Platforms Overview

Lido

• Lido, the largest liquid staking protocol, launched support for MATIC in conjunction with Shard Labs in March 2022.
• Total staked (as of 7/5/22): 22M+ MATIC
• Stakers: 591

ClayStack

• Claystack, a decentralized platform which operates one of the oldest validators for the Polygon network, went live on the mainnet in March 2022.
• Total staked (as of 7/5/22): 1.5M MATIC

Stader

• Stader Labs offers liquid staking of MATIC on both Ethereum and Polygon mainnets.
• Total staked (as of 7/5/22): 12.4M MATIC

Ankr

• Ankr, a decentralized protocol for Web3 infrastructure, that launched on Polygon in March 2022.
• Derivative: aMATICb (reward earning, 1 aMATICb = 1 MATIC), aAMTICc (reward bearing, 1 aAMTICc = 1.0735 MATIC)
• Total staked (as of 7/5/22): 1.4M MATIC
• Stakers: 689

Staking Stats in the past 90 days

Daily and Weekly Staking Stats

Destinations of MATIC Derivatives

• Ankr has the highest APY.
• Stader has the lowest waiting period for withdrawal.

We can Stake our tokens in service of a project for a period of time and getting a reward in return. When we stake our tokens, those tokens got locked in a smart contract and usually we can't access to our staked tokens immediately.

We can also stake our tokens indirectly using third parties and pay them some of our staking reward. Some platforms provide liquid staking, we can stake our tokens and have tokenized of our staked tokens. These staking derivatives have some benefits rather than direct staking:

• Can be used as collateral in DeFi platforms to earn additional yield.

• These derivative tokens are transferable and can be traded immediately. There are also some risks related to these derivatives:

• A flaw in Smart Contracts.

• Validators lose money by failing to accomplish network requirements.

• Depegging of derivatives due to severe market downturn

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In this dashboard, we will evaluate 4 different liquidity staking platforms that provide MATIC liquid staking and compare them.

In the past 90 days:

• Stader had the highest stakers number and lowest average amount per transaction.
• Unstaking amount in stader was higher than staking amount.
• Staking and unstaking on Ankr were almost equal.
• ClayStack unstaking amount was way more than the staking amount.
• Lido had the highest amount of staking, unstaking, and the average of amount of staked MATIC per transaction.

• The rise of liquidated staking of MATIC began on late June 2022. Although the volume of staking was low until mid-march 2022.
• Using ClayStack and Ankr decreased in recent months.

• Until March 2022, most transfers of derivatives were unstaking but after that we can see that swapping and depositing it to other platforms transactions have raised.
• We can see that most of transactions were Swapping.
• Liquidity providing activity and deposit derivatives to DeFi platforms have raised in recent months.

Methodology

• Liquid staking information reference: LINK
• As of this writing, the database of Polygon is not completed yet and this dashboard shows only available data for liquid staking.
• Staking and unstaking data were extracted from polygon.core.fact_token_transfers table by filtering tokens addresses for those transactions that the sender or receiver was Null address.
• Transfer destinations were extracted from polygon.core.fact_token_transfers.
• Only addresses that had labels in polygon.core.dim_labels table were considered for transfer destinations analysis.
• Event names of transfer transactions were extracted from polygon.core.fact_event_logs table.

Summary

• Liquid staking has raised in recent months.
• Users who transfer their derivatives tokens mostly are swapping them, providing liquidity, and depositing them to DeFi platforms.
• It seems that best liquidity staking platform for the large volume of MATIC is Lido and for the small volume of MATIC is stader.