Polygon is a blockchain agnostic Layer-2 scaling solution for Ethereum.
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- What is Polygon?
- Who are the Founders of Polygon?
- What is MATIC?
- How to stake MATIC?
- How much can I earn staking MATIC?
- What are the requirements to stake MATIC?
- Are my tokens gonna be locked while staking?
- Is there any risk to stake MATIC?
Polygon is a platform design to support infrastructure development and help Ethereum scale.
Its core component is a modular, flexible framework (Polygon SDK) that allows developers to build and connect Layer-2 infrastructures like Plasma, Optimistic Rollups, zkRollups, and Validium and standalone sidechains like the project’s flagship product, Matic POS (Proof-of-Stake).
Polygon rebranded from Matic Network in February 2021 and pivoted towards supporting multiple Layer-2 infrastructure. It will continue to support the Matic POS sidechain and Plasma-based payment system, which currently hosts over 90 applications.
Polygon (formerly Matic Network) was launched in October 2017. Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, two experienced blockchain developers and a business consultant.
Before moving to its network in 2019, the Polygon team was a huge contributor in the Ethereum ecosystem. The team worked on implementing the Plasma MVP, the WalletConnect protocol and the widely-used Dagger event notification engine on Ethereum.
The team included co-founder of Polygon, Jaynti Kanani. Jaynti, a full-stack developer and blockchain engineer currently serves as the CEO of Polygon.
Jaynti played an integral role in implementing Web3, Plasma and the WalletConnect protocol on Ethereum. Prior to his blockchain involvement, Jaynti worked as a data scientist with Housing.com.
Co-founder and chief operations officer of Polygon, Sandeep Nailwal is a blockchain programmer and entrepreneur. Before jointly starting Polygon (formerly Matic), Sandeep had served as the CEO of Scopeweaver, and the chief technical officer of Welspun Group.
Anurag Arjun is the only non-programming co-founder of Polygon. As a product manager, he has had stints with IRIS Business, SNL Financial, Dexter Consultancy and Cognizant Technologies.
MATIC, the native tokens of Polygon, is an ERC-20 token running on the Ethereum blockchain. The tokens are used for payment services on Polygon and as a settlement currency between users who operate within the Polygon ecosystem. The transaction fees on Polygon sidechains are also paid in MATIC tokens.
You can easily delegate your tokens in a single-click transaction to a validator/staking provider.
After sending the delegation transaction in the official Staking Dashboard, make sure to claim your rewards regularly and restake to gain compound interest.
Your staking returns are depending on the current network conditions and metrics such as the Total Staked % and the Transaction Fees spent within the network.
Matic is allocating 12% of its total supply of 10 billion tokens towards staking rewards. These 1.2 billion tokens will be the staking incentive for the first five years. The incentive is gradually reduced every 30 minutes.
Please use the Matic Staking Calculator to estimate your rewards under current or future network conditions.
There is no minimum amount requirement for delegation. Any amount, even 1 MATIC, will be accepted in the system. However, it is up to validators to set a minimum limit or not while accepting delegations. Validators might charge a commission in exchange for their node running services. Other than the commission charged, one needs to evaluate the track record of the validator, for example, average uptime or if the node was ever compromised.
Matic Network has an unbonding period of 9 days. If you wish to opt out of the system, you can send an unbond request. Delegated tokens will start to unbond immediately.
During the the unbending period the tokens are still liable to being slashed for any misbehaviour committed by the validator before the unbonding period started.
Staked tokens will be locked in a contract deployed on the Ethereum chain. Validators do not hold the custody of the delegated tokens. However, in the event of a validator getting slashed delegated tokens will also get slashed.