Sirwin
Sirwin

Can I Turn $100 into $1,000 on Polygon? - Day 2: Staking MATIC

By Cryptofab | Cointune | 7 Aug 2023


As explained in my post of yesterday, I've been earning some extra money by writing articles on Publish0x, and I've decided to challenge myself to see if I can turn my $100 earnings into $1,000 on the Polygon zkEVM blockchain.

Yesterday, I swapped my ETH for LINK and MATIC, and I'm happy to report that these both tokens have slightly increased in value due to bullish news on both sides - Chainlink crosschain project and Polygon 2.0 roadmap:

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Today, I decided to simply swap MATIC for stMATIC in order to liquid stake MATIC and earn rewards. To do that, I simply used swap.defillama that allows to find the best swapping rates on Polygon zkEVM chain. The swap was made through OpenOcean. The only drawback is that it costs a few 10s cents, consuming a significant part of the little profit I made. However, now that I have STMATIC, I am earning rewards through the stMATIC price accrual:

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That's an easy way to start earning a bit more. However, with a 4.3% APR, it will take 1 year to earn $4 on my $100, which is a low return on investment.

Therefore, I will look from tomorrow for some other ways to earn more and faster. Stay tuned & please tip/like if you want to get more insights on this!

Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of this content as such.

 

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Cryptofab
Cryptofab

Studying Bitcoin, Alts & Arts.


Cointune
Cointune

Crypto, DeFi and passive income.

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