ClayStack Introduces Brings Liquid Staking to Polygon

ClayStack, a platform that offers decentralized liquid staking and is funded by CoinFund, CoinBase, and ParaFi, will introduce Malawi Testnet later this month.

Users may easily bet their crypto assets to retain their liquidity on the ClayStack platform. Users depositing crypto at the smart contract of the platform will receive a liquid derivative token that is fungible, transferrable, and receives daily incentives.

Users will be able to bet onMATIC in exchange for csMATIC after the platform has been deployed on the testnet. The derivative token csMATIC will represent the staked MATIC and will be usable within Polygon’s DeFi ecosystem. ClayStack intends to expand the csMATIC token’s use cases in the future. Compared to other liquid betting developers tied up with single tokens, ClayStack offers complete cross-chain support using multiple tokens.

About Liquid Staking and reason for this integration

Liquid Staking is basically a new development in DeFi. It helps in releasing tokens that are locked into the staked contracts. It further helps investors to invest for a better return. During this process, the liquid staking cancels all the locked-up periods that are connected in the traditional crypto staking. Users must stake their tokens on PoS chains for network protection. Native tokens had minimal use when PoS networks initially appeared. Users’ best bet was to entrust their assets to the Validator in exchange for incentives.

With the introduction of DeFi, however, newer methods for increasing the overall efficiency in the economy of native assets have evolved, further reducing the percentage of staked assets. ClayStack seeks to fill this need by allowing users to stake their assets without sacrificing liquidity.

The Partnership

For ClayStack, partnering with MATIC is not limited to the business but is the method to empower users of Polygon by unlocking liquidity. There are currently $3B with Polygon along with 27% staked tokens in the form of rewards. The integration is to allow all its users to stake tokens and use intuitive UI, and also take part in the network security that would generate good liquidity yields.

ClayStack’s team, backed by Mohak Agrawal, has been working with Polygon since the initial period of Polygon PoS testnet.

From 2019, Agarwal has been operating nodes with >95 percent uptime, making him one of the Polygon network’s oldest Validators. He serves on the Validator advisory board and collaborated with the Polygon core team on various proposals. Polygon is the first promising network to benefit from the ClayStack team’s diligent work on the infrastructure of liquid staking.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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