Polygon is a Proof-of-Stake sidechain bringing more scalability and flexibility to Ethereum, addressing its scalability and transaction cost issues.
Polygon offloads Ethereum layer-1’s traffic by issuing transactions on the sidechain. They are then confirmed through Polygon validators and on Ethereum through batched transactions.
In a Proof-of-Stake blockchain such as Polygon, staking consists of locking native tokens to earn the right to secure a chain, and to be rewarded while doing so
With MATIC staking, users lock MATIC to fund a validator, which helps secure the chain by proposing new blocks and attesting other validators’ blocks, gaining a reward in the process.
To stake MATIC in a few clicks, just follow these next steps. It should take you less than 5 minutes to complete your first transaction:
As easy as pie! Kiln takes care of everything. To unstake, you simply need to undelegate into one transaction, after 9 days you will receive your original stake back in your wallet as well as accumulated rewards from delegation.
Detailed information about Kiln validators can be found here.
Staking generates one of the safest and most predictable ways to get rewarded in the crypto space. It is the most natural reward feature in crypto as the value originates from the blockchain native currency inflation and a share of transaction fees.
As an incentive for helping to safeguard the network, you can earn up to 5.61% GRR* from your delegation on Kiln’s Polygon validator. (Source: https://protocolstaking.info/)
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Proof-of-Stake (PoS) is a type of consensus mechanism used to validate cryptocurrency transactions. Through PoS, validators can contribute to the block production of a chain while keeping environmental concerns to a minimum, an increasingly large issue in Proof-of-Work.
By staking capital rather than energy, validators risk losing a portion of their value and future potential for staking by misbehaving while creating blocks. This incentivises collaboration and fair practices while validating information in a similar way that PoW has with incentives and punishments to curtail malicious activity while creating consensus.
Polygon validators verify and add new transactions to the network through the blocks they produce, or attest other validators’ blocks. Validators get rewarded with MATIC tokens for securing the network and passing transactions.
MATIC staking GRR is currently 5.61% at the time of writing this article. MATIC GRR may be subject to change in the future.
Yes Polygon has both transactions and gas fees. For most transactions, fees are less than $0.002, even during high-traffic periods.
At the moment, slashing penalties are not yet activated on Polygon, currently it’s not possible to lose delegated tokens because of a validator double-signing. Slashing penalties will be implemented at a future time.
Find more about how Kiln maintains a strong monitoring process and mitigate downtime and slashing.
You can stake Polygon’s MATIC token with as little as 1 MATIC. You can unstake and withdraw from 2 MATIC rewards.
When you delegate your MATIC token from your wallet (ideally a Ledger hardware wallet) to a validator such as Kiln to receive staking rewards, you keep full custody of your funds.
It takes 9 days to unstake your MATIC. During that time, you will not receive rewards. Once the 9 days pass, you can withdraw your tokens from your wallet.
The average block time on Polygon is 2 sec, meaning a new block is produced every 2 second.
In the context of Proof-of-Stake blockchains, the gross reward rate (GRR) refers to the total or gross amount of rewards earned from staking before deducting any fees or expenses. This is a reward rate that fluctuates with the operations of the protocol and the performance of validators, it is not set by Kiln. The net reward rate (NRR), on the other hand, takes into account the deductions or expenses, providing a measure of the actual rewards received after subtracting fees or costs.