bZx protocol staking tutorial on Polygon network

The bZx protocol is an Ethereum based DeFi lending and borrowing platform. This means users can borrow, lend AND trade margin without having to rely on centralised third parties. While decentralised protocols can have their issues, trading on centralised exchange does as well, it’s just different issues.

This is a step-by-step guide on staking your BZRX token on the Polygon network.

Step #1: install MetaMask

Although you can connect to the page, using different wallets, I will focus on MetaMask, since it is most commonly used. I will assume, that if you are looking for instructions on staking, you probably have one installed. If not, there are a ton of guides for doing just that.

Step #2: Add the Matic mainnet to MetaMask

The farming takes place on Polygon network, which is a layer 2 solution for Ethereum’s congested network. You can send your tokens to MetaMask via different blockchains which not only imply different fees but also different possibilities. You cannot stake your tokens on Polygon, while having them on the Ethereum network.

Pro tip: Go to Settings > Expand view

To add a new network, you start by clicking on the dropdown menu at the top where it by default says “Ethereum Mainnet”. On the bottom of the dropdown menu, click the option “Custom RPC”. Next, fill in the information of the network.

Network Name: Matic Mainnet

New RPC URL: https://rpc-mainnet.matic.network

Chain ID: 137

Symbol: MATIC

Block Explorer URL: https://explorer.matic.network/

Be sure to fill all of the above fields. Once you finish, click “Save” and you will be connected to the Matic mainnet.

Step #3: Add the native MATIC for gas fees and BZRX for staking to Polygon network

The first thing you need to do is to switch back to Ethereum network by clicking on the same network dropdown menu. You have to send both the BZRX and MATIC tokens to your MetaMask on the Polygon network. This is done in 2 parts described below.

NOTE: $10 worth of MATIC is more than plenty as the gas is extremely cheap

a) The first part is getting BZRX and MATIC on the Ethereum network on your wallet. If you don’t already hold them, you have 2 options. One is to purchase them on a centralised exchange, such as Binance and be subject to rather high withdrawal fees from the exchange. The second one is to buy it directly on the Ethereum network on a decentralised exchange, such as Uniswap. As of late, the transaction fees dropped significantly on the Ethereum blockchain, some of it is due to the dog hype dying down and the rest to the scaling solutions gaining quick adoption.

If you opted for the decentralised way, I have good news for you. You can skip to the second part below.

If you opted for the centralised way or if you already hold the tokens, you need to first deposit both to your MetaMask address on the Ethereum network. If you hold the funds on the exchange, make sure to withdraw them on the Ethereum network.

NOTE: If you don’t see your MATIC or BZRX holding in MetaMask, you have to manually add tokens by clicking Add token > Custom Token and entering the following contract addresses found on the Etherscan.

• MATIC address: 0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0
• BZRX address: 0x56d811088235F11C8920698a204A5010a788f4b3

b) the second part is getting the BZRX from the Ethereum mainnet to the Polygon mainnet. Polygon is a layer 2 scaling solution for the Ethereum network. To get it to the Polygon mainnet you have to use a very straightforward bridge. You can click here to access it.

Find Polygon and bZx protocol tokens in the dropdown menu and input the amount you want to bridge to the Polygon mainnet. The bridging consist of 2 cheap transactions and takes about 10–15 minutes.

Step #4: Connect, lend, farm

Go to https://polygon.fulcrum.trade/lend and connect with your MetaMask. To be able to access the blockchain, you will have to switch to the correct network, which is the Matic mainnet. You can do this simply in the MetaMask networks dropdown.

The yield is paid in the form of PGOV token. The APRs are induced by bonuses, which decrease over time. You can also stake stablecoins iUSDC & iUSDT, PGOV or the LP tokens which you get by providing liquidity to the PGOV / MATIC pair. Happy farming!