MaticX Mainnet Launch: Everything You Need to Know
4 min read
Dear Polygon Fam,
Stader’s liquid staking on the Polygon mainnet went live on May 2nd, 2022, 3 PM UTC. We started on 13th April with liquid staking for Matic on Ethereum Mainnet (since Polygon’s staking contracts are native to Ethereum). But now you can mint MaticX directly on the Polygon Mainnet. In today’s blog, we will cover:
- Launch Details
- Recap: What is MaticX and Where Can You Use It?
Phase1: Liquid staking for Matic on Ethereum Mainnet, 13th April
We launched our liquid staking token, MaticX, for Matic staking on 13th April. In this first phase of launch, users were able to stake through the Stader dApp on Ethereum Mainnet, where all native Matic staking happens today.
Phase 2: Liquid staking for Matic on Polygon Mainnet
With our launch on 2nd May, we now bring to you the ability to stake Matic and mint MaticX directly on Polygon Mainnet. With this, users will be able to visit the Stader dApp and directly stake Matic on Polygon Mainnet. We have started with a maximum staking capacity of ~1 mn Matic per day at launch and will expand this to support even larger delegations in the coming fortnight.
This means you can now enjoy staking with almost negligible gas fees, and no need to bridge your MaticX tokens over to Polygon Mainnet!
However, do remember, that in Phase 2 (which lasts just around 15 days till~May 18) only staking will be available on the Polygon Mainnet. In order to unstake and withdraw your funds, you’ll need to use the Ethereum Mainnet.
Phase 3: Unstaking your Matic on Polygon, within a fortnight
In Phase 3, which is expected to go live around May 18, we’ll complete the full release of liquid staking on Polygon Mainnet. So, in addition to staking, you’ll also be able to unstake and withdraw funds directly on the Polygon Mainnet.
Recap: What is MaticX and Where Can You Use It?
MaticX is a liquid token that users get when they stake Matic with Stader. The MaticX tokens represent their staked Matic. They allow users to swap them at a later date for their staked Matic and accrued rewards with Stader. As the Matic rewards get added the value of MaticX increases. Meanwhile, users will be able to use it on multiple protocols on Polygon to participate in Defi opportunities.
The liquid token MaticX unlocks the following benefits for users:
- ~8.5% APY: MaticX will deliver staking rewards of ~8.5% APY
- Defi Interoperability: MaticX’s token design allows for easy integration with all types of Defi protocols — from DEXs to Lending/borrowing protocols to yield optimizers
- Contribute to Polygon’s decentralization by delegating to multiple, carefully chosen validators in a single click
You can read about the mechanics of MaticX in our explainer here.
We have worked on an extensive list of partnerships which will support MaticX. The spectrum of partners will include DEXs, yield farming, lending/borrowing and more. The following list of partners are live or will go live over the coming week(s):
- MaticX liquidity pools on Quickswap (live), Balancer (coming soon)
- MaticX yield farming on Beefy finance (live), Autofarm (coming soon)
- MaticX lending/borrowing on Market.xyz (coming soon), QiDao (coming soon)
- Many more to come!
Staking MaticX on Polygon Mainnet
To start your staking journey, access the dApp here
Step 1: Connect your wallet using the “Connect Wallet” button on the top right.
Note: Make sure your wallet is on the Polygon network.
Step 2: Enter the amount of MATIC you want to stake.
You’ll see the amount of MaticX you’ll get in return.
Click on the “Stake Matic” button to go ahead.
Note: In this phase, users will be able to stake upto 1 mn Matic/day on Polygon mainnet and we will bring support for larger delegations beyond this limit in the coming fortnight.
Step 3: Confirm the transaction in your wallet
Once you confirm the transaction, you are done. You have successfully staked your Matic with Stader and received MaticX!
Unstaking MaticX on Polygon
As described in the launch section of this blog, unstaking MaticX directly on Polygon will be supported in phase 3 which will be launched in the coming fortnight.
In the interim, users still have the flexibility to swap their MaticX for Matic on QuickSwap in an instant. There is also the additional option for users to bridge their MaticX to Ethereum, which takes ~2 hours, and directly unstake on the Stader dApp.
With this, you are all set with everything you need to know before staking Matic with Stader on Polygon. The liquid staking revolution on Polygon has begun…It’s your turn to join this revolution!