How to Stake MATIC off exchange. | Bitcointalksearch.org

NIrish

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Quote from: Halime Anatolia on July 03, 2023, 12:04:49 AM

Quote from: _act_ on May 11, 2023, 03:38:59 AM

You can learn how to stake matic from this: How to stake Polygon (MATIC)

You can use Trustwallet too, or any other web3 wallet.

At least what the OP should know when choosing sometimes the Trust Wallet wallet on the Polygon network doesn't support MATIC staking directly. However, you have several other options available then Connect your wallet to the staking platform, there are several options available, such as Aave, QuickSwap or SushiSwap, just follow the order requested.

Thanks! I have moved my MATIC into my Trust Wallet on the Polygon network .... I have just found out about StaderLabs who offer liquid staking and accept MATIC on the Polygon Network.

Does anyone have any experience of using StaderLabs for staking purposes?

Halime Anatolia

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Quote from: _act_ on May 11, 2023, 03:38:59 AM

You can learn how to stake matic from this: How to stake Polygon (MATIC)

You can use Trustwallet too, or any other web3 wallet.

At least what the OP should know when choosing sometimes the Trust Wallet wallet on the Polygon network doesn't support MATIC staking directly. However, you have several other options available then Connect your wallet to the staking platform, there are several options available, such as Aave, QuickSwap or SushiSwap, just follow the order requested.

siniminomorocomunisakito

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Quote from: NIrish on May 14, 2023, 09:01:56 AM

Thanks everyone for your replies, plenty of options to research and potentially use in the future. I think for now my best option may be to transfer into Trust Wallet using the lower cost Polygon Network and forgo the staking rewards.

Relatively speaking I have a small holding and the Eth gas fees will make a decent dent, adding to this staking is taxed at 40% as income so it's going to take time to break even!

You're welcome, you are right that in order to stake MATIC on the ETH mainnet or on LIDO, you will have to move it from an exchange on the Ethereum network and it is a bit more expensive and time consuming to do so. I think this will allow you to store your MATIC on the Polygon network and avoid the higher fees associated with moving it to the Ethereum network.

NIrish

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Thanks everyone for your replies, plenty of options to research and potentially use in the future. I think for now my best option may be to transfer into Trust Wallet using the lower cost Polygon Network and forgo the staking rewards.

Relatively speaking I have a small holding and the Eth gas fees will make a decent dent, adding to this staking is taxed at 40% as income so it's going to take time to break even!

merekamo

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You are right to stake your MATIC tokens on the Ethereum or LIDO mainnet. I agree with this. As we know to move them from the exchange using the Ethereum network, which can be more expensive due to higher fuel costs. It may take time to recover costs through staking rewards. To submit your MATIC to Trust Wallet on the Polygon network without risk, this can be a simple and cost-effective solution. Trust Wallet is a reputable and secure wallet, so your tokens should be safe there.

However, by not staking your MATIC, you are missing out on potential rewards and opportunities to contribute to network security. In my opinion, if you are not in a rush to stake your MATIC tokens and want to avoid high fuel costs, submitting them to a Trust Wallet on the Polygon network without staking can be a reasonable option. You can always decide to stake it later when you find a suitable platform or when Ethereum gas fees become more reasonable.

zasad@

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Quote from: Apocollapse on May 12, 2023, 12:58:38 AM

It's worth to noting if staking off an exchange isn't really mean you have no risk to lose your coins because you're staking on a centralized pool where there's a chance the pool is controlled by a scam group or hacker is successfully hijacked the pool.

Any kind of staking is centralized regardless you're stake on exchange or pool with your own non custodial wallet.

I think you are wrong. If you stake coins without intermediaries, then the validator you choose cannot dispose of your coins, and even if the validator decides to leave, he will not take your coins. But stakers risk fines and slashes if the validator misbehaves. This is the order in the polkadot ecosystem, so if someone is ready to risk 100% of the coins for 10% profit per year, then he should carefully study the risks.

Apocollapse

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It's worth to noting if staking off an exchange isn't really mean you have no risk to lose your coins because you're staking on a centralized pool where there's a chance the pool is controlled by a scam group or hacker is successfully hijacked the pool.

Any kind of staking is centralized regardless you're stake on exchange or pool with your own non custodial wallet.

Pity Token

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Rather than stake you can also try yield farming or loaning Matic instead for better rates. AAVE is the most popular choice and here is a guide for you to follow:

https://polygon.technology/blog/how-to-yield-farm-with-aave-on-polygon

Quote

Aave is a decentralized lending and borrowing protocol and has currently more than US$1.6B in its Polygon market.

_act_

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You can learn how to stake matic from this: How to stake Polygon (MATIC)

You can use Trustwallet too, or any other web3 wallet.

Quote from: NIrish on May 11, 2023, 03:24:50 AM

I'm going through the process of moving my crypto off Centralized exchanges and MATIC is next.

Hope you know FTX and many other collapsed exchanges are lessons to learn from. Not your key, not your coin.

NIrish

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I'm going through the process of moving my crypto off Centralized exchanges and MATIC is next.

I was going to send it to my Trust Wallet but it looks like I can't stake it there.

I've been looking at options and my understanding is that to stake it on ETH mainnet or on LIDO I need to move it off the exchange on the Ethereum network rather than the Polygon network?? Is this correct, as obviously this will cost significantly more and take time to recover through staking.

Wondering whether sending it to Trust Wallet on Polygon and not staking is a sensible and simple option

Topic: How to Stake MATIC off exchange. (Read 140 times)