What Is the Polygon Blockchain?
What Is the Trust Wallet?
Why Stake MATIC?
How to Set Up a Trust Wallet?
How to Connect the Trust Wallet to Polygon
How to Stake MATIC via the Trust Wallet
Conclusion
The further development of the Layer-2 blockchain are tightly connected with the goal to solve a few key problems of the Ethereum Network:
- High transaction fees.
- Slow transaction processing speeds.
Polygon’s team is successfully dealing with these problems. It has managed to develop a wide range of tech solutions.
Polygon is a project that really deserves your attention, and if you want to support it and benefit from accruing more tokens, the best and safest solution is staking. This is a great way to earn passive income while maintaining control over your private keys.
What Is the Polygon Blockchain?
Also known as Ethereum’s internet of blockchains, Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing on security.
Previously known as the Matic Network, Polygon went from being a simple scaling solution to becoming a more complex ecosystem where users and developers have a wide set of use cases, including:
- Launching Ethereum-compatible blockchains.
- Using Ethereum-based decentralized applications.
- Minting NFTs.
- Becoming node validators.
- MATIC staking.
The MATIC token is an ERC-20 token that powers the entire Polygon ecosystem. It’s used for paying gas fees, for staking, and for governance.
To know more about Polygon, how it works and what makes it so unique, read our article “Polygon Overview: Scaling the Ethereum Blockchain”.
What Is the Trust Wallet?
The Trust Wallet is a fully decentralized digital mobile app wallet for storing, exchanging and transferring crypto assets. The main features of the wallet are open source, security and support for 65 blockchains.
Only Trust Wallet users themselves control their seed phrases, meaning the application is non-custodial. These wallets are considered more secure compared to custodial wallets because they don’t involve a third party to store your private keys.
The Trust Wallet app is available for installation on iOS and Android mobile devices.
Why Stake MATIC?
Staking is one of the most important processes on PoS networks. By locking your tokens for a period of time, you secure the chain and receive rewards. This gives you the opportunity to take part in the growth and protection of the network and make your assets work for you at the same time.
By delegating your MATIC tokens to a validator of your choice, you can earn rewards and contribute to the security of the network. You can calculate your potential rewards with the Rewards Calculator.
This article will walk you through the process of staking Polygon's native token MATIC with Trust Wallet.
How to Set Up a Trust Wallet?
Please go to the Trust Wallet, choose your preferred operating system (iOS or Android), and install the app on your device.
Once installed, go to the Trust Wallet app and import your wallet or create a new one. To import an existing wallet, click the I already have a wallet button, read and agree to the Privacy Policy and Terms of Service. Also, to continue using the Wallet, you need to create and confirm a 6-digit passcode.
Then select the wallet you want to import, or simply click Multi-Coin Wallet and then select the coins you're interested in from the list of supported ones.
Since MATIC staking takes place on Ethereum, you will need ETH and MATIC on the Ethereum mainnet.
The next step is your secret phrase. Enter your 12-word (or 24-word) phrase in the correct order and click Continue. Protect your secret phrase. Anyone with this phrase has control of your funds. If you lose it, you will lose access to your wallet! Read more about how to protect your crypto funds in our article “Crypto Security Guide: How Not To Lose Your Funds When Using Cryptocurrency.”
If the phrase was entered correctly, congratulations! The wallet was successfully imported and now you can add your preferred assets.
Remember that staking takes place on the Ethereum mainnet, so you need to have your MATIC in ERC-20 and a provision of 0.05-0.1 ETH for fees to be safe.
How to Connect the Trust Wallet to Polygon
To get started, you need to connect your Trust Wallet. Visit the Polygon Staking dashboard and click Become a Delegator.
In the list of wallets available for connection, choose WalletConnect because this protocol allows you to connect your Trust Wallet to Polygon. A QR code will appear in front of you.
Then go back to the mobile app, go to the settings and select WalletConnect. Click the New Connection button and scan the QR code from the Polygon Staking dashboard.
Confirm the operation by clicking Connect. The connection is now activated and will appear in your app.
How to Stake MATIC via the Trust Wallet
We are almost there! The delegation itself is done in three steps. Go back to the Polygon Staking dashboard and scroll down to see the network's overview, all active validators, their uptime, commission, and amount of stake. These “health metrics” will help you choose a reliable validator.
What do these metrics mean? Let's take a closer look.
- Uptime is the number of blocks signed in a certain time period. If a validator's uptime is not close to 100%, it means that the validator is unreliable and could potentially be penalized.
- The commission rate is the percentage the validator receives for their services from your reward. Carefully consider this indicator because if you choose a validator with 100% commission, you will not receive a reward.
- The amount of stake is the total number of tokens that have been delegated to a particular validator.
Choosing a responsible validator is the key to the safety of your funds and income, so be sure to familiarize yourself with these metrics before making your choice.
To choose Everstake, enter the name of the validator in the search bar and click Delegate.
Now enter the number of MATIC you would like to stake and click Continue. The minimum stake amount is 1 MATIC. Сonfirm the Smart Contract Call in your Trust Wallet app to approve the transaction.
Return to the Polygon Staking dashboard and click Delegate. Then confirm another Smart Contract Call in the Trust Wallet app and wait for the transaction to be approved.
If everything was done correctly, congratulations! Now your delegation is active, and you will start receiving rewards. Rewards will accrue at each checkpoint, which takes about 30 minutes on average.
To view your active delegations, go to My Account. There you can also unbond, stake to multiple validators, and withdraw or restake your rewards. The unbonding period on Polygon is 80 checkpoints (approximately 2 days).
To withdraw rewards, you need to accumulate a minimum amount of 2 MATIC.
Conclusion
Now you know how to delegate MATIC tokens using the Trust Wallet. Don't forget to fund your wallet with ETH so you have enough to pay for transactions.
Our team of experienced developers, financial experts and blockchain enthusiasts are always concerned about the convenience and security of user service on more than 40 blockchains. To stay up to date with all Polygon Events and updates, as well as receive 24/7 support, you can contact our Polygon Blockchain Manager on Twitter.
