MATIC Staking

In this article , we aim to find how many $MATIC have been staked since July 1, 2022? What is the staking ratio of $MATIC (amount of $MATIC staked vs circulating $MATIC) during the same time frame? Has it changed or are there any visible trends? What is the daily amount of $MATIC being staked and unstaked?

What is a Liquid Staking?

In liquid staking, tokens are delegated to a service that stakes on your behalf without you losing access to them. When you stake funds with liquid staking, you can access them even while they are staked. While the funds remain in escrow, they’re not “locked” and inaccessible, like they would be if they were staked on PoS. It is necessary to lock up coins for a specified period of time when you stake them. Coins cannot be sold or transferred during this period. You won’t be able to react quickly if the market crashes during your lock period. Basically, liquid staking allows you to add money and remove it whenever you want (usually at a lower interest rate).

Here in this we can find different Liquid Staking Platforms – Which are Lido, ClayStake and Stader. And can see the overall liquid MATIC Staking on all these platforms can be shown here from July 1, 2022.

  1. LIDO : When staking with Lido on Polygon, users receive stMATIC tokens as soon as they submit MATIC. Lido will calculate the current stMATIC/MATIC ratio and send the correct amount to the user. MATIC tokens are then delegated across Polygon validators that are part of Lido on Polygon. The Withdrawal can be happened with a waiting period is around 3-4 days.
  2. ClayStack : Claystack, a decentralized platform which operates one of the oldest validators for the Polygon network, went live on the mainnet in March 2022.ClayStack is a next-gen crypto staking platform allowing its users to stake their tokens and participate in the DeFi ecosystem at the same time. ClayStack allows you to liquidate staked assets across multiple chains using a decentralized liquid staking platform. As part of the DeFi ecosystem, you can stake your assets and use the derivatives issued as part of your staking. Through ClayStack, staking your MATIC will get you rewards in csMATIC. The Withdrawal can be happened with several days or instant (given sufficient liquidity) with a 0.5% fee.Staking with ClayStack has several benefits. Among them are:
    1. Security: Smart contracts audits by the leading blockchain security firm @chain_security( ChainSecurity provides security audits and develops tools to protect web3 projects).
    2. Transparency: All the actions of the protocol can be easily tracked on-chain.
  3. Stader : Stader Labs offers liquid staking of MATIC on both Ethereum and Polygon mainnets. It is a secure & smart staking across: HEDERA, POLYGON, BNB, NEAR, FANTOM. The Stader platform provides an easy-to-use staking management system for digital currencies. In addition to building protocols and products that enhance security and decentralization, liquidity, and governance of major DPoS blockchain networks, Stader is the distribution layer of staking. In essence, MATICX represents the share of your MATIC pool that you deposited with Stader. MATICX is newly minted once you stake MATIC on a Stader smart contract, based on the market exchange rate. The Withdrawal can be happened with a waiting period is around 3-4 days.

Approach

To show how many $MATIC have been staked and unstaked since July 1, 2022, we followed the following approach:

  • Let’s first examine Matic Liquid Staking – staked and unstaked tokens since July 1, 2022.
  • Following is a look at how much MATIC has been staked since July 1st 2022.
  • Finally, we can see the MATIC Weekly Liquid Staking – staked and unstaked

Insights and Visualization

Below is a graph showing the percentage of Matic liquid staking. We can see the Staked vs Unstaked Tokens since July 1st.  From July 1, 2022 to September 21, 2022, 69.88M were sacked. Unstaked between July 1, 2022 and September 21, 2022 was -17.42M.  The unstaking percentage is greater than the staking percentage out of the total Matic liquid staking.Perhaps the volatility of the crypto market caused many users to unstake their amount. 

