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. 
  • Direct staking will initially be restricted to the Matic Foundation, which will stake tokens on users’ behalf. 
  • The network aims to encourage users to stake and has claimed that early birds can earn up to 120% in annual returns.

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 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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

War for dominance hit the bedrock of the market

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ADA/USD extends the decline, $0.1000 at risk

Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.

More Cardano News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP