Hi reader!
I'm going to share with you how to stake MATIC via the rToken app and earn rMATIC in return without stress. rMATIC token was launched few days ago by StaFi, its a token earned by users whenever they stake Polygon MATIC through StaFi staking contract.
To make staking simpler and flexible for users, I’ve provided a well detailed staking guide in this article on how to stake MATIC through the StaFi staking contract, and earn rMATIC in return.
Please note the following to avoid lost of funds
Do not connect APP using Ledger, because the rToken app does not support Ledger.
Make sure your MATIC is ERC20 format before staking via the rToken app
ERC20 MATIC Contract Address: 0x7D1AfA7B718fb893dB30A3aBc0Cfc608AaCfeBB0
Related Wallets
Metamask extension: https://metamask.io/download.htm
PolkadotJS wallet: https://chrome.google.com/webstore/detail/polkadot%7Bjs%7D-extension/mopnmbcafieddcagagdcbnhejhlodfdd(Chrome)
If you're finding it difficult to add the above wallet, click on the link 👇👇 for guide.
https://docs.stafi.io/rtoken-app/rasset/the-guide-of-metamask-and-polkadotjs-wallet
Now, let's go......🚀🚀
Step 1
Stake MATIC
To stake MATIC, make sure you have your wallet installed, enter the rMATIC App via the link 👇👇
https://app.stafi.io/rMATIC
A staking page will show, input the amount of MATIC to stake and click on Stake
Stap 2
Staking Process
After clicking Stake a detailed delegation steps will be shown in right notification column, which consist the liquidity process, sending, staking and minting
Sending: send the MATIC that will be staked into the StaFi rMATIC contract account on Ethereum.
Staking: The StaFi rMATIC contract account delegates the MATIC tokens to the best Original Validators.
Minting: Staking process is ended and rMATIC tokens are minted.
Note: The deduction of commission:
Sending: the gas fee charged by Ethereum network is deducted from the Ethereum account.
Staking: the Relay Fee is deducted from the FIS account.
Minting: no commission is deducted.
In addition, User needs to sign three times. Pay attention to the account that initiates signature.
The first signature: The user signs for the transaction on the ethereum chain.
Signature account: Ethereum account
Second signature: Considering that the information on the Ethereum chain is open and transparent, anyone could obtain the transaction information and upload it to the StaFi chain to mint rMATIC. Therefore, before sending the transaction information to StaFi chain, it is necessary to reconfirm the ownership of the transaction to ensure the security.
Signature account: Ethereum account
The third signature is to send the transaction information on the Ethereum chain to the StaFi chain. After it is verified by the StaFi chain, users will receive rMATIC tokens.
Signature account: StaFi account
Step 3
View the delegation data
Check the delegation data on the "Status" page: this page displays the amount of staked MATIC and minted rMATIC , and the exchange rate of the rMATIC/MATIC.
Click "Stake" to continue staking MATIC.
Click "Trade", you could enter into the "Uniswap" rMATIC/ETH trading page.
Step 4
Redeem the staked MATIC
i) Click "Redeem" on the "Status" page, enter the number of rMATIC, and the system will calculate the amount of redeemed MATIC based on the current exchange rate.
Confirm the address of receiving MATIC. If you want to change the account, click "Edit"to change it.
Click "Unbond" to start the redemption operation.
ii) Confirm the following information on the pop-up page:
The number of unbonded rMATIC, unbonding commission (it is set as 0.2% of unbond rMATIC in the early stage), Relay bridge fee, unbonding period, and the number of MATIC you could get.
After confirming that it is correct, click "Unbond".
iii) After the signature is completed, the amount of staked MATIC and unbonding MATIC will be displayed on the "Status" page.
After the unbonding period is ended, the user does not need to withdraw it manually, and the MATIC tokens will be automatically sent to the designated address.
Follow the above steps for smooth staking experience
References
https://docs.stafi.io/rtoken-app/rmatic-solution/staker-guide
About StaFi Protocol
StaFi is the first DeFi protocol unlocking liquidity of staked assets. Users can stake PoS tokens through StaFi and receive rTokens in return, which are available for trading, while still earning staking rewards. rToken is a synthetic staking derivative issued by StaFi to users when users stake PoS tokens through StaFi rToken App (https://app.stafi.io). rTokens are anchored to the PoS tokens staked by users and the corresponding staking rewards. rTokens can be transferred and traded at any time.
Website: www.stafi.io
rToken App: https://app.stafi.io
Twitter: @Stafi_Protocol
Telegram Chat: https://t.me/stafi_protocol
Telegram Announcements: https://t.me/stafi_ann
Discord: https://discord.com/invite/jB77etn
Forum: https://commonwealth.im/stafi