How to stake Polygon (MATIC)
Do you want to earn MATIC staking rewards with by staking MATIC? MATIC staking has one of the highest staking rewards. MATIC is a great crypto to hold because it has a pretty high APY% compared to other cryptocurrencies, meaning you have potential to make a lot of extra money by holding it if MATIC takes off in price. Earning interest on MATIC is easy. We will go over the easiest way to earn interest on MATIC. We will also show an alternate way to stake MATIC that is safer, but more expensive.
Earn MATIC Staking Rewards
1. Celsius Network (Easiest Option)
Celsius is a popular crypto borrowing and lending platform that allows you to earn interest on a variety of different cryptocurrencies. Earning interest on Celsius is extremely easy because all you need to do is hold the cryptocurrency in your Celsius wallet, no need to lock it up. Celsius currently provides 7.25% interest on your MATIC. Currently Celsius has disabled withdrawals, so now is not a good time to sign up.
Desktop Version:
- Go to https://celsius.network/ and create a new account. Earn up to a $50 sign up bonus when you use referral code 109902077a at sign up.
- You must transfer the required amount to earn the Celsius sign up bonus.
2. Once your account is set up, you will see your dashboard.
3. Click on the “Receive” tab and then click “Add New Coins”. Add Polygon (MATIC) and it will then show up on your list of coins. Click “View and Copy Address”.
4. Send your MATIC to the provided address.
5. After receiving your MATIC, you’re all done! You will start accruing interest immediately and rewards are distributed weekly.
Mobile Version:
- Go onto your mobile device’s app store and download the Celsius app (Android and iOS supported).
- Earn up to a $50 sign up bonus when you use referral code: 109902077a at sign up.
2. Open the app and click Join Celsius and complete the process of creating a new account.
3. Once your account is finished setting up, press the “Transfer” tab to bring up options.
4. Press “Receive”.
5. Select Polygon (MATIC) from the drop-down menu to get your MATIC address. Send your MATIC to this address.
6. After receiving your MATIC, you’re all done! You will start accruing interest immediately and rewards are distributed weekly.
- Note: As of April 15, 2022, New US customers for Celsius will not have access to any interest earning opportunities at all until their Earn Interest Product 2.0 comes out. Non-US customers and prospective customers are not affected by this.
2. Polygon Network (Safest Option)
A safer, but more expensive way to earn interest on your MATIC is to stake on the Polygon Network using MetaMask. Using this method is more expensive because your interest isn’t automatically compounded and you must manually claim your rewards and restake them, which costs ETH to do.
Prerequisites:
- Have about $50-100 worth of ETH available to send to pay for future fees. You shouldn’t need all of this amount but it’s just to be safe.
- Get the MetaMask app for your computer or mobile device.
- 2 MATIC minimum required to stake.
How to install MetaMask
Desktop Version:
- Go to https://metamask.io/download.html and download the extension for your chosen browser.
2. After installing the MetaMask, start it up if it didn’t do so automatically and click “Get Started”.
3. Click “Create a Wallet” and follow the prompt to create your wallet.
4. After creating your account, you will see an entry for ETH already on your account. To send the $50-100 ETH to your MetaMask wallet, hover over your account name so that it says “Copy to clipboard” and click so that it copies your wallet address. Use this somewhere else to see your full address if you need to type it in manually or paste it directly onto the website/app you are sending ETH from.
5. Now that you have some ETH on your account, click “Add Token”.
6. Search for MATIC and add it to your account.
7. With MATIC now listed in your account, send your MATIC to your MetaMask address. Since MATIC is an Ethereum token, send your MATIC to the same address you originally sent your ETH to add your MATIC to MetaMask.
Mobile Version:
- Download MetaMask on your mobile device’s app store (Android and iOS supported).
2. Press “Get Started” and then “Create a new wallet” if you’re creating a wallet for the first time. If you’ve already made a MetaMask account on desktop, you can just select “Sync with MetaMask extension” and ignore the rest of the following steps.
3. After creating your wallet, either press the shortened address under your account name or press the “Receive” button to get your wallet address.
4. Send $50-100 ETH to the provided address.
5. Back in the main screen, press “Add Tokens” and then search for the MATIC token and go through the process of adding it to your account.
6. Since MATIC is an Ethereum token, send your MATIC to the same address you originally sent your ETH to add your MATIC to MetaMask.
Staking your MATIC on Polygon Network
Desktop Version:
2. Click “Connect to a Wallet”.
3. Select MetaMask.
4. MetaMask will automatically pop up and ask you to sign. Go ahead and click Sign.
5. After connecting your MetaMask wallet to the Polygon Network, you can now choose who to delegate to. After deciding who to stake with, click the Delegate button for their row.
6. Enter in the amount of MATIC that you wish to stake and follow the on-screen prompts to pay all the transaction fees until your MATIC is finally staked.
7. Once your MATIC is staked, you must periodically manually claim your rewards and restake it using the same process. Depending on ETH gas fees, it may be many months before you want to claim your rewards and restake.
Mobile Version:
- While on MetaMask, click the hamburger menu on the top left and click “Browser”. Go to https://wallet.polygon.technology/staking/ and click the hamburger menu at the top right to reveal the “Connect to a Wallet” button.
2. Connect to your MetaMask wallet and go through the windows that appear until your wallet finally connects.
3. Once your MetaMask wallet is connected, scroll down a little to see the list of Validators that you can delegate to. Decide on who to delegate to and click the “Delegate” button for their row.
4. Enter in the amount of MATIC that you wish to stake and follow the on-screen prompts to pay all the transaction fees until your MATIC is finally staked.
5. Once your MATIC is staked, you must periodically manually claim your rewards and restake it using the same process. Depending on ETH gas fees, it may be many months before you want to claim your rewards and restake.
Final Thoughts
Celsius is a great method of earning interest on a variety of cryptocurrencies, such as MATIC, because it’s as simple as sending crypto to your Celsius wallet and holding. If you are planning on holding long-term, we recommend activating HODL mode on Celsius. This mode disables features such as sending cryptocurrencies out of your wallet and much more until you disable HODL mode. This is also a tool that can prevent you from losing your funds if your account gets hacked.
We recommend using the mobile version of Celsius over the desktop version because it has more features if you wish to use it, such as borrowing cash or stablecoins.
Staking MATIC is a great way to earn MATIC staking rewards. Visit Crypto Staking Rewards to learn how to stake crypto, earn staking rewards, cryptocurrency staking benefits, and where to find the best staking rewards.
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