What is Changex?
Changex is a DeFi non-custodial wallet that provides crypto-friendly fiat banking through its mobile app. It is designed to offer users a unique personal finance experience, with a focus on POS assets and passive income opportunities powered by DeFi. With Changex, users have complete control over their money, whether it’s in fiat or crypto.
In this tutorial, we’ll walk you through the simple steps to stake your MATIC tokens on Changex’s user-friendly app and start earning up to 7% in staking rewards – the highest yield you can earn on MATIC staking! Let’s dive in:
Step 1: Download the Changex app
The first step is to download the Changex App on your mobile device. You can easily find the app on the Google Play Store for Android users or on the Apple App Store for iPhone users.
To download the app, simply search for “Changex” in the app store and select the appropriate version for your device. Then, click the “Download” button and wait for the app to install on your phone. Once the installation is complete, you can open the app and start using it right away.
Step 2: Deposit MATIC into your Changex wallet
Next, you will need to create a wallet on Changex. There are two options: importing an existing wallet or creating a new one. For this tutorial, we will create a new wallet:
- Click on the “Create new wallet” button within the app
- Choose the “Simple Wallet” option from the available options
- The app will then generate a unique seed phrase for your wallet. Make sure to save this phrase in a secure location that is not accessible to others. This seed phrase will be required to restore your wallet in case of loss or damage to your mobile device
After creating your wallet on Changex, you will need to add “Matic” and “Stader MaticX” to your wallet:
- Click the asset toggle
- Search for “Matic” and toggle it on
- Search for “Stader MaticX” and toggle it on
Finally, you can deposit MATIC from an external source onto your new wallet (i.e. another wallet or a centralized exchange).
- Open your Changex wallet and click on the “Matic” asset within the app
- Click “Get”
- Copy this wallet address and use it to deposit your MATIC tokens from your external source
It’s important to double-check that you’re depositing the tokens into the correct wallet address. Depositing tokens to the wrong wallet address may result in permanent loss of the tokens. Once the deposit is complete, you’ll be able to see the tokens in your Changex wallet.
Step 3: Stake your MATIC tokens
Once you have deposited MATIC tokens into your Changex wallet, you can stake them to start earning ~7% APY. Here’s how:
- Open your Changex wallet and click on the “Stake” tab at the bottom of the screen
- Click on the “MATIC” option to select it as the asset you want to stake
- Enter the amount of MATIC tokens you want to stake in the designated field
- Click on the “Stake” button to initiate the staking process
Please note: Remember to leave some MATIC for transaction fees.
After staking your MATIC tokens on Changex, you will notice MATICX tokens in your wallet. MATICX is a representation of your staked MATIC, and it’s designed to give you access to decentralized finance (DeFi) while your original tokens continue to earn staking rewards.
FAQs
How do I unstake MATICX?
If you want to unstake your staked MATIC tokens on Changex, you’ll need to have the same amount of MATICX tokens that you initially received when you staked your tokens. This will enable you to receive your initially staked MATIC tokens plus any staking rewards you’ve earned. Keep in mind that you also need a few MATIC tokens to pay for transaction fees on the Polygon network.
What is the cooldown period to receive my tokens?
After initiating the unstaking process on Changex, you should be aware that there is a “cooldown” period between the unstaking operation and receiving your tokens back. The cooldown period usually lasts between two to three days. After the end of the cooldown period, you will be able to receive your MATIC, by performing a withdrawal.
What are the risks to staking MATIC?
Here are some things to consider when deciding if this specific staking option is right for you:
Slashing risk: MATIC delegated to a validator can be partially slashed if the validator misbehaves. On top of getting slashed, a validator can also be jailed, during which time you will not be earning any rewards. You can get slashed 2 – 5 % for double signing events. Stader X uses high quality validators and therefore the risk of this has been greatly diminished.
Protocol security risks: There is an inherent risk that the protocol could contain unknown bugs. This not only applies to staking but your MATIC investment in general.
Please note that this is not an exhaustive list of all the risks related to staking.
Where does the staking yield come from?
The Staking Rewards for MATIC are generated by:
Inflation on the Polygon Network (Block Rewards): Polygon allocates 12% of its total supply of 10 billion tokens to fund the staking rewards. The number of tokens released per year for inflation is predetermined and can be seen here. This implies that MATIC holders who choose not to stake will get diluted over time.
Transaction Fees: Transaction fees are collected by the network for every transaction processed. These fees are then distributed to delegators in proportion to their stake. The annual percentage rate (APR) for staking rewards will vary based on network usage.
Please note that the total annual rewards are divided by all active stakers; hence, as the amount of staked tokens goes up, the reward rate goes down.
Conclusion
In conclusion, Changex currently offers the highest APY for MATIC in the entire DeFi ecosystem, with the added benefit of liquid staking. You can easily download the Changex app, acquire MATIC tokens, stake them, and continue exploring DeFi as usual. Take advantage of this opportunity and start staking like a pro on Changex today! Lastly, don’t forget to check out the Polygon (MATIC) asset page for more insights into staking MATIC.