Top 4 Best Places to Stake Polygon MATIC
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Polygon, otherwise known as MATIC, is one of the most popular cryptocurrencies in the market that has gained significant traction from investors due to its potential for high returns. Polygon’s staking is one of its most appealing features, making it an ideal option for anyone looking to generate a passive income and grow their holdings.
Crypto staking is a straightforward process that involves locking up your tokens for a set amount of time. In return, you get rewarded with interest on your investment.
Polygon ranks ninth in terms of staked assets by market cap (May 2023), making it a reliable option for investors looking for a stable return on their investment. If you’re interested in staking Polygon, there are several possibilities, each with its own benefits and drawbacks. Evaluating these options can help you decide where to stake your Polygon and maximize your returns.
In today’s article, we will explore the top crypto exchanges for staking MATIC and the key factors that must be considered while making such a decision.
What is Polygon (MATIC)?
Polygon is a revolutionary blockchain network designed to solve some of the most pressing issues facing the cryptocurrency industry today. As a Layer 2 scaling solution for Ethereum, Polygon serves as a faster and more cost-effective alternative to the existing infrastructure. At the heart of this ecosystem is MATIC, the native token of the Polygon network. MATIC plays a central role in realizing Polygon’s vision and performs various functions on the blockchain including transaction fees, staking rewards, and governance participation.
Designed as a utility token within the larger Polygon ecosystem, MATIC has proven to be an invaluable asset for users looking to streamline their operations on this innovative platform. Whether you are a developer or an investor, you can easily deploy smart contracts on the Polygon chain and launch modular blockchains tailored to specific use cases. From increased capacity and scalability to lower fees and faster transaction times, there are countless reasons why Polygon ranks among the top cryptocurrencies in the market.
Best Places to Stake Polygon Matic
There are several exchanges and platforms available for staking MATIC, and we have outlined our top recommendations in this section. Our evaluation criteria include reward APY, user-friendliness, and other relevant factors.
When it comes to staking Polygon MATIC, Binance is the most ideal option to go with in the market. Since its establishment in 2017, Binance has earned a reputation as a leading player in the crypto industry and currently boasts the highest daily trading volume among centralized exchanges. The platform’s staking feature is particularly noteworthy as it offers users the opportunity to earn from numerous different projects, including those on the Polygon network.
Binance offers a structured system for MATIC staking, where investors can lock up their coins for 14, 30, 60, or 90 days. Depending on the duration of the contract, investors can expect an estimated ROI of 2.69%, 3.8%, 4.3%, and 5.6% APY, respectively. However, it’s important to note that the total supply of these contracts is limited and available on a first-come-first-serve basis. As a result, subscriptions for these staking products often sell out quickly.
When it comes to staking products, the 30-day term-to-maturity option is a popular choice due to its higher individual limit of 500,000 MATIC. With this option, investors have the potential to earn a significant amount of interest - up to 2,137.05 MATIC coins - at the end of the contract. However, for those looking for a long-term staking option, the 90-day staking product may be more suitable, despite its lower individual limit of 250 MATIC.
Binance also offers a deal where users who stake MATIC can retain all their rewards and digital assets without incurring any additional charges for staking or unstaking on the platform. However, some users may face difficulty in navigating the platform, and there might be a delay of about 2 to 3 days in receiving staking rewards after unstaking MATIC tokens from the exchange wallet.
Despite these few drawbacks, however, Binance is considered the top-rated staking platform for Polygon due to its attractive rewards, flexible staking plans, and relationship to other yield products under Binance Earn.
Bybit has earned its reputation as a top-margin exchange for cryptocurrency due to its extensive range of options and trading pairs. From North America to Southeast Asia, the platform has become a go-to choice for traders seeking diversity in their investments. Not only is Bybit based and headquartered in Singapore, but it is also a registered trading exchange in the British Virgin Islands, providing users with added security and peace of mind.
Recently, the exchange has expanded its offerings to include staking options, allowing users to earn rewards while holding their cryptocurrency. Polygon, in particular, can be staked on Bybit for a competitive 0.55% APY. With Bybit’s commitment to innovation and user satisfaction, it’s no wonder they continue to attract a global audience of cryptocurrency traders.
