This guide will explain how to bridge MATIC tokens from Ethereum to the Polygon Network. Plus, how to stake MATIC tokens to earn rewards.
The Polygon Wallet 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.
Let’s dive into this Polygon tutorial and find out How to Bridge & Stake Matic Tokens with Polygon Wallet.
How to Bridge MATIC Tokens to the Polygon Network
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 Ethereum to Polygon, you’ll need to set up Polygon within Metamask. You can check out our step-by-step guide on how to add Polygon Network within Metamask.
The steps outlined in the below guides will explain how to bridge MATIC tokens from Polygon Network across to Ethereum. We will also explain how to do the reverse of this and bridge Ethereum to the Polygon Network. Both processes are similar; however, the time it takes for the tokens to bridge across will be different. So, let’s get started;
How to Bridge MATIC to Ethereum?
- 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 been submitted, 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 seven days.
How to Bridge Ethereum to Polygon Network?
- 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 been completed, just be aware that it might take 7-8 minutes to reflect in your wallet.
What is Polygon?
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 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 gas fees. The Polygon Network requires the MATIC token to pay for the transaction costs. The token can also be used to stake in the network or used for governance.
MATIC tokens are Ethereum-based tokens. However, you may need to bridge your tokens if you’ve bought your Matic tokens over on the Ethereum network and want to interact with the Polygon network.
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.
What is the Polygon Wallet?
The Polygon Wallet V2 is a non-custodial wallet, allowing users to connect up to a browser-supported wallet like MetaMask and WalletConnect.
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.
Users can also stake their MATIC tokens within the apps section of the wallet to earn rewards.
Polygon MATIC Staking
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 two ways you can stake your tokens, either as a validator or a delegator. Becoming a validator involves setting up a node, but delegating simplifies the process.
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.
How to Stake MATIC tokens with Polygon Wallet V2
- Connect your supported wallet (MATIC tokens on the Ethereum network)
- Go to “Apps“
- Choose “Staking“
- Choose your validator from the list and click “Delegate“
- Enter the amount of MATIC tokens you’d like to stake or click on “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 been confirmed, just be aware that it might take a few minutes to reflect and appear under “my account”.
Other Ways to Stake your MATIC Tokens
Because staking with the Polygon Wallet is on Ethereum, 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 centralized or decentralized, 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.
