Matic Network Rolls Out First Phase Of Its Staking Platform, Offering Up to 120% APR

Matic Network, the Ethereum scaling solution, announced the launch of its staking mechanism test over the weekend, allowing users to earn rewards by staking MATIC tokens. However, as the first iteration, Matic Foundation, the top development community behind the network, will stake the MATIC tokens on the users’ behalf.

The Foundation has partnered with some of the industry’s heavyweights in its staking program, including India’s NASDAQ listed company, InfoSys, which was added as a validator on the platform earlier this month.

Staking offers up to 120% annual yield

Matic Network is a Layer 2 scaling solution that utilizes a decentralized network of proof-of-stake (PoS) validators and a network of sidechains, which allows most of the heavy computations to conduct off-chain. The Foundation’s website claims the system carries out up to 10,000 transactions per second, which significantly improves the 12 TPS on Ethereum.

With the new staking mechanism, the statement claims early users will earn 120% in annual returns which is considerably high compared to other “high yielding” staking tokens such as Synthetix Network (54%), Fantom (34.89%) and even Tezos (8.85%), according to Stakingrewards.com.

Read more> Matic Could ‘Go Nuts Again' as the Network's First Stage of “Staking” on Mainnet Goes Live.

A sequence of launches; Infosys next

According to the Foundation’s statement, the direct staking platform’s second launch stage will be direct to external validators such as InfoSys. Bharat Gupta, a senior principal at the IT consulting firm, said the partnership with Matic Network would allow the company to launch its own “privacy-oriented public blockchain solutions.”

So far Matic Foundation has staked 12% of the total MATIC supply in its staking program to keep it running in the next half a decade with the hope that the community increases the staking pool in the next year.

MATIC’s possible growth?

MATIC’s ever-expanding developmental growth has reflected on the token’s price in previous upgrades, and the latest launch of its PoS mechanism will have a similar effect. However, past spikes in price did not exactly last, could the staking platform change this?

Towards the end of 2019, Matic suffered a 70% crash after soaring over 220% from whales cashing out their investments. The token is 83% up in the past 90 days to trade at $0.02, but fear still lingers in the minds of investors on the continued bullish run despite the upgrades.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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