Matic is a platform that makes Ethereum scaling and foundation development possible using its network. The project had a new name, Polygon, but its ticker symbol remained MATIC in recent months.
Polygon natively supports the MATIC token. Ethereum is the platform on which the token is based. Tokens, which are used as contracts currencies by Polygon’s users, are exchanged between them. MATIC Token is the primary commodity to pay for Polygon transactions.
The operators release MATIC tokens every month. The maximum supply of MATIC tokens is 10 billion. The circulating collection of MATIC coins is 5,188,388,130. The total supply of outstanding tokens follows the following distribution model:
● Team tokens: 16%
● Advisors tokens: 4%
● Network tokens: 12%
● Foundation tokens: 21.86%
How to add the Polygon MATIC network to Metamask?
For MetaMask to work with Polygon, users need to add a custom RPC. You can select a network by clicking the Network Selection button at the top of the MetaMask app. At the bottom of the page, users will find Custom RPC, which they can access by clicking the Custom RPC link. To add the expected data, please follow these steps:
● Network name: Matic Mainnet
● New RPC URL: https://rpc-mainnet.maticvigil.com/
● Chain ID: 000
● Symbol: MATIC
● Block Explorer URL: https://explorer.matic.network/
The URL should be entered into the New Network field, then saved. They can now select Matic’s Mainnet from the network drop-down menu.
Users can purchase MATIC on several significant exchanges as it is primarily available on all the platforms. A cryptocurrency expert advisor must list an excellent and reliable business to build more trust among its community. With that, we recommend users buy all their holdings via good and global marketplaces like Binance.
What are Custom Networks?
As part of a Custom Network, nodes are not Ethereum machines but are compatible with Ethereum Virtual Machine (EVM). Ethereum does not constitute Ethereum-based tokens. As a sibling or relative of these companies, Ethereum can be seen as a rival. There are a few essential differences between them, but many of their characteristics are similar.
In both cases, smart contracts execute similarly. In addition to differences in how they reach consensus, there may be differences in the amount of data they can store in their blockchain.
The addresses are all the same in Ethereum networks since Ethereum is at the foundation of them all. Using the same password for all assets, you can gain access to everything you own.
Adding the Polygon network to Metamask:
The Polygon Network, formerly known as Matic Network, creates an Internet of Blocks by scaling Ethereum and using blockchains to create a blockchain-based Internet. Polygon offers multiple acceleration options for Ethereum, reduces transaction costs, and increases network security.
Select the Validator
Now we need to select a validator to whom tokens will be delegated. Blockchain validators ensure the security of the network by validating blocks and adding them to the chain. Validators are the only ones who can use crypto assets. The holders of tokens can pay a small commission to validators to allow them to delegate tokens.
From the control panel of the Matic wallet, where you can use tokens after connecting MetaMask, you will be able to stake the Matic Wallet. You can access stakes by clicking the Apps button.
After this, you have to select the validator you prefer. You can use the search bar to find the validator you need quickly. It is good to choose a decent and reliable staking provider, such as Everstake. It is safe for our delegators to use cryptocurrency assets. Our nearly 100% uptime is the result of using only high-quality servers.
Select Delegate and enter the validator’s name in the search bar. The validator’s name is present, along with other valuable details. Verify factors, including the staked amount, token availability, commission rate, etc., properly.
Ensure ETH Balance
After selecting a validator, you will see information about it. A commission for Ethereum transactions is present on the Ethereum commission calculator, which users can visit on their browsers. After this, just click Continue, and you will see a box where you have to enter the amount in MATIC.
The only currency that can be used on the Ethereum network is ETH. Please ensure your wallet contains enough Ethereum cryptocurrency to complete the transaction. You will need to provide enough credit in your wallet to stake tokens if that is the case.
How can you stake more?
Once you click on My Account in the dashboard, you will need to sign in to your Matic Wallet account.
You can view the delegations to which you’re currently assigned. Choosing a validator from the list and clicking “Stake more” will allow you to select the one to whom you have delegated MATIC. Once you have entered the amount, confirmed the transaction, and so forth, follow the instructions below.
Why Add the Polygon MATIC network to Metamask?
Below are some of the reasons why users should consider adding their Matic tokens on Metamask:
● Withdraw Reward System:
The minimum withdrawal requirement for rewards is 2 MATIC. It is impossible to withdraw this amount from your wallet until you have 2 MATICs in your account.
In addition, reinvesting rewards is also acceptable. Users cannot withdraw bonuses unless the amount is more significant, but they can subsequently stake and earn rewards at any time. . Using the dashboard of the Matic Wallet, you can withdraw bonuses after selecting an active validator. You can begin withdrawing tokens into your wallet once you’ve confirmed you’re doing so.
● Affordable Gas Price:
Adding a gas price, setting a limit, and confirming a transaction is accessible with the MetaMask wallet plugin.
● Streamlined Delivery System:
You can unbind your delegation when you are done. The Matic Network includes a delivery period of 80 checkpoints. This is the deadline for the submission of commissions by first delegations and re delegations. Reassignment of rewards does not apply if they have not been redistributed.
With this, you will be able to add the Polygon MATIC network to Metamask, delegate MATIC tokens, cancel delegations and receive rewards through the MetaMask Wallet using the knowledge you just acquired. But, keep in mind that you will need enough Ethereum tokens to make transactions if you deposit them into your wallet.