- Staking is going live during step #1 of our mainnet rollout
- MATIC holders will be able to delegate their tokens to Matic Foundation nodes in the initial phases
- Delegating tokens will be a seamless process via the Staking Dashboard
- Delegators will be able to track statistics & withdraw or restake their rewards
As explained in our 3-step mainnet rollout strategy, staking is going live during step #1, enabling MATIC holders to delegate their tokens to the Matic Foundation validator nodes which will initially be securing the network alongside Dapp partner validators.
With our staking launch fast approaching, we would like to inform the community of the process of delegating MATIC tokens for staking in advance. Therefore, we have released this tutorial to provide you with the know-how to be able to seamlessly delegate your tokens as soon as staking goes live during step #1.
Staking will take place via the Staking Dashboard, which you can see a preview of below. In this article we will be explaining the features seen in the preview.
So, what does it mean to be a Delegator and how will you be able to delegate your MATIC tokens to begin earning a passive income via staking rewards? Let’s jump in!
Note: You cannot delegate your MATIC tokens at this time. The Staking Dashboard is currently reflecting our Counter Stake testnet. Once staking is live, it will reflect the mainnet and you can begin delegating your MATIC tokens. We will release an announcement and the link to the Staking Dashboard once staking is live.
What is a Delegator?
Delegators are token holders who cannot, or do not want to, run a validator node themselves. Instead, they can delegate their tokens to a Validator and take part in the staking mechanism in this way in order to help secure the network and earn staking rewards.
Validators will take a small percentage of each Delegator’s staking rewards as commission, since they will be running the validator node on the Delegators’ behalf (except for Matic Foundation nodes, which will not charge a commission).
Because they are delegating to a validator node, Delegators also share risk. Should a Validator misbehave, each of their Delegators’ stakes will be partially slashed in proportion to their delegated stake.
Delegators play a critical role in the system, as they are responsible for choosing Validators.
Who is Eligible to Become a Delegator?
There are no prerequisites for becoming a Delegator on Matic. All you need is an Ethereum wallet with MATIC tokens to delegate.
The minimum amount of tokens required to delegate is 1 MATIC, meaning any MATIC token holder can become a Delegator.
Now for the important question – how do you become a Delegator?
Accessing and Logging into the Staking Dashboard
In order to become a Delegator, you will first need to navigate to the Staking Dashboard (link will be provided once the Dashboard is live).
On the homepage, you will see a list of network statistics (total Validators, total MATIC staked on the network, total rewards distributed etc.) and beneath there is a list of the network Validators.
To begin the delegation process, you will first need to log in via your wallet using either Wallet Connect (to connect to a mobile wallet such as Matic Wallet) or MetaMask by clicking the ‘Login’ button at the top-right corner of the screen.
Once you’ve logged in via your wallet, you are now ready to delegate!
How to Delegate to a Validator
Becoming a Delegator on Matic is simple. After logging in, you will be navigated back to the home screen. At the top you will see a button saying ‘Become a Delegator’.
By clicking this button you will be taken to the Validator list on the homepage of the Dashboard. You will see the full list of Validators on Matic Network, along with some basic statistics such as checkpoints signed (uptime), commission rates, total MATIC staked with each Validator, and a
Delegate button next to each.
You also have the option to click on each Validator in order to see more detailed statistics on their information page.
Once you have selected your Validator of choice that you wish to delegate to, you can either click on the
Delegate button in the Validator list on the homepage, or the
Delegate Now button if you are on the Validator’s information page.
Note: For the initial stage of the staking rollout, you will be able to delegate to Matic Foundation nodes only.
You will then be navigated to a screen that will ask you to fill in some information, such as the amount of MATIC you would like to stake.
Enter the amount that you want to delegate in the ‘Stake’ field. You will also see the projected rewards per checkpoint once you add a value in the amount field.
Delegate Now will confirm your transaction. Note that there will be two confirmations asked to sign from your wallet.
Once your delegation transaction is confirmed, you will receive a success message as shown below.
You are now officially a Matic Network Delegator! Congratulations!
- It will take 12 block confirmations to confirm your delegation transaction and for it reflect on the Dashboard.
- You can also delegate to multiple Validators using the same address.
You can then access your Dashboard by clicking on the
My Delegator Details button in the menu bar on the left-hand side.
Your Dashboard will display details such as your MATIC balance, total stake and staking rewards. There is also a ‘Delegations’ section, in which you will be able to view a list of all your delegations across Validators.
Claiming Rewards as a Delegator
Clicking on the ‘New Rewards’ card will navigate you to the ‘Rewards’ page.
You will see a list of Validators that you have delegated to, showing your rewards from each Validator alongside two buttons:
Stake your rewards
You can also see your reward history underneath, showing past rewards from each Validator and what you have chosen to do with them (withdraw or restake), as shown above.
As a Delegator, you earn rewards as long as the Validator which you are delegating to is earning rewards. Clicking on
Withdraw rewards will ask you for a confirmation from your wallet. Confirming the transaction will send your rewards back to your wallet and your account should be updated with your new balance.
Restaking your rewards is an easy way to increase your delegation stake to your Validator. Clicking on
Restake Rewards will ask you for confirmation from your wallet. This will take 2 confirmations, as it will first
Claim your Rewards and then
Once the restake process is complete, after 12 block confirmations you will see an update on your Dashboard with the increased stake amount for the Validator you selected.
Note: You can restake your rewards to individual Validators only. You cannot restake your entire rewards to all Validators at once.