Staking on the Polygon network will be available from 14 March 2023.
This article introduces how to get Skeb Coin on the Polygon network, the overview of the Polygon staking and how to stake on the Polygon network.
Overview of Polygon Staking
In Polygon staking, a separate pool from Ethereum staking is available.
Staking rewards are distributed at the same APR as Ethereum staking. However, if SKEB is added only to the Polygon Pool in a campaign, the APR may be different from the Ethereum staking.
The first claim will start on 22 March at 12:00 PM UTC, with the reward amount referring to the staking from 14 March to 19 March, and then every week after that the Claim will start on the following Wednesday at 12:00 PM UTC, referring to the staking from Monday to Sunday, just like the Ethereum staking until now. Penalties and unclaims will also be handled in the same way as in previous Ethereum stakings.
How to get Skeb Coin on the Polygon network
All Skeb Coin and staking balances that users currently have are on the Ethereum mainnet work, so if they wish to do new staking on the Polygon network, users will need to exchange (= bridge) to Skeb Coin on the Polygon network.
To get Skeb Coin on the Polygon network, you need to bridge Skeb Coin on the Ethereum main network using the official Polygon application. This section explains how to perform this bridge.
- Consolidating the Skeb Coin you want to bridge to any wallet
Polygon staking allows you to use any wallet currently available on the Ethereum mainnet. Supported wallets are MetaMask, Coinbase Wallet, all wallets that support WalletConnect and Ledger Live.
Staked balances on the Ethereum mainnet need to be withdrawn and bridged when moving to Polygon staking.
*Unstaking requires a transaction for the number of times you have staked. Please prepare ETH to pay for this amount of gas. - Go to the official Polygon website for bridges
- Click “Proof of Stake” on the left to change the “ZkEVM” item at the top of the screen.
4. Click on “Native Bridge” in the “Wallet Features” section.
5. Select any wallet and make a wallet connection
(This time, Metamask will be used for the explanation.)
6. Go to the Bridge screen and click on the tab next to the word ‘ETH’ in the ‘From’ section
7. A pop-up will appear asking you to select the token from which you wish to bridge. You need to select $SKEB here, but it is not displayed as an item for the first time. You will therefore need to add it.
Here are the instructions on how to add $SKEB.
First, enter the contract address of the Polygon version of Skeb Coin in the search field.
Skeb Coin (Polygon) Contract address : 0x341a6166A30B93EBc0c9a7a596aaCA22b89B2F22
Click here for a link to Skeb Coin (Polygon) on Polygon Scan.
After entering the information, the screen will say ‘There is no token associated with that address, you can add it as a custom token. Click on the section ‘add it as a custom token’, which is purple.
8. Please click on the purple button ‘Add SKEB to the custom token list’ at the bottom of the screen
9. Please click on the purple button ‘I Want To Add SKEB’ at the bottom of the screen as you are taken to the screen shown in the image below
10. SKEB has now been added as an option. Please add the SKEB from the token selection page again
11. Enter the number of Skeb Coins you wish to bridge and click on the purple button ‘Transfer’ at the bottom of the screen
12. Click on the purple button ‘Continue’
13. A message will appear stating that you need to pay for gas twice. Make sure you have enough Ethereum in your wallet for the amount shown.
14. Click on the purple button ‘Continue’
15. You will be asked to sign the form once, please sign it at the wallet
16. Click on the purple button ‘Continue’
17. Once again you will be asked to sign, please sign in the wallet
18. When this screen is displayed, tasks for bridging are completed. Please note that it takes approx. 30 minutes and the bridge process will continue even if you delete the pop-up window or close the page
19. Click on the ‘Assets’ button on the left side of the home and if SKEB has been added in Assets, it is complete. If not, SKEB has not been added, please check with the following procedure.
Note: OKX and other exchanges do not support Polygon SKEB. Any Skeb Coin purchased on exchanges must also be bridged using the procedure described above. Also, if you mistakenly transfer Polygon SKEB to exchanges, it may GOX you and you will never be able to get it back. Please make sure that you bridge Polygon SKEB to Skeb Coin on the Ethereum main network before sending it to exchanges in the opposite way to the above.
How to Staking on the Polygon network
- Open the Skeb staking page
- Connect the wallet where Skeb Coin (Polygon) is deposited
- A network selection screen has been added to the top right-hand side of the screen, select ‘Polygon’.
4. Select “Polygon.”
5. The page will switch to the Polygon-specific page and everything from Pool size and Current APR to Wallet and Total Stake will be displayed in the Polygon version.
6. After switching to the Polygon network, you can stake and claim in the same way as for usual staking.
NOTE: Stake from this page will be staked into the Staking Pool for Polygon, and claims will only be possible for the Polygon Stake amount. Please note that you cannot stake from the Polygon network to the Ethereum main network staking pool, nor can you receive rewards on the Polygon network for staking to the Ethereum main network staking pool.
If you have any questions, feel free to ask in the Telegram group chat!
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