ClayStack Mainnet Goes Live On Polygon To Bring Liquid Staking
Polygon Liquid Staking goes live on ClayStack mainnet – a decentralized liquid staking protocol where users can stake MATIC, Polygon’s native token, and start earning staking rewards.
Polygon validators are responsible for verifying the authenticity and validity of transactions within the network and are rewarded in return.
Read more: How over $3.9 billion staked MATIC keeps Polygon secure
The ClayStack platform empowers users to stake MATIC while maintaining their liquidity effortlessly. When users deposit MATIC in the platform’s smart contracts, they receive an equivalent liquid derivative token in the form of csMATIC that remains fungible and transferable and earns daily rewards.
It also abstracts the process to distribute the tokens among a select group of validator nodes. Users can start staking their MATIC in return for csMATIC, which represents the staked MATIC and can be used within Polygon's DeFi ecosystem.
Liquid staking is one of the most innovative developments in DeFi. It works to free up tokens locked up in staking contracts and allows the owner to reinvest them. In doing so, liquid staking eliminates the long lockup periods associated with traditional crypto staking — enabling users to leverage funds elsewhere while still earning passive income.
However, with the advent of DeFi, newer models to increase the economic efficiency of native assets (like lending and farming) have emerged, which further cannibalized the share of staked assets (as DeFi offers better yield over staking). ClayStack aims to bridge this gap and allow users to stake their assets without compromising their liquidity.
The relationship between ClayStack's team — led by Mohak Agrawal — and Polygon dates back to the Polygon PoS testnet.
Agarwal is one of the oldest validators for the Polygon network and has been running nodes with >95% server uptime since 2019. He also sits on the validator advisory board and has worked on several proposals with the core Polygon team. The ClayStack team has been tirelessly building the liquid staking infrastructure, and Polygon will be the first network to reap the benefits.
Click here for more information on the Claystack mainnet and check our blog to keep up with the latest on the Polygon ecosystem!
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