Polygon Wallet v2: How to Bridge & Stake Matic Tokens

The Polygon Wallet V2 is a non-custodial web wallet, allowing users to interact with the Polygon Network. However, the wallet is not only used to store your MATIC tokens, as you can also use it to bridge your tokens from Ethereum to Polygon. Plus you can stake your MATIC tokens to earn rewards.

In this article, we take a look into the Polygon Network, Wallet, and MATIC tokens. Plus how to bridge and stake your MATIC tokens.

WHAT IS THE POLYGON NETWORK?

Polygon is a protocol for building and connecting Ethereum-compatible blockchain networks. The aim is to solve issues that are combined in other blockchains such as high gas fees and slow speeds without sacrificing security. The system is similar to the likes of Polkadot, Cosmos, or Avalanche but is more open and secure. Plus it is able to fully benefit from Ethereum´s network effects.

Polygon’s cheaper transaction costs and faster block time have driven increased adoption by a number of popular Dapps such as Aave, 0x, or Sushiswap.

what is polygon network

WHAT ARE MATIC TOKENS?

MATIC Tokens are the utility token on the Polygon Network and have several use cases. Similar to the Ethereum network requiring ETH to pay for the gas fees. The Polygon Network requires the MATIC token to pay for the transaction costs. The token can also be used to stake on the network or used for governance.

MATIC tokens are Ethereum based tokens. However, if you’ve bought your Matic tokens over on the Ethereum network and want to interact with the Polygon network, you may need to bridge your tokens. 

WHERE CAN I BUY POLYGON MATIC TOKENS?

If you don’t already have some MATIC tokens you can trade for these on centralized exchanges such as the Binance Exchange or the FTX. Both of which have some of the lowest trading fees and widest ranges of tokens available.

Alternatively, you can use decentralized exchanges such as the likes of Uniswap to swap for MATIC tokens. 

Binance Sign-up Bonus

WHAT IS THE POLYGON WALLET V2?

The Polygon Wallet V2 is a non-custodial wallet, allowing users to connect up a browser-supported wallet such as the likes of MetaMask and Wallet Connect.

Within the wallet, users can send funds to any account on Polygon, as well as deposit funds from Ethereum to MATIC using the bridge or withdraw funds back to Ethereum from MATIC, also using the bridge.

Within the apps section of the wallet, users can also stake their MATIC tokens to earn rewards.

polygon web wallet v2

HOW TO STAKE POLYGON MATIC TOKENS?

To stake your Polygon MATIC tokens within the Polygon Wallet, you’ll need to ensure that your tokens are on the Ethereum network. If they are not already on the Ethereum network, you can use their bridge to transfer these across (see below).

There are 2 ways that you can stake your tokens, which is either as a validator or a delegator. Becoming a validator involves setting up a node, but delegating simplifies the process.

how to stake MATIC tokens

You can use the “Reward Calculator” on their site to get an idea of your projected rewards and this will change depending on the number of tokens you delegate and the number of days you stake for.

There’s a total of 100 validators that you can currently choose from and you can sort by their performance, the commission they take, their stake or random. It’s worth doing your own research here in relation to which validator you choose. 

POLYGON WALLET STAKING

How to Stake your MATIC tokens with the Polygon Wallet V2:

  • Connect your supported wallet with your MATIC tokens on the Ethereum network.
  • Go to ¨Apps¨ and choose ¨Staking¨,
  • Choose your validator from the list and click onto “Delegate
  • Enter the amount of MATIC tokens you’d like to stake or click onto “Max
  • Click “Continue
  • You will then need to pay a gas fee for the approval transaction and “Confirm” in your connected wallet.
  • Then pay another gas fee to “Delegate” and “Confirm” in your connected wallet.

Once the transaction has completed and just be aware that it might take a few minutes to reflect…. it will then appear under “my account”

how to delegate matic staking

Other Ways to Stake your MATIC Tokens

Because staking with the Polygon Wallet, is on Etheruem, you are really governed by the gas fees (in terms of how much profit you’ll be getting ). With a return of 14% if you take into account the fees it may not work out profitable for you. 

However, if you’re not too worried about whether your staking is centralised or decentralised you can also find staking options over on the likes of the Binance. Where you can currently get around 11% in a fixed savings account, or about 2% on a flexible term.

how to stake MATIC tokens

HOW TO BRIDGE POLYGON MATIC TOKENS?

The Polygon Bridge can be used to move your tokens from the Ethereum Network across to the Polygon or vice versa.

If you’re using the wallet to bridge from Etheruem to Polygon you’ll need to set up Polygon within Metamask. For a full tutorial and step-by-step guide to setting up the Polygon Network within Metamask, please check out the below.

How to Connect Polygon Network to MetaMask

How to Bridge your Ethereum Tokens to Polygon with the Polygon Wallet V2:

  • Connect your supported wallet on the Ethereum network.
  • Go to ¨Apps¨ and choose ¨Polygon Bridge¨
  • Select the Ethereum token you would like to Bridge
  • Enter the amount and choose ¨Transfer¨
  • Read the “Important Notice” and “Continue
  • Continue” again at the transfer overview screen
  • You will then need to pay a gas fee for the transaction and “Confirm” in your connected wallet.

Once the transaction has completed, just be aware that it might take 7-8 minutes to reflect in your wallet.

how to bridge with polygon wallet

How to Bridge your Polygon Tokens to Ethereum with the Polygon Wallet V2:

  • Connect your supported wallet on the Polygon Network
  • Go to ¨Apps¨ and choose ¨Polygon Bridge¨
  • Select the Polygon token you would like to Bridge
  • Enter the amount and choose ¨Transfer¨
  • Read the “Important Notice” and “Continue
  • Continue” again at the transfer overview screen
  • You will then need to pay a gas fee for the transaction and “Confirm” in your connected wallet.

Once the transaction has completed, just be aware that it might take 45 minutes to 1hr to reflect in your wallet. For those using the Plasma Bridge, this can take 7 days.

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Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future. After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.

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