Lido’s easy way to stake Eth and Polygon’s Matic on imToken
Lido now makes MATIC staking super easy, right in your favorite wallet app
As one of the early supporters of Lido, we are happy to add Lido’s new MATIC staking feature to imToken.
Since Polygon is a POS chain, anyone can become a validator and receive rewards for securing the blockchain. Currently around $3.5B worth of MATIC are staked in this process. For ordinary users, like you and me, setting up the validation hardware might be a little complex. Instead, you can simply delegate your MATIC tokens to any of the 100 validators receiving rewards for a small fee.
Now, let’s look at how Lido enters the picture.
Why Lido MATIC staking? And how does it work?
Shard Labs just released Lido’s MATIC staking feature. The difference to traditional MATIC staking is that with LIDO you stake MATIC and receive stMATIC in return. The goal is to have an ecosystem develop, in which you can use your stMATIC within Polygon and Ethereum’s DeFi ecosystem.
As with Lido’s ETH staking, the project aims to offer staking that is decentralized and secure. Let’s take a look at how the DAO achieves both.
As a user, you visit Lido’s polygon staking site, click on the button and receive stMATIC.
stMATIC is a standard ERC20 token that represents your share in Lido’s total pool of staked MATIC. As soon as you stake your MATIC, you will receive stMATIC. If you would like to withdraw MATIC, you will need to request withdrawal and wait for a few days for the unbounding period after which you can claim your MATIC tokens.
Since stMATIC is a standard non-rebasable token, the amount of stMATIC tokens in your wallet is not going to change. The value increases, relative to MATIC’s price, with staking rewards.
In the background, MATIC is delegated across multiple Polygon validators, and rewards are added to the pool. You pay a 10% fee that is split between node operators, the DAO, and a coverage fund.
How to get started with Lido’s MATIC staking?
To get started, download the latest imToken from Google Play, Apple App Store, or directly at token.im.
Enter your wallet, make sure you are using ‘Ethereum Mainnet’. Then enter Lido on the ‘Browser’.
‘Unlock Tokens’ to allow to DApp to stake your tokens, then click ‘Stake now’ to stake.
Claiming rewards can be done after withdrawing tokens, and waiting for the 9 days unbounding period to end. In the meantime you will receive an NFT as a voucher.
That’s the Lido journey for staking MATIC.
If you liked our content, check out our blog on how to stake ETH, and…
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