Following our phased mainnet and staking rollout strategy, Phase 3 is currently underway and we’re making huge progress. During this phase, we began by opening up validator slots to community-run nodes to supplement our strong backbone top-tier validators onboarded during Phase 2.
As we approach a total of 100 third-party validator nodes on the network (a combination of top-tier and community-run), we’re now preparing to turn off Matic Foundation nodes and open delegations to our third-party validators.
This will signal arguably the most significant milestone in the journey of Matic Network so far – full network decentralization!
Stakers currently delegating to Matic Foundation nodes (all current stakers) will be required to move their tokens to third party nodes. Read below for the full details.
Validator onboarding progress
In early October we announced the completion of Phase 2 of our mainnet rollout. Phase 2 saw a significant increase in the decentralization of Matic Network as we onboarded 30+ additional public validators!
During the first stage of Phase 3, we are gradually opening the remainder of the 100 validator slots to accommodate public validators, allowing community members to join the network as validators.
There are currently a total of 54 third-party validators running nodes on the mainnet (not including the 7 Matic Foundation nodes). Many of these are community-run nodes which have been onboarded in recent weeks.
Stay up-to-date with our validator onboarding progress by monitoring the stats on our Staking Dashboard.
We will continue opening up validator slots for community nodes over the coming weeks, until all 100 validator slots have been filled. Once this has been achieved, we will then turn on delegations for third-party nodes and will turn off Foundation nodes shortly after.
Ushering in full decentralization: Enabling third-party delegations
On December 15th we will open delegations for third-party validators. This is an important step in the maturity of the network which will ensure that public validators exclusively receive delegations from the Matic community, once the Foundation nodes have been switched off.
More importantly, there is no bias to any validators who might have joined early from the delegators, and the network will no longer depend on the Matic Foundation nodes to be running.
With the conclusion of Phase 3, the network reaches true decentralization and the governance will be handed over to the community via an on-chain governance mechanism – details of which will be released in the near future.
Steps required for delegators
Although delegators will be able to move stake to third-party validators beginning from December 15th, Matic Foundation nodes will only be switched off at the end of January in order to give the community ample time to move their delegated stake.
That said, it’s best to move your delegated stake sooner rather than later to ensure you’re all set and don’t miss out on staking rewards once the Foundation nodes are switched off.
Deegators will be required to manually move their tokens to validators of their choice. Note that for the transition of delegation from Matic foundation nodes to other validator nodes, we have introduced an instant
Move Stake option on the Staking UI. There is no need to unbond and wait for 9 days to move stake – it is instant. More details can be found in the next section, but here’s the link to the guide – https://docs.matic.network/docs/validate/mainnet/move-stake.
Each validator will charge a certain commission rate, which will be updated on the Staking Dashboard on December 15th.
Note: Stakers who do not move their MATIC stake to third-party nodes will stop earning staking rewards once Foundation nodes are switched off. Any remaining funds delegated to Foundation Nodes by this point will still be secure, but those delegators will no longer earn staking rewards.
How to Move your Stake from Foundation to External Nodes
Moving your stake from the Foundation node to an External node of your choice is a simple process.
Moving your stake is a single Ethereum transaction on the Staking UI. This happens instantly. There are no Unbonding periods or delays during this transaction. However, to reflect changes upon successful completion of a transaction, it takes 12 Block confirmations to reflect on the Staking UI
To know more about how you can Move your stake, we have prepared a simple yet detailed guide. You can check it out here: https://docs.matic.network/docs/validate/mainnet/move-stake
If you do have any queries regarding moving stake, please join this Telegram channel: https://t.me/maticwalletweb
It’s not too late to become a Matic Network validator!
Validator slots are now being opened up to the entire community. Anyone can set up a validator node. Benefits for active validators include:
- Contributing to the security and decentralization of the Matic mainnet.
- Earning a passive income via fees generated from providing staking services for the Matic community.
- MATIC token holders will delegate their tokens to the validators, and validators will charge a commission (rate set by the validators themselves) to receive a percentage of their delegators’ staking rewards for their service.
If you would like to become a validator, follow the instructions here to begin setting up your validator node on the Matic mainnet: https://docs.matic.network/docs/validate/mainnet/validator-guide
If you need any assistance with the setup process, please leave a message in the ‘validator-queries’ or ‘mainnet-validators’ channel of our Dev & Validators Discord server and one of the Matic dev team members will assist:
The validator node setup process will take approximately 2-3 days. Once completed, a health check needs to be performed to check the node is set up correctly. This check needs to be completed in this phase by one of the Matic Network dev team members (once the process settles down, the Matic team will not be involved in this process). Once your node is established, please ping @Delroy on Discord to organize the health check.
The health check is mandatory for now. It will not be required going forward.