The Binance Staking platform, since its inception, has continued to grow exponentially, making huge waves in the entire cryptocurrency space.
This article covers in-depth details about Binance Staking and why it is the number one way to stake Polygon $MATIC tokens
Before we move on:
What Is Polygon (Formerly Matic)?
Polygon is a popular Layer 2, blockchain-agnostic scaling protocol. Built specifically for Ethereum, the protocol helps in connecting Ethereum Chain to other ETH-compatible blockchains. Its native token, $MATIC, is an ERC-20 token that helps to power the entire Polygon ecosystem.
Polygon Staking – What to Note
Staking Polygon $MATIC tokens is one of the easiest ways to earn passive income. Interested persons only need to delegate their tokens to a validator. And then regularly claim their staking rewards. Interestingly, rewards can also be staked to earn compound interest.
Staking rewards are, to a large extent, dependent on network conditions at a particular time. Currently, Polygon allocates 12% of its total token supply as staking rewards. The protocol also currently has a total supply of 10 billion $MATIC tokens. This means that 1.2 billion tokens will be allocated as staking rewards for the initial five years. The rewards will also be slightly reduced every half hour (30 minutes).
Interestingly, there are no current requirements to stake $MATIC. Interested persons can stake as low as one (1) $MATIC token. However, validators have the right to decide the minimum acceptable limit for staking. Also, validators may charge fees or commissions for their services.
Staked $MATIC tokens have an unlocking period of nine (9) days. To exit, stakers only need to send an “unbound request.”
About Binance Staking
Binance is a well-known crypto exchange. In actual fact, it is the world’s largest crypto exchange by trading volume. Staking on Binance has, over time, proven to be a profitable endeavor. This is because interested persons can earn huge APY rewards just by being regular users of the platform.
Binance Staking is also the number one most efficient way to stake $MATIC tokens. At the time of writing, Polygon has a market cap (MC) of $16,568,070,356. On Binance Staking, it has a staked value of $5,266,070,220 with 30.76% participants.
According to Staking Rewards, an estimated $4.47 billion worth of crypto assets is currently staked on Binance.
MATIC and BNB Price
At the time of writing, MATIC was trading at $2.12, with a market cap of $14,577,146,622 and a 24-hour trading volume of $1,314,257,255. The token price is down by 11.6% in the last 24 hours.
BNB, on the other hand, was trading at $470.31, with a market cap of $79,116,269,530 and a 24-hour trading volume of $810,333,211. The token price is down by 7.7% in the last 24 hours.
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