However, the platform is not recommended for those who are just starting out due to its complexity and potential risks. While staking Polygon may seem like a simple and straightforward procedure, there are still certain risks involved that one should be aware of. That being said, if you’re confident in your abilities, you can earn attractive rewards by staking Polygon MATIC on Bybit. With liquidity mining offering an APY of 1.96 - 5.9% and dual asset mining promising an impressive 20.52 - 200.88% APY, the potential gains are certainly worth considering. Just keep in mind to consider the risks before committing any funds.
To stake on ByBit, investors must pledge a minimum amount of 150 MATIC tokens to the staking pool, while the maximum investment allowed is 30,000 MATIC tokens. For those looking for a platform that provides ample opportunities to earn through trading and staking their MATIC assets, ByBit is a great option. Its user-friendly interface and secure transactions make it a top choice for traders worldwide.
Crypto.com is another reputable cryptocurrency exchange based in Singapore where traders can buy, sell, and convert different crypto assets and NFTs. Crypto.com was established in 2016 and it is widely considered a top-rated cryptocurrency app today that allows users to hold, sell, and purchase MATIC and other digital assets. The platform offers a broad range of 250+ crypto assets for investors to trade.
Staking on Crypto.com is primarily conducted through its mobile app and relies on its proprietary CRO token, which can have varying staking returns based on a diverse range of factors such as the lockup period, the number of staked CRO coins in a wallet, and the USD value of the crypto being staked.
When it comes to staking MATIC on Crypto.com, the base rate may seem low if you opt for the flexible option, but there are better alternatives. By choosing to lock up your MATIC for 1 or 3 months, you can enjoy higher APY rates of 3% and 5.5%, respectively. However, if you’re looking for even higher returns on your staking, Crypto.com has got you covered. Staking at least $4,000 of CRO will net you a fixed 7% APY over a period of three months, while investing $40,000 in their coin will give you access to the highest rates for staking MATIC at an impressive 9% APY locked up for three months.
Conversely, if you stake more than $3,000 worth of MATIC on Crypto.com, the reward rate will decrease to 0.5x the standard rate. This means that while you will still receive rewards for staking, they will be significantly lower than if you were to stake under $3,000. If you plan on staking a larger amount of MATIC, it may be better to split it up into smaller amounts in order to maximize your rewards. Additionally, if you stake more than $30,000 worth of MATIC, you will only receive 0.15x the standard rate for any amount above that threshold.
As a well-known crypto exchange with more than 20 million users worldwide, KuCoin offers a lucrative ‘Earn’ section where you can stake Polygon with varying interest rates. At the moment, there is a flexible staking option of 2% APY, which is quite competitive.
But that’s not all; KuCoin also offers various promotions with a fixed duration, such as a 30-day promotion with 12% APY, a 14-day promotion with 9% APY, and a 7-day promotion with 7.5% APY. With KuCoin’s commitment to providing the best user experience, Polygon staking on this platform is undoubtedly worth considering. The platform also offers daily payouts of interest.
KuCoin also offers a rewarding two-week staking option in its ‘Promotions’ segment, which pays 9.27% interest on staked MATIC. This is an excellent opportunity for customers to earn a passive income while supporting the network. Customers can subscribe to any of the available staking products. The subscription to KuCoin’s staking feature is on a first-come-first-service basis.
KuCoin charges an 8% fee to maintain its delegation pools, which is at the upper band of staking fees and commissions. Despite this shortcoming, KuCoin remains a popular choice among investors looking for a reliable and secure place for their MATIC staking.
Staking Polygon MATIC has become increasingly popular among investors lately, and for a good reason. As one of the most sought-after coins in the marketplace, there are quite a few platforms where you can stake MATIC and earn rewards on your investment with confidence and enjoy trading at low fees.
Amongst these platforms, our top choice is Binance - a well-known and legitimate cryptocurrency exchange that offers great staking options for Polygon. However, the other exchanges on this list are also equally reliable and allow users to earn exciting rewards by staking their Polygon MATIC. It’s important to conduct thorough research and choose the right platform that suits your financial goals and personal preferences.
The editorial content of OriginStamp AG does not constitute a recommendation for investment or purchase advice. In principle, an investment can also lead to a total loss. Therefore, please seek advice before making an investment decision.