Explore non-custodial Polygon staking with Coinbase Cloud!
Calling all MATIC holders – we’re running a second quest with Coinbase Cloud to bring you seamless staking directly on the Polygon network.
Learn about native staking with Coinbase Cloud’s secure public validators. Staking on public validators is completely non-custodial, so you can delegate from your preferred wallet or custody solution and know exactly where your tokens are.
You’ll be able to earn a commemorative, custom NFT for completing the Quest!
What is staking? Staking is the mechanism for securing networks that run with the Proof of Stake (PoS) consensus. Participants, or “validators” as they are called in PoS blockchains, bond a certain number of tokens as collateral to show their commitment to act in accordance with network rules. Validators that act maliciously get penalized by having their tokens slashed. However, validators that act in accordance with network rules earn participatory rewards in exchange for securing the network and verifying transactions.
In Polygon PoS, validators help secure the network by staking MATIC to produce blocks, validate and participate in PoS consensus. And those who are unable to run validators can still participate in securing Polygon by delegating their bond to reliable validators.
In other words – you can earn more crypto on your crypto for doing the important work of securing the chain!
Ready to go? Try it out here:
Note:
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The promotional reward for completing the Quest is a commemorative NFT issued by Layer3. This is separate from and unrelated to any on-chain staking rewards earned and accumulated from your delegation activity, which remain subject to the conditions and limitations set by the protocol and fees collected by validators.
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If you want to unbond your original stake, you can do so after the unbonding period is complete.
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Please be aware that, per the protocol limitations, you would need to accumulate at least 2 MATIC in rewards before you can withdraw your staking rewards.
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Although the minimum stake amount for this Quest is 50 MATIC, and the minimum staking period for this Quest is 30 days, staking more or waiting longer may let you accumulate rewards faster to meet the 2 MATIC rewards withdrawal threshold.
Why Coinbase Cloud?
Coinbase Cloud public validators are high-performance, reliable, secure validators that are architected to minimize the risks of downtime and double-signing, which can result in loss of funds for validators and stakers.
We’re excited to collaborate with Coinbase Cloud to bring you a safe and guided experience in MATIC staking. Experience staking with institutional-grade security, learn about native protocol staking, and start earning MATIC rewards in your non-custodial wallet!
Polygon is a Layer2 scaling solution for Ethereum. Interested in diving more into this network? Check out Coinbase Cloud’s guide to the protocol.
*Note: This is not financial advice. Always do your own research. For more detailed information on Coinbase Cloud delegation, please read here. *
Quest Eligibility Requirements
Only participants who successfully complete the Quest in accordance with the Eligibility Requirements will be eligible to claim a Layer3commemorative NFT (the “Quest Rewards”). The Quest will commence on November 30th, 2022 at 11:30 am EST (the “Commencement Time”). To successfully complete the Quest, you must follow all the steps required to complete both bounties on the Layer3 platform and meet all of the following Eligibility Requirements: (1) BEFORE you begin delegating your MATIC, you must first (a) connect your wallet to the Layer3 platform and (b) link your Layer3 profile to your Twitter account, (2) you must have at least 50 MATIC on Ethereum mainnet in the connected wallet (the “Minimum Staking Amount”), (3) you must begin delegating the Minimum Staking Amount to Coinbase Cloud’s public validator during the 96 hour period immediately following the Commencement Time (i.e., to be eligible you must begin delegating prior to December 4, 2022 at 10am EST), and (4) the wallet you use to delegate to Coinbase Cloud’s public validator must be the same wallet connected to your Layer3 profile, (5) you must continue delegating the Minimum Stake to Coinbase Cloud’s public validator for a consecutive 30 day period (your “Quest Completion Date”), and (6) you must complete the steps required on the Layer3 platform to verify eligibility and claim your Quest Rewards through the Layer3 platform within 30 days following your Quest Completion Date. FAILURE TO CONNECT YOUR WALLET OR TWITTER ACCOUNT TO THE LAYER3 PLATFORM PRIOR TO DELEGATING YOUR MATIC WILL RESULT IN INELIGIBILITY. Only users to begin and successfully complete the Quest will be eligible to receive the Quest Rewards. Quest Rewards are funded and distributed by Layer3. Participants may only complete each Quest once and Quest programs may be canceled or discontinued at any time. Staking and delegation on the Polygon network is subject to protocol conditions and limitations, including but not limited to unbonding periods and a condition that on-chain staking rewards may not be withdrawn until a minimum accrual of 2 MATIC has been met. At current reward rates, depending on how much you stake, you should not expect to accrue enough staking rewards to withdraw them at the end of the Eligibility Period. Neither Coinbase nor Layer3 makes any representation or guarantee that you will earn or be able to withdraw any staking rewards.
Coinbase Cloud Disclaimer
Nothing contained herein is a recommendation or endorsement of any digital asset, protocol, network, or project. However, Coinbase may have, or may in the future have, a significant financial interest in, and may receive compensation for services related to one or more of the digital assets, protocols, networks, entities, projects, and/or ventures discussed herein. The risk of loss in cryptocurrency, including staking, can be substantial and nothing herein is intended to be a guarantee against the possibility of loss.This document and the content contained herein are based on information which is believed to be reliable and has been obtained from sources believed to be reliable, but Coinbase makes no representation or warranty, express, or implied, as to the fairness, accuracy, adequacy, reasonableness, or completeness of such information, and, without limiting the foregoing or anything else in this disclaimer, all information provided herein is subject to modification by the underlying protocol network. Any use of Coinbase’s services may be contingent on completion of Coinbase’s onboarding process and is Coinbase’s sole discretion, including entrance into applicable legal documentation and will be, at all times, subject to and governed by Coinbase’s policies, including without limitation, its terms of service and privacy policy, as may be amended from time to time.**
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Learn More
For more about Layer3 Quests, take a look at our blog post
For more about Coinbase Cloud, follow their Twitter here
For more Layer3 Quests, follow Layer3 on Twitter and join our Discord
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