Friday, June 21, 2024

Matic Network – The Staking Process

After 2.5 years of hard work and persistence, Matic Mainnet is live and running.  Matic Network is basically a blockchain application platform which aims to offer developers the potential to deploy applications in a faster and cost-effective manner while maintaining optimum security. It leverages a complex amalgamation of hybrid Plasma-enabled sidechains and the Proof-of-Stake mechanism to facilitate the same. The Matic team envisions to solves the challenges associated with scalability and usability without any compromises on a decentralized approach.

What are the Key Features of Matic Network?

Matic Network is designed to offer the following prominent features –

  • Fast, low-cost, and safe transactions are provided on Matic sidechains.
  • It offers a seamless user experience, irrespective of what device you run it on.
  • The network is backed by the PoS system in order to provide maximum security.
  • You can achieve 10,000 TPS on one sidechain within the internal testnet. And you can also add multiple chains to facilitate horizontal scaling.
  • The sidechains are public, permissionless, and able to support various protocols.

How to Stake at Matic?

Staking at Matic is quite straightforward and below we have laid out the steps you need to follow for the same –

  • First login to with meta mask.
  • When logging in, you have to ensure that you have installed the meta mask plugin. Thereafter, select, Main Ethereum Network on the top of the plugin dashboard for staking.
  • Meta mask allows you to open multiple accounts, so be careful while selecting the account that you wish to stake from.
  • When you click on the sign-in, the bullet Matic will automatically gather your address in order to show the number of Matic network tokens and Ethereium are available for delegation.
  • There is an interesting feature known as Rewards Calculator. It should you how much reward you will be getting based on the token you will be delegating. Ensure to choose the validator who has cleared all the checkpoints to ensure that you get maximum rewards.
  • Once you have selected the delegator, a number of tokens, and time of delegation, select Delegate Now. A pop-up window will appear, asking you to confirm the delegation.
  • Once the Ethereium network confirms the delegation, you will get a confirmation.
  • You can also check the status of Etherscan. This is a solution provided by the platform on its second-layer side chain.
  • Once the transaction is complete, a window will open, asking you to pay a gas fee, which will be based on your transaction volume.
  • Then head to the staking window of the dashboard where after 12 blocks, you can see the details of your delegation process. It will take around 30 seconds or less, after that, just refresh the page and you will see the relevant information.  In real-time, you can see what rewards you have earned.

Must Read: Giottus Exchange – India’s Fastest and Lowest Fee Exchange

Matic Network is a thriving domain, and early adopters of it will get to enjoy faster and higher rewards. Above, we have shared how easy and straightforward it is to stake at Matic and earn rewards in a short time span. In India you can buy, sell and withdraw Matic tokens from Coindcx exchange.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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