The Polygon network, previously known as the Matic network, is a protocol on Ethereum that focuses on scalability and security. It has quickly gained popularity due to its unique solutions and features. Polygon Labs has been actively working on developing scaling solutions using various technologies such as plasma sidechains, blockchain bridges, zero-knowledge proofs, and Optimistic Rollups.
One of the key features that sets Polygon apart from other Ethereum scaling projects is its ability to offer different scaling solutions on a single network. This allows developers to choose the solution that best suits their applications. By processing transactions on the Polygon proof-of-stake blockchain, the burden on the Ethereum main chain is significantly reduced, resulting in faster transactions. While the Ethereum base layer can handle around 14 transactions per second, Polygon has the potential to handle exponentially higher transaction volumes.
To participate in the network and update transactional data, users must stake Polygon (MATIC) tokens. Validators play a crucial role in ensuring the network’s security and adding transactions to blocks. Users can delegate their tokens to validators in exchange for rewards, minus any commissions charged by the validators. It is important to consider a validator’s credibility before delegating funds to them. The Polygon staking dashboard provides valuable information about validators, including their uptime, commission rate, and stake amount.
For those using the MetaMask wallet, staking MATIC is a straightforward process. Users need to add MetaMask as a browser extension, connect it to the Polygon blockchain, transfer MATIC tokens to the wallet, and then stake them by selecting a validator on the staking dashboard.
If using the Coinbase Wallet, users will need to transfer their MATIC tokens from the exchange to the wallet. Although Coinbase Wallet does not have a built-in staking feature, users can visit the Polygon website, navigate to the staking section, and become a delegator by selecting a validator.
Trust Wallet is another option for staking MATIC. Users need to set up the Trust Wallet on their mobile phones, connect it to the Polygon staking dashboard using WalletConnect, delegate their MATIC tokens to a validator, and approve the transaction.
Ledger users can also stake MATIC by connecting their Ledger ETH account to MetaMask, selecting a validator on the Polygon staking dashboard, delegating their MATIC tokens, and confirming the transaction using both MetaMask and Ledger devices.
Lastly, ZenGo wallet users can stake MATIC by installing the ZenGo wallet app, connecting it to the Polygon staking dashboard through WalletConnect, selecting a validator, and delegating their MATIC tokens. Rewards can be withdrawn from the Polygon staking dashboard.
The Polygon protocol has been instrumental in addressing the scalability issues faced by Ethereum and has transformed it into a robust multichain system. The MATIC token plays a crucial role in powering the network, and staking serves as a mechanism for governance and security.
Overall, the future looks promising for Polygon and its ecosystem within Ethereum.