If you are reading this post, this means you are determined to stake KogeCoin using MATIC Network Mainnet. So, without wasting any minute further, let’s get through all the steps. This article is written in a way that a complete beginner can also do the staking easily. So, keep reading.
How To Stake KogeCoin, A To Z Guide?
Before elaborating, I will try to summarize the article in very short points, so hang on with me.
- First, you will need to have a wallet installed in your browser or in your smartphone, then switch it to the MATIC Network Mainnet and create a MATIC wallet.
- Second, buy some MATIC from your crypto exchange be it Binance, Crypto.com, KuCoin, etc., and transfer that to your MATIC wallet.
- Thirdly, some Kogecoin from QuickSwap.
- Fourthly, connect your wallet to Kogecoin, activate staking in KogeCoin Farming.
- Fifth and finally, deposit your KogeCoin and enjoy your rewards.
- Remember, there are many things you should be careful of in some of the steps mentioned above so that your funds won’t be lost forever. So, I strongly suggest you read the whole post carefully and read it till the end.
How to install a MATIC wallet in your smartphone or web browser?
Having a MATIC Network Mainnet MATIC wallet is really simple. First, you will need to install Metamask wallet. Click here to download Metamask on your respective platform. I recommend mobile App iOS or Android. You can import the wallet in Chrome extension also or vice versa. Once downloaded open the App or the extension. You will be greeted with something like this below.
Click get started.
You will see something like this.
Click I agree or you can click No Thanks also. Then you will see something like the below image. Click create a new wallet. Then, enter a password. Remember this password. Never ever share with anyone and keep in safe places.
After this, you will need to store your secret key and confirm it before finalizing your MATIC wallet. This is the most important step while creating a wallet. Remember there is no forgot password option like your Gmail account. If you lose this secret phrase then all your money is gone, there is no coming back and no one will be able to restore your wallet.
You will see your secret phrase just like the above photo, remember this, WRITE this DOWN and keep it somewhere safe. Make multiple copies and keep them in multiple places so that if something happens you will always have a copy of it. You will need to confirm the sequence. Once this is over, your wallet installation part is over.
Click All Done and you will see something like this. Click on the Ethereum Mainnet and select custom RPC.
After you click the custom RPC, you will see a screen like this and fill up the details as below:
Enter in the Matic Mainnet settings as follows:
Network Name: Polygon
New RPC URL: https://polygon-rpc.com or https://rpc-mainnet.matic.network or https://rpc-mainnet.maticvigil.com or https://rpc-mainnet.matic.quiknode.pro
Block Explorer URL: https://polygonscan.com/
Then click Save and you are set. To check if your new wallet is functioning fine or something is wrong, send 1 MATIC or less just to test. Once you know that the transactions are fine, your wallet is working fine and you are ready for the next step. Below is the address that will receive your MATIC from your friends and exchanges.
Recently KogeCoin implemented a new feature where the network can be switched automatically when you click the connect wallet with a few simple clicks. All you need to do is click connect wallet and follow the onscreen instructions and allow the required permissions.
How to add MATIC balance to your Metamask Wallet?
Now that you have successfully set up your MATIC wallet, it’s time to feed your wallet with some MATIC. For this, you need to buy some MATIC from an exchange. Personally, I use Binance P2P but you can use Crypto.com, KuCoin, or any other exchange that lets you withdraw your crypto to an external wallet. Don’t use exchanges that won’t let you withdraw it to an external wallet. If you don’t have an exchange account, click the links below to sign up for your favorite exchange.
There are many other exchanges you can buy from any one of them. Just make sure that it doesn’t charge a hefty fee on top of the network fees and it does allow you to withdraw in external wallets. For beginners, I talking about withdrawing the MATIC coins as MATIC not selling the MATIC to your local currency, and withdrawing it to your bank account.
For this one, I will take Binance to show. In Binance you have two options to buy, (a) buy a coin via P2P and buy MATIC using it and (b) add fiat balance to your wallet and buy MATIC using your wallet balance.
