With plans to improve decentralization on its network, Matic has announced the completion of the first phase of its mainnet staking.
The completion of Matic Network Mainnet Phase 1 staking has furthermore ushered in Phase 2 of its mainnet staking.
Phase 1 saw the addition of 11 validators including Dapp partners to the network.
Matic network Dapp partners include:
- $40 billion Indian based tech mogul, Infosys
- Anime-style NFT game, ChainGuardians
- UX improvement solution using meta transactions, Biconomy
- Top wallet provider, Torus.
Phase 2 is expected to drive more exceptional features on the network. First, the introduction of no less than 25 public validators. With plans to include more in the near future. The platform will also allow individual entities to bid for validator slots.
According to a Twitter post, the current staking results include:
- More than 25% of Matic (app. 813 million) are currently staked
- APR is also currently more than 38%.
- 47.5 million ($1.1) of staking rewards.
1/ Phase 1 of staking is now complete! Onwards to an increasingly decentralized network.
25 additional public validators during the start of Phase 2. pic.twitter.com/oPvGXhNKfy
— Matic (@maticnetwork) August 10, 2020
Matic Network is looking to ensure true and complete decentralization. Every staker on the platform is helping to ensure security is maintained on the platform. Learning to stake and subsequently staking Matic is quite important to the Matic ecosystem. Below is a step by step guide on how to become a delegator on the Matic network.
Becoming a Matic Network Delegator
First and foremost, it is important to note that being a delegator requires no prerequisite. Interested persons only need to have an Ethereum account. Users will also need to have funds in their main Ethereum network to be able to function as a delegator.
Users who stake early (before bonding rates reach 10%) have a high chance of getting a 100% APR.
Who is a delegator?
Delegators are token holders who cannot operate a validator node. They, instead, stake their tokens to a validator and in return earn a percentage of the validator earnings. Since they share validators’ earnings, they also bear any risks the validator might face. The function of a delegator is quite crucial as they are majorly responsible for selecting validators.
Step by step guide
First, you need a Metamask wallet. Choose the Ethereum Mainnet icon on the wallet. Next, is to log in to the network dashboard. Find Matic Network Staking Dashboard here. To use a different wallet, you will need to import your account to Metamask before moving onto the Network Dashboard.
Once login is completed, you will be redirected to a page with a list of validators and their statistics. You will also see an icon that says “Become a Delegator”.
To every validator, there’s a delegate button. Next is to fill in the number of tokens you are willing to stake. Clicking on the delegate icon will confirm the transaction. However, it is important to note that it takes a total of 12 block confirmations to finally confirm all delegation transactions.
Finally, it is important to note that you can either re-stake or withdraw your wallet balance.
Earlier this year, we interviewed Sandeep Nailwal, Co-founder & COO of Matic Network on the Altcoin Buzz YouTube channel.