How To Stake MATIC Using The Bitski Wallet
The continuous climb of Ethereum gas fees has increased the demand for low-cost Layer 2 scaling solutions, and Polygon is a leading proof-of-stake Layer 2 blockchain that fills this growing need. Polygon essentially turns Ethereum into a multi-chain system, with the advantage of using Ethereum’s security and vast ecosystem, and this has positioned Polygon to aid in the growth and mass adoption of crypto with its scaling potential.
That said, Polygon’s mission aligns perfectly with one of our key goals of crypto mass adoption here at Everstake, which is one of the reasons we become a network validator on Polygon. As a Polygon MATIC token holder, this gives you the chance to delegate your tokens, so you can earn staking rewards, and this article will outline the process to stake your tokens using the Bitski Wallet.
What is the Bitski Wallet?
Bitski is a secure wallet that’s built for mainstream adoption. The platform provides a single sign-on interface, so signing in to the wallet is as easy as signing in to your Google or social media account, and the user experience is designed to be intuitive and user-friendly.
This means that when you use the Bitski Wallet, there is no need to install any browser extensions or perform any complex functions, you don’t need to understand how public and private keys work, and you don’t risk losing access to your crypto assets because of losing access to your seed phrase.
This all makes Bitski a great option to store your MATIC tokens and stake them through the Wallet as well. So let’s get into the process of staking your tokens using Bitski.
The MATIC Staking Process With the Bitski Wallet
If you don’t yet have a Bitski Wallet, you’ll need to sign up for an account here.
Once you do that and have MATIC tokens in your Wallet, you can move into the staking process below.
One important thing to note about the Bitski Wallet is, as of writing the article, you can only send ERC20 compatible MATIC tokens to the Wallet and not tokens using the Polygon blockchain.
That said, you will not deposit MATIC tokens to the Polygon mainnet network for staking. MATIC funds for staking must be on the Ethereum network.
Staking Your MATIC Tokens With Bitski Wallet
Step 1: Go to the Polygon Wallet and click on the Connect to a Wallet button.
Step 2: Click on the Bitski Wallet option.
Step 3: You may see a screen to give access to cookies from here. Do this if need be, then given authorization for Polygon Wallet to access the Bitski Wallet.
Once authorized, the Bitski Wallet will be connected, and you will see that by checking the top right corner of the screen.
Step 4: Click on the Polygon Staking section.
Step 5: Click on the Become a Delegator button.
Step 6: The list of all validators will appear, and now you will need to choose the one you want to delegate to. We recommend delegating to Everstake, a professional-as-a-staking platform trusted by 625 000 users.
For a quick search, type Everstake in the search bar and click on the Delegate button.
Step 7: Specify the number of tokens you want to delegate to Everstake and click the Continue button.
Note: You will need to have enough Ethereum (ETH) in your wallet to cover transaction fees.
Step 8: Click on the Delegate button.
If the delegation goes through successfully, you will get a message letting you know.
Congratulations! Your MATIC tokens are successfully delegated to Everstake, and now you will get rewards.
Withdraw Your Rewards
At some point, while staking your MATIC tokens, you may want to withdraw your rewards. We’ll show you how to do that below. However, one important thing to note is that the minimum for withdrawing rewards is 2 MATIC. In other words, you’ll need to have earned 2 MATIC in rewards first before you’re able to claim the reward.
So let’s get into the process.
Step 1: First, head over to My Account and connect your wallet. If it’s not already connected, use the Connect to Wallet button.
Step 2: Click the My Account tab.
Step 3: View the section with your delegation and click on the Withdraw Reward button.
Now click on the Withdraw to Wallet button and follow the instructions to confirm the transaction.
Once you approve the transaction, you will see a message letting you know the transaction is in progress.
Once completed, you see a message letting you know your rewards have been withdrawn, and you can also view the results on Etherscan to confirm this as well.
Are my earned staking rewards automatically restaked?
No. Your rewards are not automatically compounded. That means you will need to withdraw your rewards, as explained above in this article, and then restake your rewards using the Restake Reward button.
When I try to confirm my staking transaction, the button is disabled. Why is that?
This could be because you do not have enough ETH to cover transaction fees, so always ensure you have enough ETH in your wallet for fees.
I have MATIC tokens, but I am not able to stake them. Why not?
You want to ensure you have ERC20 MATIC tokens on the Ethereum mainnet. You cannot stake MATIC tokens that are on the Polygon mainnet.
I have already delegated to Everstake, but I want to delegate more tokens also to Everstake. What should I do?
Go to My Account.
Then click on the My Account tab and scroll down to see your delegation details.
Then click on the Stake More button and follow the instructions to complete the transaction.
I already have a delegation with another validator but wish to move my delegation over to Everstake. Is that possible?
Yes! You can move your stake over by viewing your delegation details and then clicking the Move Stake button. Next, you simply follow the instructions to move your stake over to Everstake and complete the transaction.
The Advantage of Staking With Everstake
At Everstake, we help regular investors, as well as institutions generate profits from their crypto assets. We do this by aligning with top-tier blockchain projects and giving holders of our support tokens access to staking opportunities, and we’ve been successfully doing this since 2018. Today we have more than $3 billion in digital assets under management, and we’re trusted by hundreds and thousands of delegates worldwide and counting, and we continue to push for the mass adoption of crypto and ensure people are properly educated on the value of blockchain technology.
By staking your MATIC tokens with Everstake, you’re delegating your tokens to a trusted validator with an incredible track record of success, and we invite you to stay in touch, as well as get updates on all our projects via our website and social channels.
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