledger wallet. If you haven't got a Ledger Wallet yet, you can get one by hitting the orange button below.

How to stake MATIC on a decentralised platform.

Use a decentralised platform if you wish to stake perpetually or bypass the minimum stake amount required by most centralised exchanges.

While there are two major ways to stake on a decentralised platform, the method remains the same.

  1. Download a decentralised wallet: You’ll need a decentralised wallet for decentralised MATIC staking. MetaMask is the most widely used.

  2. Purchase MATIC: If you already own some MATIC on a centralised exchange, withdraw it to your decentralised wallet. If not, you can buy some on any exchange of your choice. Alternatively, you can swap another crypto, like USDT, for MATIC on a decentralised exchange like Quickswap. 

  3. Navigate to a staking dApp: Navigate your browser to a staking protocol and connect your wallet by clicking the Connect Wallet icon.

  4. Deposit MATIC: The staking interface should display the yearly yield in percentage. Deposit your MATIC into the pool. You can stake MATIC on LIDO, a liquid staking protocol on the Ethereum blockchain, which offers 8.7% per year. Alternatively, you can stake on Polygon’s platform, the Polygon Staking interface, where you can select a validator to delegate your funds.

To complete the above steps, you might need some Ethereum (ETH). If you need to get some ETH, this article shows you what to do.

How to choose a staking platform

The staking platform you choose should be audited by a recognised blockchain security auditor such as Certik. These security firms ensure that platforms' smart contracts are battle-hardened. Popular centralised exchanges are not exempt as they can be victims of attacks if their security system is lax.

Good staking platforms also have a track record of good service and good reputation. A good example of this is the decentralised staking platform LIDO which currently holds/stakes about 80% of all staked Ethereum (worth $7.9 billion).

While yield is the last on the list, it is still a deciding factor as generating yield is an important component of staking. Currently, centralised exchanges give higher rewards than decentralised platforms.

Learn more about how to choose the best crypto staking platforms.

Where can I get the highest reward for staking MATIC?

Usually, the place that balances security, flexibility, and yield.

Yield has an inverse relationship with the volume of funds staked; more staked funds mean less yield, and less staked funds mean more yield. This relationship is prevalent on decentralised staking platforms. The bigger the pool, the more diluted the yield per staker because the same yield will have to be distributed among more stakers.

Hence, based on network activity, yields can change rapidly, sometimes daily. You’ll need to periodically check staking pools across major providers to compare. It is worthy of note that centralised exchanges offer stable rates for locking MATIC over a fixed period. 

Why should I stake Polygon's MATIC token?

If you plan to hold MATIC over a long period, staking is a good idea as you can gain more income without extra effort. Essentially, staking is a form of passive income.

You can also earn yields during bear seasons. When the market takes a downturn, you can still generate returns via staking yields. And when the market starts rising, your generated tokens will increase in value.

Lastly, staking is a way to increase exposure to MATIC without the added cost of investment. Because staking rewards are in MATIC, you can earn more tokens, increasing the number you own. The alternative would be buying more at an added financial cost.

How long should I stake MATIC?

Your staking duration depends on your goals and the platform you use. If you use a centralised exchange, you’ll be limited to their lock-up periods. If you use a decentralised platform, you’ll be free to stake for as long as you'd like.

If you are holding for the long term, you can use either centralised exchanges or decentralised platforms. However, if you want to be able to pull your funds freely, stick to decentralised platforms.

If yield is most important and you don't mind giving up some flexibility, lock up funds for 30 - 90 days depending on your target yield.

Frequently Asked Questions

How is staking on a centralised exchange different from a dapp?

On the back end, they are the same. However, centralised exchanges offer higher yields as they have internal mechanisms and volume to stabilise their staking yields. Also, centralised exchanges require you to lock up your tokens for a specified period while decentralised platforms allow you to withdraw funds at will.

How do I stake MATIC with a Ledger wallet?

You can only stake MATIC with the ledger wallet on the Polygon Staking interface. First, you’ll need to connect your ledger wallet to MetaMask, which you can do within the MetaMask interface. After connecting, navigate to the Polygon Staking interface to connect the MetaMask account linked to your Ledger wallet. You can now stake MATIC using the Ledger via MetaMask.

Can I Stake MATIC on the Artbitrum network?

For the time being, you can only stake MATIC on the Ethereum network. The reason for this is that MATIC is built on Ethereum.

What are some other ways to earn yields with MATIC?

Yes, you can lend MATIC tokens on platforms like AAVE for profit. You can also deposit MATIC in cross-bridge pools to facilitate the transfer of tokens from one network to another. For example, the Umbria cross-bridge allows you to send tokens between Ethereum, Polygon, Arbitrum, Binance, and Avalanche by maintaining pools of the same token (MATIC) on all chains. By depositing MATIC in a pool on the Polygon chain, you help Umbria receive a deposit on one chain and remit the same amount of tokens on another chain. Umbria rewards you for doing this.