Matic Staking Education Initiative is Now Live! Staking on Testnet Begins

3 min read

Staking on the Matic Network testnet has begun! Community members who registered for our Staking Education Initiative get a hands-on trial of our delegation process, in preparation for staking on mainnet going live by June 29th.

This is a step-by-step guide to help you become a Delegator on Matic’s incentivised testnet program. There are no pre-requisites required to become a Delegator on Matic. All you have to do is have an Ethereum account.

You can still take part in our Staking Education Initiative by registering here:

What is a Delegator?

Delegators are token holders who cannot, or do not want to, run a validator node themselves. They can delegate staking tokens to a Validator and obtain a part of their revenue in exchange. Because they share revenue with their Validators, Delegators also share risks. Should a Validator misbehave, each of their Delegators 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.

Accessing the Dashboard and Login

You will need to first choose the Goerli Testnet on your Metamask. Once you have chosen that, you can then login to the Matic Staking Dashboard. You can access the Dashboard here:

Matic Validator Dashboard currently supports only Metamask as of now. So you will need to have the Metamask extension added to your browser.

Note: We have experienced some issues with Firefox when using the Staking Dashboard. We recommend use Google Chrome or Brave.

Note: You need to make sure you have the Staking Token added to your Metamask. For CS-2008, the Staking Token contract address is: 0xAFfb23A344B7ebdf4Ea6B5ec27ECC00D12fecd77

If you want to know how to add “Custom Tokens” to Metamask, you can read our guide here:

Once you have logged in you will be navigated to a screen where you will see a list of Validators and a lot of stats.

How to Delegate to a Validator

Once you have logged in with your address on the Staking Dashboard you should see an option that says “Become a Delegator”.

Note that if you scroll down to the Validator list in the Dashboard you will also see a Delegate button to each Validator. You can also click on that delegate button to choose the Validator you want to delegate to.

Important: Participants should make sure that they only delegate to the first 10 Validators, “Anonymous 1, Anonymous 2…. Anonymous 10”. Ensure that you delegate your tokens only to these Validators as they are Matic Foundation nodes running on the testnet.

Once you click on the Delegate button you will be navigated to a screen that will ask you to fill in some information such as stake amount.

You can add 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.

Clicking on Delegate Now will confirm your transaction. Note that there will be 2 confirmations asked to sign from your Wallet.

Note: It will take 12 block confirmations to confirm your delegation transaction and for it reflect on the Dashboard.

Once your delegation transaction is confirmed, you will get a success message.

Note: You can also delegate to multiple Validators using the same address.

Transactions will take time to complete so please do not navigate away from the page.

You can then access your Dashboard by clicking on the My Delegator Details button.

Clicking on the Dashboard will enable you to see your details such as Balance, Total Stake, & Rewards

You will also see a section called ‘Delegations’. In this section, you will be able to view a list of all your delegations across Validators.

Claiming Rewards as a Delegator

Clicking on the ‘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:

  • Withdraw rewards
  • Stake your rewards

Withdraw Reward

As a Delegator, you earn rewards as long as the Validator is earning rewards. Clicking on Withdraw rewards will ask you for a confirmation from your Wallet. Confirming the transaction will get your rewards back to your wallet and your account should be updated.

Restake Rewards

Restaking your rewards is an easy way to increase your delegation stake to your Validator. Clicking on Restake Reward will ask you for confirmation from your Wallet. However, this will be 2 confirmations, as it will first Claim your Reward and then Restake it.

Once the Restake is complete, after 12 block confirmations you will see an update on your Dashboard with the stake amount getting higher for the Validator you had selected.

Note: You can restake rewards to individual Validators only. You cannot restake your entire rewards to all Validators at once.

Happy staking!

Connect with us

Website | GitHub | Twitter | Telegram | Reddit | YouTube

[mc4wp_form id="317"]