I wanted to ask the community a couple of questions regarding the polygon network and staking. I am presently using ledger Nano as my cold wallet and have linked it to the Metamask network. I tried to stake it previously but it said that I didn’t have enough gas to pay to stake. I have approximately $35 USD in ETH and $15 USD in Polygon. Both are very small amounts but I am new to the crypto world and want to try small in case something happens.
In the experience of the community. What is the basic amount of ETH and MATIC that should be present in order to stake in the polygon network?
Presently the MATIC tokens are seen on the Ethereum network as an ERC20 tokens. Does that impact its ability to stake on the polygon network? Should I transfer it back to the exchange and then back onto the polygon network?
Does the Gwei cost typically go down when the US market is on off hours (i.e. night time) or is there better times to send coins to reduce the costs associated with gas?
Hello and Welcome to MetaMask community.
You need to have the native token for each network in your wallet to pay for the gas fees. For this case ETH on Ethereum chain and MATIC on Polygon. The amount of the gas fee depends on how busy the network is. Usually for the Polygon network it is only a few cents.
For the Ethereum network, you can check the gas fee from the following link. Sometime, the Ethereum gas fee fluctuates substantially.
https:// etherscan. io /gastracker (please remove the spaces I inserted in the link)
The link above provides an estimate of the gas fee. To avoid paying higher gas fees, you can do the staking on Ethereum network when the gas fee is low. You can see an estimate of the gas price in your MetaMask wallet as well before confirming a transaction.
You need to have MATIC on Polygon network to pay for the gas fees. Yes, you need to send them to an exchange and then transfer them in your address on Polygon network.
Please check the gas price from the link I shared above.
Hope that helps.
You can download a GAS size watcher to facilitate your cheap transfer of assets