Polygon is a Layer 2 network for the Ethereum blockchain. It was created to solve the problem of scalability that has plagued Ethereum for many years.
Because of the speed and low cost of transactions on Polygon, many people have been using it and its popularity has grown rapidly over the years. This has made its native token, MATIC, to also grow so fast.
MATIC remains one of the best performing assets among the top twenty crypto assets by market cap. Analysts believe that the token may break above $1 by the end of the current bull cycle because of this trend.
While you can just buy and hold the token to earn profit, one of the best ways to maximize your MATIC investment is to stake the token and earn passive income, and the following are the best platforms to use for this purpose.
Polygon Website
There are many platforms you can use to stake MATIC as we’ll see in this guide, but what better place is there than the Polygon website to stake the token?
Rather than seek for another place to stake, you can do it right on the website. You can connect using wallets like Metamask, Coinbase, and other web3 wallets and stake your MATIC with any of the available validators.
One advantage of staking on the website is that you get to keep 100% of your reward. This isn’t so with crypto exchanges or other platforms, because you’ll be charged staking fees. You can earn up to 4.95% interest for staking on Polygon.
Binance
Binance is the biggest crypto trading platform, with the largest crypto trading volume worldwide. It is also an excellent choice for a staking platform for MATIC and other supported assets. You can earn 3.1% interest on your staked MATIC on this platform.
One thing stakers like about Binance is that it has a flexible staking option that lets you withdraw your assets at any time. It is also an easy platform to use and navigate. All you have to do is log in and move to Binance Earn.
Click on it and select staking for MATIC. Choose how much MATIC you wish to stake, and then confirm it. You’ll start earning rewards immediately.
Kraken
Kraken is a top centralized crypto exchange known for its high security. It is also a popular platform for staking assets like MATIC. You can stake MATIC and earn 1-3% interest, and 3-6% bonded staking rewards on MATIC.
The second option is staking in which you’re not allowed to unstake the tokens whenever you want, but you must stake them for 3-28 days. Kraken offers its staking services through its pro platform, which means beginners may find it kind of difficult to navigate.
You must have a verified Kraken account to be able to stake, and you can simply proceed to the Pro platform and select staking for MATIC.
Lido
Have you heard of liquid staking before? It is a kind of staking in which you can still use your staked assets to do other things before the staking period elapses, and Lido is one of the best platforms you can use for this.
The platform is known for its high liquid staking rewards, and you can easily unstake your tokens whenever you want. You can earn daily rewards for staking MATIC with 4.2% APY on this platform.
Crypto.com
This is another leading crypto trading platform that is also renowned for staking of assets. You can earn up to 14% interest for staking MATIC on the platform. It is a secure platform regulated in several jurisdictions around the world.
Staking is done mainly on the mobile app, but you need CRO tokens to do that which is one of the downsides of using this platform. The interest is also determined by the lock up period which means the longer you lock your assets, the more reward you earn.
