Why Launch a Pre-staking Initiative
Our pre-staking initiative with Coinone is one of the steps in our 3-stage tactical rollout of our staking endeavours, which is designed to give Korean users a first-hand taste of Matic Network staking. Coinone is the first of many global exchanges to support MATIC pre-staking.
Coinone will also be running a Validator node to support the running of our network, which the tokens staked during the pre-staking initiative will be allocated towards.
NOTE: This is very different than the simple airdrops in the name of staking which have been done on some exchanges. During our pre-staking initiative, the users will have to lock up their tokens, just like during real staking, in order to earn their staking rewards.
The Nitty-Gritty: Pre-Staking Details
Coinone users can lock MATIC tokens through the exchange & receive staking rewards in the form of MATIC tokens. There will be 30-day lockup periods, which will begin and end at 30-day intervals.
Interest rate: 30.29% APR / 0.083% daily
Beginning of first lockup period: December 18th, 3PM KST
Date of first round interest payment: 2-3 days after 17th January, after the lockup period ends.
As an example, if you lock up 10,000 MATIC tokens whilst there are 27 days of the lockup period left, your rewards will be as follows:
0.083% daily interest rate (30.29%/365) X 27 days interest = 2.241% interest, which is 224.1 MATIC tokens in rewards.
Here’s a snapshot of the Coinone Pre-staking dashboard:
Why South Korea & Coinone
The current status of cryptocurrency regulation & consumer adoption in South Korea made it an obvious choice for Matic Network to launch the pre-staking initiative with a Korea-based exchange. Within South Korea, Matic Network has chosen Coinone to kickoff its Pre-Staking program, which is the first stage of its Staking process.
Coinone is one of the most reputed and compliant cryptocurrency exchanges in South Korea. Founded in 2014, Coinone is a Seoul-based cryptocurrency exchange with 40+ token listings with default currency the Korean won.
Matic already has a vibrant and rapidly growing Korean community, and we are thrilled to be giving them a first-hand taste of Matic Network staking.
Many more global exchanges will be increasingly added to the list to support MATIC pre-staking. Stay tuned for further updates as our pre-staking plans progress!