(a) buy a coin via P2P and buy MATIC using it
For me buying a coin via P2P in Binance is the simplest and easiest way to buy crypto and exchange to any other crypto via spot market in Binance. Hover around the Buy Crypto on the top left of the Binance after you logged in to your account in Binance. Select which Crypto you want to buy like USDT, BTC, BUSD, BNB, and ETH. Select a seller and click buy now. Fill out the amount you want to buy. Click on the buy BNB and you will see the seller account details where you will need to transfer the account.
You will see the full payment details, make sure you clicked payment made after you made the payment. Also, provide the details sellers requested. Now that you have your BNB in your funding account, you will need to transfer to a fiat and spot account.
From the fiat and spot account, go to market and buy MATIC. You can do the same from Trade> Convert. Now that you have your MATIC, it’s time to check your wallet. Click the withdraw button from your MATIC wallet in your Binance fiat and spot wallet.
Now, this step is VERY important. Make sure you select MATIC Polygon. Choosing any other option will result in permanently losing your money. There is no way back. Fill up the correct address details and test send 1 MATIC there. It shouldn’t take more than one or two minutes to reflect in your MATIC wallet in Metamask. Just check in the Metamask wallet, it will show the new wallet. If it is successful, send the remaining amount.
(b) Add fiat money to wallet first and buy MATIC
Personally, I don’t use this method as an Indian. It takes a long time and extra fees which I can avoid using P2P model. However, the steps are simple. You add money to your wallet and buy using it. Bank fees, charges, and GST will be charged during the deposit process.
How to connect Metamask with KogeCoin?
Connecting Metamask MATIC Wallet is really simple. All you need to do is open KogeCoin.io in your in-app browser in Metamask wallet App or Google Chrome where you installed m-Metamask. After opening click connect wallet, then select Metamask, a popup will ask you to approve the request in your Metamask wallet. Approve the request and it is done. This part is free.
How To Stake KogeCoin?
Now that your Metamask wallet is connected to Kogecoin.io, you need to enable the KogeCoin Vault. Here make sure that you are enabling the KogeCoin not others. If you are enabling others, there are many risks and chances of having impermanent loss of your tokens. Make sure you select the below one as shown in the photo below.
This is the only staking pool, all others are farms. Difference between the farming and staking is a whole new topic. I will post this later. For now, let’s stick with this topic. So, select the KOGECOIN and click enable vault or unblock wallet. For enabling, you will need to pay a fraction of MATIC ~$0.01. This will take a minute or two.
Once you unblock or enable the vault, you will see something like below photo where you can deposit, withdraw your KogeCoins. Click on the deposit button and you will see a pop-up asking you to buy KogeCoin.
QuickSwap will open in a new browser tab. Here you will need to buy some KogeCoin. Select from MATIC to KogeCoin. DO NOT use MAX MATIC, keep 4 or 5 MATIC. This will be required to facilitate future transactions like depositing, withdrawing, converting back to MATIC, sending back to Binance, etc. Keep 4 or 5 MATICs for gas fees.
Once you enter the MATIC or KogeCoin amount you want to swap, click on the swap button and you will need to approve the transaction in the Metamask. Once you have the KogeCoin, refresh the KogeCoin page.
Now, enter the maximum KogeCoin you have and click deposit. Approve the transaction and BOOM, you are done. Enjoy the passive money.
Things to remember while staking KogeCoin
- The APR is the simple interest in a year and APY is the return rate with compounded effect accounted.
- APY reduces when more people joins the staking and increases when less people are staking KogeCoin.
- Your principal amount in KogeCoin will remain along with the newly awarded Kogecoins. The value in USD will fluctuate as the price of KogeCoin changes.
- Don’t select farming pools, it may result in impermanent loss.
- Know the risk that the price of KogeCoin may go bust or to the moon.
- Recovery phrase is everything and there is no coming back if you forgot it. No hacker in the world can no nothing about it.
- Always keep some MATIC in your wallet to pay gas fees for your future transcations.
- Buying in P2P is easy but make sure you are selecting a good seller in good price.
If you are still having confusions, and need one to one help, do not hesitate to ping an email from the contact page.
My experience with staking KogeCoin
I will share my experience with staking KogeCoin. It has been only 2 or 3 days so I will wait for a month or so and I will share the results. Comeback after sometime and you will see full disclosure.
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