How LNElords Stake Their Polygon LUV NFT Estate (LNE)

LNElords are the new landlords that truly own their property in the form of a digital asset LUV NFT Estate. If your on Tik Tok follow @luvnft and use our LNElord crown effect.

Polygon is a Layer 2 scaling solution that works with any blockchain. It’s the first platform to make it straightforward for Ethereum network scalability. Polygon’s Layer 2 scaling technology makes it easy for developers to build Ethereum network-compatible chains on the platform. 

Polygon is a Proof-of-Stake blockchain, so your staked tokens secure the network. Staking is an excellent way to earn passive income on your crypto and compound your holdings. Plus, it supports your favorite networks and helps to decentralize the blockchains.

Polygon has its cryptocurrency, called MATIC, which is used to pay fees on the Polygon network for staking, and governance (which means that MATIC holders get to vote on changes to Polygon). You can also buy and sell MATIC via Coinbase and other exchanges. The name MATIC comes from an earlier stage in Polygon’s development.

How does Polygon staking work?

When you stake, you delegate Polygon to validators who run nodes on the Polygon Network. Staking, in essence, is a method of assisting in the network’s security, and you get compensated for it.

The PoS ecosystem of Polygon works by rewarding users with MATIC, the protocol’s native token. To earn MATIC, you can choose one of the following options:

Become a validator and commit to the network by running a full node to validate transactions on the blockchain. As a node validator, you receive a cut of fees and newly created MATIC. However, if you act maliciously, make a mistake, or even if your internet connection is slow, your MATIC rewards will be slashed as punishment.

Become a delegator, which is a type of public node. As a delegator, you receive other people’s MATIC and use it to help the network conduct PoS validation. The larger the delegated stake, the higher the delegator’s voting power. This is easier than being a node validator, but it also has challenges.

Polygon has introduced a Polygon Bridge, a trustless cross-chain transaction channel to deposit and withdraw assets between different networks. So, how do you bridge Ethereum assets to Polygon so you can enjoy its fastest speed and cheap fees?

First, you would need a crypto wallet like MetaMask to bridge tokens from Ethereum to Polygon. Then, log in to the Polygon Web Wallet by clicking Polygon Bridge, which will prompt you to connect your crypto wallet. Connecting your wallet requires you to sign a message. The signature won’t cost any fees. But always make sure the website you are using is legit, the same as your wallet.

As you click “Sign” to proceed, you will be redirected to the Polygon Bridge interface, and if not, you can select “Bridge” on the left menu bar.

To send your tokens from Ethereum to Polygon:

  1. Go to the “Deposit” tab.
  2. Once there, click on the token name to choose the token to bridge.
  3. Enter the amount and click “Transfer.”

Once you have read the important notes, click “Continue.” Now, you’ll also see the estimated gas fee and if you are ok with it, click “Continue” to proceed. Review your transaction details before clicking “Continue.”

You’ll then be prompted to sign and approve the transfer in your MetaMask wallet. Check the details and click “Confirm.”

Once confirmed, wait for the tokens to arrive in your Polygon wallet. You can also check on Etherscan to see your transaction status.

Staking a Polygon blockchain is very similar to staking an ERC-20 token. You need to complete just a few extra steps to stake your Polygon with MetaMask.

How to stake Polygon on Metamask

It is important to note that you can only stake your Polygon tokens from the Trust Metamask Wallet website and not from any other wallets or exchanges. The Trust Wallet website is directly integrated with the Polygon blockchain, allowing you the most secure and reliable way of staking tokens.

Step 1 – Download and install the MetaMask extension on your web browser. Once you have the extension installed, you will need to follow these steps:

Step 2 – Click on the MetaMask extension icon and click on the “Add Token” option.

Step 3 – Search for the Polygon (MATIC) tokens and select them from the list.

Step 4 – Click on the “Stake” button. Enter the number of Polygon tokens you want to stake, then click on the “Stake ” button.

Step 5 – Confirm your transaction by entering your selected password or using a secure authentication method such as U2F. Your staked Polygon tokens will be immediately locked up and begin earning rewards based on your staking amount.

You can also configure your staking preferences by clicking on the “Settings” icon within MetaMask and selecting the “Token Balances” option. You can specify how long you want to lock up your Polygon tokens, adjust your gas limit settings, and change other account options.

You can withdraw your staked tokens by clicking on the “Withdraw” button in MetaMask. Remember that you can only withdraw your Polygon tokens from the Trust Wallet website, not other wallets or exchanges.

Polygon staking: earn rewards through a pool

Staking pools enable cryptocurrency holders to pool their assets together to increase the chances of being chosen to verify the next block of transactions on a blockchain network. To distribute power on the network, you may delegate to other top-performing validators:

Top Validators on the Polygon Network

Staking-as-a-Service platforms enable crypto investors to stake their stakable PoS digital assets via a third-party service that takes care of the technical aspect of the staking process.  For this service, platforms charge a fee – usually a percentage of the staking rewards.

In addition to pure staking-as-a-service platforms, several leading exchanges have also launched staking services dubbed “exchange staking.” Exchange staking enables investors to leave their PoS stakable assets in their trading account’s wallets to earn “interest” in fresh tokens. The exchange handles the technical side of the process and (usually) charges a small percentage fee for that service.

