Serving as a leading crypto wallet and payment solutions provider, Matic has broadcasted the news about its highly anticipated MATIC token holders staking program, which shall be aided via the Staking Dashboard. The Matic team released an official Twitter post to inform the crypto lovers about the staking event. The post read:
1/ During step #1 of our mainnet rollout, currently underway, $MATIC holders will be able to delegate their tokens for staking.
Read our tutorial here to learn how MATIC token holders can participate in staking on Matic Network: https://t.co/X8Xxc1sVKC
Prepare for staking😎 pic.twitter.com/YD3VPoCRH4
— Polygon | Aggregated (@0xPolygon) May 19, 2020
According to the official blog post, the MATIC token staking is slated to go live during step#1 of the long-awaited mainnet launch. The event will enrich the MATIC holders to delegate their tokens to the Matic Foundation nodes in the initial period of the rollout. The delegation of the MATIC tokens by the holders to the Foundation will be carried upon in a transparent manner through the Staking Dashboard. Any person with an Ethereum wallet and MATIC tokens can become a delegator on the Matic platform. The minimum delegation amount is 1 MATIC.
The validators will charge a small percentage of each delegator’s staking rewards as commission in lieu of their services involving running the validator node on behalf of the delegator. In case a validator misbehaves, the delegator’s stakes shall be partially reduced in proportion to their delegated staking holdings.
In a second post, Matic informed the community about the revolutionary Staking Dashboard by giving an early sneak peek through a video link, which was an attempt to guide the customers about the platform. The Dashboard will help the users to keep track of the statistics of their holdings as well as will give them an opportunity to withdraw or restake their rewards in a user-friendly ecosystem.
2/ Token holders will be able to use our Staking Dashboard to seamlessly delegate their tokens, track statistics such as current rewards, and withdraw or restake their rewards via our user-friendly interface.
Dashboard access is coming soon. Sneak peek: https://t.co/ZVPJP7mzTq
— Polygon | Aggregated (@0xPolygon) May 19, 2020
The delegators will earn rewards as and when their validator will earn rewards during the event. Withdrawals and restaking will ask for confirmation from the delegator before any further processing. After getting confirmation from your wallet, the platform will send the rewards back to your wallet in case of withdrawal. In the case of restaking, it will involve two confirmations, the first to claim rewards, and second for restaking the rewards. After 12 block confirmations, the update showing the increased stake amount for the validator will be visible.
