ClayStack, a decentralized liquid staking platform backed by leading funds and angels such as CoinFund, ParaFi, and Coinbase Ventures, will launch the Malawi Testnet later this month.  

The ClayStack platform empowers users to effortlessly stake their crypto assets while maintaining their liquidity. When users deposit crypto in the platform’s smart contracts, they receive an equivalent liquid derivative token that remains fungible and transferable and earns daily rewards.

Once the platform is deployed to testnet, users can start staking their MATIC in return for csMATIC. csMATIC will be the derivative token representing the staked MATIC and can be used within Polygon's DeFi ecosystem. ClayStack plans to create more use cases for the csMATIC token in the future.

Unlike other liquid staking developers which are tied to single tokens, ClayStack will offer cross-chain support for multiple tokens.

ClayStack’s platform is capable of serving both small stakers with a few thousand dollars worth of digital assets as well as whales moving millions or billions.

What Is Liquid Staking and What Does Integration Mean for End-Users?

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 on them. 

PoS chains need users to stake their tokens to secure the network. When PoS networks first emerged, native tokens had limited utility. The best bet for users was to stake their assets to validators to earn rewards.

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 on their liquidity.

The Polygon and ClayStack partnership

ClayStack sees building liquid staking for MATIC not just as a business decision but as means to empower Polygon's users by unlocking liquidity for millions.

Polygon has over $3B in locked assets, with over 27% of the tokens staked as per staking rewards. ClayStack's integration will allow users to stake their tokens using an intuitive UI, participate in network security and generate lucrative yields. All of this is possible without losing the liquidity of their MATIC tokens.

The relationship between ClayStack's team — led by Mohak Agrawal — and Polygon dates back to the early days of 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. 

"We appreciate the vibrant ecosystem Polygon has built, which sees an increasing volume of users every day. Not only will this collaboration help us unlock liquidity for millions of users, but the crucial feedback from the team will help us grow further," commented Agarwal. 

The team also aims to expand the reach of the csMATIC token beyond the Polygon network and enable it to be used across the larger ecosystem hence boosting the overall demand for MATIC.

ClayStack launched the Onega Testnet earlier this month for the ambassadors. You can join the waitlist to be the first to use the protocol. The Malawi Testnet will launch later this month, followed by the mainnet launch and several use cases for the csMATIC token. 

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About ClayStack:
ClayStack is a decentralized cross-chain liquid staking protocol backed by leading funds and angels including CoinFund, ParaFi and Coinbase Ventures. At its core, the platform helps users effortlessly stake their crypto assets while maintaining their liquidity.