First iteration of Matic Network’s staking solution is now live, MATIC/USDT currently under bearish influence

Matic Network recently announced that the first iteration of its staking solution is now live. Launched in phases, direct staking will initially be restricted to the Matic Foundation, which will stake tokens on users’ behalf. 

Matic Network claims to handle 4,000 to 10,000 transactions per second (TPS). The network aims to encourage users to stake and has claimed that early birds can earn up to 120% in annual returns. Tezos, for comparison, currently offers users annual returns of about 6-7%.

Users who are delegating tokens to the Foundation in the early phases will also have the opportunity to become a network validator, at some point, in their own right. In the next stage, Matic is planning to introduce staking to external validators. The project said that it has already secured the backing of multiple “high profile” organizations, including Infosys - a major Indian IT consulting firm. 

Matic has allocated 1.2 billion tokens - 12% of the total supply - to keep the staking program running the next five years. Infosys, which is listed both in India and on the Nasdaq, announced that it would join Matic as a validator about a month ago.

According to a CoinDesk report, Bharat Gupta, a senior principal at Infosys’ consulting arm, said that the firm hopes that validating a proof-of-stake network will give the company first-hand knowledge to develop and launch its own “privacy-oriented public blockchain-based solutions.”

MATIC/USDT daily chart

MATIC/USDT is currently priced at 0.0195, following two straight bearish days. Two days back, SMA 50 crossed over SMA 20 to chart the bearish cross pattern. Price has strong resistance at 0.02005, 0.02068, 0.02076 (SMA 20) and 0.02013(SMA 50). On the downside, healthy support lies at 0.01921.