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.
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.
Staking is the act of locking up your cryptocurrency in service of a project for a period of time and getting a reward in return. It’s a relatively safe way to earn passive income. But the ever-churning innovation mill that is decentralized finance (DeFI) has come up with a way to have your cake and...
Stakeall Finance, a blockchain platform that builds DeFi staking strategies on Proof-of-Stake (PoS) protocols, has announced the mainnet launch of its new Shuttle System for Lido on the Polygon network. Users can now stake and bridge their stMATIC tokens to Polygon for a fraction of the usual fees. In early March, Polygon became the fourth...
Stader Labs' liquid staking solution is coming soon to Polygon, enabling MATIC holders to unlock liquidity and leverage their capital in one of 7,000 Polygon-based GameFi and DeFi apps — all while remaining staked! Holders of Polygon’s native MATIC token can use Stader to stake it and receive a fungible liquid token MATICX that shows...