The POL staking process involves two steps:
1. Giving permission to the StakeKit smart contract: This incurs a small network fee.
2. Delegating (staking) your tokens: This incurs a higher network fee.
The permission function is essential because it grants a smart contract address access to a specified amount of your tokens. This way, no smart contract can access your tokens unless you permit them.
By granting this permission, you allow the StakeKit smart contract to use your tokens for staking, and the permission fee goes to validators for recording this transaction on the blockchain.
How it works in Tangem:
1. Open the Tangem app and log into your wallet.
2. On the homepage, select POL (ex-MATIC) on the Ethereum network.
3. Tap "Stake" on the token page.
4. Review the staking terms, then tap "Stake" again.
5. Enter the token amount (or its dollar equivalent) and tap "Next". You can also stake your entire balance, but ensure you have enough ETH to pay network fees.
6. In the "Validator" field, you can choose any validator provided by Tangem Express.
7. Review all details, then tap "Give Permission". A pop-up tab will show the permission fee, allowing you to grant permission for the current transaction or Unlimited. Then tap "Approve" and scan your Tangem.
At this stage, permission is granted, but your tokens are not yet staked.
9. To stake the tokens, tap "Stake" again, then enter your access code and scan your wallet to sign the transaction.
Once the transaction is signed and sent to the blockchain, you can view it in a blockchain explorer.
Benefits of giving "Unlimited" permission
If you grant unlimited permission, you won’t need to give this permission again for future staking transactions unless you revoke it.
Important!
• Permission is required for each smart contract separately.
• Permission is only requested when staking a token managed by smart contracts (e.g., an ERC20 token). Native coins do not require permission since they operate on blockchain algorithms, not smart contracts.
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