Lido’s easy way to stake Eth and Polygon’s Matic on imToken
Lido now makes MATIC staking super easy, right in your favorite wallet app.
imToken is happy to add Lido’s new MATIC staking feature.
Shard Labs just released Lido’s MATIC staking feature. The difference to traditional MATIC staking is that with LIDO you stake MATIC and receive stMATIC in return. The goal is to have an ecosystem develop, in which you can use your stMATIC within Polygon and Ethereum’s DeFi ecosystem.
As with Lido’s ETH staking, the project aims to offer staking that is decentralized and secure. Let’s take a look at how the DAO achieves both.
As a user, you visit Lido’s polygon staking site, click on the button and receive stMATIC.
stMATIC is a standard ERC20 token that represents your share in Lido’s total pool of staked MATIC. As soon as you stake your MATIC, you will receive stMATIC. If you would like to withdraw MATIC, you will need to request withdrawal and wait for a few days for the unbounding period after which you can claim your MATIC tokens.
Since stMATIC is a standard non-rebasable token, the amount of stMATIC tokens in your wallet is not going to change. The value increases, relative to MATIC’s price, with staking rewards.
In the background, MATIC is delegated across multiple Polygon validators, and rewards are added to the pool. You pay a 10% fee that is split between node operators, the DAO, and a coverage fund.
How to get started with Lido’s MATIC staking?
To get started, download the latest imToken from Google Play, Apple App Store, or directly at token.im.
Enter your wallet, make sure you are using ‘Ethereum Mainnet’. Then enter Lido on the ‘Browser’.
‘Unlock Tokens’ to allow to DApp to stake your tokens, then click ‘Stake now’ to stake.
Claiming rewards can be done after withdrawing tokens, and waiting for the 9 days unbounding period to end. In the meantime you will receive an NFT as a voucher.
That’s the Lido journey for staking MATIC.
About imToken
Provide secure and trusted digital asset management services to millions of users in more than 150 countries and regions around the world.
About Lido
Lido is a liquid staking solution for ETH 2.0 backed by industry-leading staking providers. Lido lets users stake their ETH – without locking assets or maintaining infrastructure – whilst participating in on-chain activities, e.g. lending.
Lido attempts to solve the problems associated with initial ETH 2.0 staking – illiquidity, immovability and accessibility – making staked ETH liquid and allowing for participation with any amount of ETH to improve security of the Ethereum network.
SOURCE: https://medium.com/imtoken/lidos-easy-way-to-stake-eth-and-polygon-s-matic-on-imtoken-eb7b594706fb
