Matic Network Mainnet went live on 1 June 2020. This is the first version of Matic Mainnet after 2.5 years of hard work.
Matic Network Mainnet is fully launching in three steps and step one has commenced. The first step had DApp partner onboarding, Genesis Ceremony, and more. Matic Network continued to onboard more partners ever since and everything has progressed smoothly.
Now, staking on Matic Network Mainnet is here and anyone can participate in this. Previously, Matic Network had opened a Staking Education Initiative to allow their community members to try their hand at staking. Those who registered for this initiative had a first-hand experience on staking on the Matic Network Testnet.
Being a delegator
The real deal is here and anyone can stake MATIC on Matic Mainnet. The only requirement to have is to have an Ethereum account with some funds inside. Those who have staked before the network bonding rate touches 10% get a chance to get an APR of 100%. However, this yield rate changes as the bonding rate changes.
If you do not want to be a validator, you can opt to become a delegator instead. Delegators delegate MATIC to a validator and obtain a part of their revenue in exchange. But, delegators also share the same risk as a validator. If the validator misbehaves, the rewards delegators get will be at risk.
Matic Mainnet Staking Guide
In order to carry out staking on Matic Mainnet, you first need a Metamask wallet. The Matic Staking Dashboard currently only supports Metamask. It is also recommended that you use Google Chrome or Brave browser to carry out staking. Internet browsers such as Firefox have seen some issues with the Validator Dashboard.
Once you have logged in to Metamask on the staking dashboard, there is an option that says “Become a Delegator”.
Click on the button and you will be directed to a page to fill in your staking information.
Fill in the amount of MATIC you will like to stake and click delegate now. There will be 2 confirmations to be signed from your Metamask wallet. Afterwhich, it will take 12 block confirmations for your transaction to reflect on your dashboard. A success message will appear once your transaction is successful.
You can also delegate to multiple validators using one wallet or the same address.
Head over to your dashboard by click on ‘My Delegator Details’. From there you can see your MATIC balance, MATIC stake, and other details.
Now, here is the fun part. Checking on your rewards. Go to the ‘My Reward’ tab and you will be able to see your delegation rewards.
There are two options in which you can carry out with your rewards. The first is withdraw reward which sends the reward back to your wallet. Your balance will then be updated with the addition of your reward.
The second option ‘stake your reward’ allows you to restake your rewards for the selected validator. This option only allows you to restake rewards to individual validators.
Unbinding from a validator
When you want to withdraw your stake, you can choose to unbind from the selected validator. This allows you to withdraw the whole stake you currently have with that particular validator.
Go to the Delegator Profile page at the left side of the staking dashboard. There will be an ‘unbond’ option for every validator you have staked with.
After you unbind from a validator, there is a 21 days ‘unbonding period’ that Matic Network has to prevent any malicious behavior on the network. Your staking rewards will be credited to your account. But, your staked tokens will be locked for 21 days and you can withdraw them after this ‘unbonding period’ ends.
That is all your need to know about staking on Matic Network. It is very simple and easy to go through. You are only a setup away to start earning rewards.
Binance U.S has set up recurring buys for MATIC. Recurring Buys can be made using ACH, debit, and USD balance. Binance US is offering 0.5% cashback when you purchase MATIC using the recurring buy feature. This promotion ends on July 8th, 9:00 AM EST. You can find out more about this promotion on Matic Twitter.