When we look at the staked amount of MATIC since July 1st 2022, between July 1st, 2022 and September, 2022, Staked Matic totaled 52.46M. There was a maximum Staked Matic of 28M observed during Sept 11-17, 2022, and a minimum Staked Matic of -1.61M observed during July 24-30, 2022.  There was a maximum MATIC stake during the week of September 11-17,2022. Compared to usual stake volumes, September 2022 had a higher total stake volume. This may be the result of the Ethereum Merge. It is already known that the Ethereum merge is going to release shortly (Sept 15, 2022) to gain the benefits of the merger. It is likely that much staking will occur as a result of the merge. A high reward (67%) alert for MaticX on @QidaoProtocol in collaboration with @Manhattan_fi and @ArrakisFinance could explain this spike in stakes with Stader protocol. 

The total staked between July 1st, 2022 and September 1st, 2022 was 69.88M. A maximum Staked was observed in Sept 11-17 , 2022, while a minimum Staked of was observed in Aug28-Sep 03, 2022. Staked in Sep 11-17, 2022 is higher than usual. There was a -17.42 million unstaked between July 1st, 2022 and September 30th, 2022. The maximum Unstaked of -162.68K was observed in July24-30, 2022, and the minimum Unstaked of -4.33M was observed in Aug7-13, 2022.

Observations

  • Out of the total Matic liquid staking, we can see the unstaking percentage (80%) is greater than the staking percentage (20%). The volatility of the crypto market may have caused many users to unstake their funds. 
  • Based on the above analysis,  MATIC stakes reached a maximum during the week of September 11-17,2022. As compared to usual stake volumes, September 2022 was characterized by a higher stake volume. This may be the result of the Ethereum Merge. It is already known that the Ethereum merge is going to release shortly (Sept 15, 2022) to gain the benefits of the merger. It is likely that much staking will occur as a result of the merge.
  • And also we can suspect this MATIC hike was happened by Stader. A high reward (67%) alert for MaticX on @QidaoProtocol in collaboration with @Manhattan_fi and @ArrakisFinance could explain this spike in stakes with Stader protocol.

Reference Query

with addys as (
  	SELECT  lower('0x9ee91f9f426fa633d227f7a9b000e28b9dfd8599') as contract_address, 'Lido Liquid Staking' as provider
	UNION 
	SELECT  lower('0x38b7bf4eecf3eb530b1529c9401fc37d2a71a912') as contract_address, 'ClayStack Liquid Staking' as provider
	UNION 
	SELECT  lower('0xf03a7eb46d01d9ecaa104558c732cf82f6b6b645') as contract_address, 'Stader Liquid Staking' as provider
),
stake_evnts as (
  	SELECT 
  		tx_hash,
  		block_timestamp, 
  		date_trunc(day, block_timestamp) as date, 
  		raw_amount / 1e18 as tokens,
  		provider,
  		ORIGIN_FROM_ADDRESS as wallet,
  		case 
  			when from_address = '0x0000000000000000000000000000000000000000' then 'Stake'
  			when to_address = '0x0000000000000000000000000000000000000000' then 'Unstake'
  		end as action,
  		case 
  			when from_address = '0x0000000000000000000000000000000000000000' then raw_amount / 1e18 
  		end as staked_tokens, 
  		case 
  			when to_address = '0x0000000000000000000000000000000000000000' then -1 * (raw_amount / 1e18) 
  		end as unstaked_tokens
  	FROM  ethereum.core.ez_token_transfers 
  	INNER JOIN addys USING (contract_address)
  	WHERE ( from_address = '0x0000000000000000000000000000000000000000' or to_address = '0x0000000000000000000000000000000000000000')
),
results as (
  SELECT
  	date, 
  	provider,
  	count(distinct wallet) as wallets,
  	count(distinct tx_hash) as events,
  	sum(NVL(staked_tokens, 0))  as staked_token_vol,
  	sum(NVL(unstaked_tokens, 0)) as unstaked_token_vol,
  	staked_token_vol + unstaked_token_vol as net_stake_vol,
  	avg(NVL(staked_tokens, 0))  as avg_staked_amount
  FROM stake_evnts
  GROUP BY date, provider
)
SELECT * FROM results

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