So, how and where to stake Polygon?

Some centralized exchanges to stake MATIC are Coinbase, Kraken, Binance, FTX, Gemini, and Huobi. Which one you choose depends on your area of residence, of course. For example, people who live in the United States are likely to choose Coinbase over Binance because of the limitations Binance has on the US. Here is a table showing the different APY interest rates.

Other platforms also support Polygon staking. For example, you can stake your Polygon on validators such as Cryptonomicon, Mind Heart Soul, VK Labs, Matrix Stake, and Coinstash.

Can I Make Money Staking My Polygon LNE?

Yes, it can be very profitable if you stake the Polygon network the right way.

According to the Polygon website, over 2.75 billion MATIC are currently being staked, and nearly $516 million have been paid in rewards. The maximum APR for Polygon (MATIC) is about 3.85% on 100 tokens for 365 days, as per the Polygon Rewards calculator.

The rates are affected by network volume, age of coins held in the wallet, the number of blocks generated, transaction fees, and other factors. The validator Witval, which is staking the most MATIC as per Polygon, is offering rewards of 17.7%, while Valis Labs offers 19.15% and MyCointainer 18.48%, according to StakingRewards.com. Meanwhile, Matic Foundation, Allnodes, Self Liquidity, SelfMoon, and Decentral Games offer 6.75%.

 Binance meanwhile offers 21.54% APY for locking your MATIC for 90-days. You can earn 15%-17% on Bitfinex and 10% on KuCoin.

Polygon Yield Farming

Polygon farming incentivizes liquidity irrespective of the farm one chooses. All one needs to do is deposit funds in a liquidity pool. It implies that you will be submitting two currencies in one pool at a 50:50 ratio. There are several tools to check the list of farms available on Polygon.

How is consensus achieved for staking in Polygon?

When Ethereum replaces Proof-of-Work with proof-of-stake, there will be the added complexity of shard chains. These are separate blockchains that will need validators to process transactions and create new blocks. The plan is to have 64 shard chains, with each having a shared understanding of the state of the network. As a result, extra coordination is necessary and will be done by the beacon chain.

The beacon chain receives state information from shards and makes it available for other shards, allowing the network to stay in sync. The beacon chain will also manage the validators, from registering their stake deposits to issuing rewards and penalties.

What role does Proof-of-Stake play in the Matic Network architecture? The threshold uses the weight in terms of the stake that comes with every vote. For instance, in Polygon, the consensus is achieved for committing checkpoints of Polygon blocks to the Ethereum network, when at least ⅔ +1 of the total staking power vote for this.

How much can I make staking rewards with Polygon?

There are several different methods to profit through Polygon, so it’s ultimately a question of what you want. Some people like to sit back and let their Polygons appreciate by staking rewards in value over time, while others prefer to trade them on exchanges.

The best approach to increasing your staking Polygons’ value is to store them in a wallet that supports staking rewards – such as the Polygon Wallet. You’ll earn rewards interest on your polygons if you stake them in a connected wallet like this, which is based on the current market price.

If you want to trade your Polygon crypto on exchanges and be more active, you’ll need a staking pool with market information and trading tools. This will allow you to keep track of the market in real-time to make better trading decisions.

Finally, how much money you make using a staking Polygon is determined by how much time and effort you are willing to invest in a decentralized network. If you’re seeking to maintain and develop your Polygons, then the return on your investment should be modest. However, if you want to trade them frequently and make the most of your profits, it will require more. 

Staking Rewards Calculator

Polygon allocates 12% of its total supply of 10 billion tokens to fund its staking rewards program. Polygon has garnered a global validators base of 100, where more than 14,300 delegators have participated, with the total stake reaching a volume of US$4.5 billion. The importance of total rewards distributed has been nearly US$824 million.

The calculator only shows an estimated staking reward. You can find out the exact value on the website of the platform or exchange. For example: When staking 1,000 Polygon (MATIC) for 12 months at a staking reward of 17% APY, your passive income for 1 year can be about 184.95 MATIC or $201.59 with a current Polygon (MATIC) price equal to $1.09.*

Before starting investing, please carefully study the full terms and conditions of your chosen platform or exchange and be sure to consult with an investing expert. Remember that investing in Polygon (MATIC) or other cryptocurrencies is always a risk.

The Matic Bridge

The Matic Bridge helps link tokens from Ethereum to Polygon. It is also known as the PoS or Proof-of-Stake bridge. You need to log in to the Matic Web Wallet and connect to your Ethereum wallet to use this bridge. The suggested way is to use the Metamask extension for Chrome. Among other wallets, Matic holders can stake from their Coinbase wallet, Trust Wallet, and Fortmatic wallet through Frontierwallet via their mobile.

Polygon LUV NFT Marketplace

Creating and selling NFTs on Polygon is a simple process of many subsequent steps. Powered by LUV NFT, the dCommerce Polygon NFT marketplace keeps digital products catering to multiple categories, including art, virtual worlds, trading cards, collectibles, utility, and more.

If your on Tik Tok follow @luvnft and use our trending LNElord crown effect.

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