A Guide To Delegating Polygon $MATIC with MetaMask & Polygon Wallet
Hi fellow-blockchain enthusiasts,
As some of you might be aware, Stakin offers delegation services for Polygon (Matic) Protocol. What makes this network so interesting is that it’s a Layer-2 scalability solution for Ethereum, an EVM compatible blockchain, and a low fee high TPS network. Thus, Polygon is getting a lot of traction with users and DApps developers.
In today’s article, we’re taking you through a detailed guide on staking your $MATIC. But first, let’s have a quick look at the protocol. Polygon refers to itself as a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Its creators envision an open, borderless world in which people and machines collaborate and exchange value, without gatekeepers or intermediaries.
Polygon allows any project to quickly create a dedicated blockchain network that combines the best features of stand-alone blockchains (sovereignty, scalability, and flexibility) and Ethereum (security, interoperability, and developer experience). Furthermore, these blockchains are compatible with all existing Ethereum tools (Metamask, MyCrypto, Remix, and so on), and they can exchange messages with each other and with Ethereum.
Let’s Get To Delegating!
Please note: you will need to have a MetaMask Wallet with $MATIC and $ETH for fees to be able to delegate on the Polygon Network. Delegation and staking take place on the Ethereum Mainnet network, so make sure you have those on the correct network.
To get started, open your MetaMask wallet and make sure you have your $MATIC and $ETH in the correct wallet. Next, go to: https://wallet.polygon.technology/. The dashboard should look similar to the one below.
Select “Connect to a Wallet” on the top-right menu to continue. The Polygon Wallet will ask you to select the wallet of your choice to connect. For this guide, we have used MetaMask. Select “MetaMask” and the MetaMask extension will request you to sign (see the image on the right). Read through the message and select “Sign” if you agree.
If you have the Metamask extension installed in your browser, you can choose Metamask directly, or you can use WalletConnect to connect your mobile wallet.
Please note: if you’re having trouble connecting or transacting with your MetaMask wallet on your browser, try to open the wallets in another browser such as Chrome, Brave or Firefox instead.
Once connected your wallet should look like the dashboard below.
Please note: while there are bridges available for transferring your assets from Ethereum to Polygon Matic Network, delegation takes place on the Ethereum network. Thus, for staking, make sure that your $MATIC and $ETH are on the good network.
It is now time to start staking. First select “Apps” in the top menu, then select “Staking”. The staking dashboard will open.
The staking dashboard should look similar to the one below.
Scroll down to select the validator of your choice and select “Delegate” on the right side of their name.
The delegation menu will pop up, requesting you to enter the amount of $MATIC that you’d like to delegate. Next, select “Continue”. To confirm, you will need to sign the transaction in your MetaMask account and pay a transaction fee of $ETH.
Select “Confirm” to continue. You have now approved the delegation. Next, you will need to sign a second transaction that will actually delegate your $MATIC assets to your selected validator. In the pop-up, select “Delegate”, next select “Confirm” in the MetaMask extension.
You will now have to wait for 12 checkpoints before the changes are visible in your Polygon wallet (2–12 hours depending on the congestion of the Ethereum network). During that time, be sure to visit Etherscan to check your transactions.
If everything went successfully, you should now see a similar image to the one above. Under the title “Your Delegations”, you can find the amount that you’ve staked with the validator. Congratulations! You have now staked your $MATIC!!
Please keep in mind that to unstake or redelegate you’ll need to wait for 80 checkpoints (3–10 days on average, depending on the protocol rules and the congestion of the Ethereum network).
Please note: the minimum for withdrawing rewards is 2 MATIC. Only after 2 MATIC are credited, you will be able to withdraw the rewards. Please note that the same goes for reinvesting rewards as well. While you won’t be able to withdraw rewards, unstaking remains available at any time.
To claim your $MATIC rewards, go to: https://wallet.polygon.technology/staking/my-account
Your dashboard should look similar to the one below. Now, you will have the option to restake your reward or withdraw your reward.
To withdraw select “Withdraw Reward”. A pop-up will ask you if you’re sure that you’d like to withdraw your $MATIC, select “Withdraw to Wallet” to continue.
MetaMask will request you to confirm the transaction, select “confirm”. Depending on the time of day and the fee you are paying, the transaction can take up to a couple of seconds.
If you’d like to add more $MATIC to your stake at a validator that you’ve already delegated assets with. Go to: https://wallet.polygon.technology/staking/my-account
In your dashboard under “Your Delegations” select the validator of your choice. Next, select “Stake More”. Good to note, rewards that you have accumulated with the validator will be immediately transferred to your account once you delegate more $MATIC tokens on the same validator.
If that is agreeable for you, select “Continue”.
From here, the process is identical to staking the first time. Fill in the amount that you’d like to add to your stake at the validator (see image below), and select “Continue”.
Confirm the transaction via MetaMask (see nr. 2), your delegation is now approved. To delegate, select “Delegate” and once again confirm the transaction via MetaMask. Please note that it will take 12 checkpoint periods to see the additional delegation in your dashboard (2–12 hours depending on the congestion of the Ethereum network).
If you have changed your mind and no longer want to stake your $MATIC, you can unstake your assets by selecting “unbond” under “My Delegations” in your account dashboard.
Some things to keep in mind when unbonding or unstaking. First, you will automatically receive any rewards that you have accumulated with the validator thus far. Second, unbonding takes up to 80 checkpoints (around 3–10 days on average, depending on protocol rules and the congestion of the Ethereum network) during which your funds will be locked. This period applies to both initial delegation and redelegation. It is not applicable to rewards that have not been redelegated.
A pop-up will ask you how much of your total stake with the validator you’d like to unstake. You can choose to select a set percentage such as 25%, 50%, 75%, or 100%. But you can also select a precise amount.
Once you’ve selected the amount, click on: “Confirm Unbond”. Your MetaMask wallet extension will open, requesting you to confirm the transaction. Select, “Confirm” to finalize your unbonding.
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.