Overview ~ 5 min read

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In this dashboard, I will answer this question from Flipside Crypto:

Define what liquid staking is in your words, and evaluate the different liquidity staking options based on three different metrics of your choice.

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Introduction

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What Is Polygon Staking?

Polygon is a PoS network, enabling crypto investors to stake Polygon (MATIC) to contribute to network security and decentralization and earn an attractive yield for their staked tokens. Staking Polygon may provide you with a significant return on investment. According to Polygon, the typical APY for staking Polygon is 8%, and more than 2.39 billion MATIC tokens are currently staked in various staking providers.

Polygon relies on a set of validators, who stake their MATIC tokens as collateral to secure the network and earn rewards in exchange for their service. Validators run a full node, produce new blocks, participate in consensus, validate transactions, and earn rewards for performing network operations. To become a validator, one needs to stake MATIC tokens with staking management contracts on the Ethereum mainnet.

A validator node receives inflation-funded block rewards and network-based transaction fees in return for good validator performance. Rewards are distributed to all stakers proportional to their stake at every checkpoint. However, slashing staked funds are placed at risk and can be penalized or slashed if a validator node commits a malicious act like double signing or validator downtime.

Token holders, called delegators, who cannot or don’t want to run a validator node themselves, can participate indirectly by delegating their tokens to a validator. They secure the network by choosing validators and delegating their stake to validator nodes. Validators charge a fee for running a service for delegators. While delegators share rewards with their validators, they also share the risks.[1]

Method

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To solve this question

I used the data from the Polygon tables and compared the 3 tokens xmatic, stmatic and csmatic with the criteria of the previous question (Liquid Staking ETH Platforms Analysis). I used the following contracts to get this information:

for xmatic :

 from polygon.core.fact_token_transfers 
 where from_address = '0x0000000000000000000000000000000000000000' 
and contract_address =lower('0x3aD736904E9e65189c3000c7DD2c8AC8bB7cD4e3')

for stmatic

  from polygon.core.fact_token_transfers 
where from_address = '0x0000000000000000000000000000000000000000'
and contract_address =lower('0x3A58a54C066FdC0f2D55FC9C89F0415C92eBf3C4')

for csmatic :

  from polygon.core.fact_token_transfers  
where from_address = '0x0000000000000000000000000000000000000000'
  and contract_address =lower('0x7ed6390f38d554B8518eF30B925b46972E768AF8')

> Please accept my apology: I live in a country where these days the government mistreats people and takes away our freedom. > The internet does not work like it used to. Hoping for the day when all people will have complete freedom > > Most of my focus unconsciously goes towards this problem....

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Please accept my apologies for my inappropriate accent and dialect.

section 1

• Criteria over time
• How much $MATIC was staked over time?
• How many unique depositors are there?

In this dashboard you will read:

1. How much $MATIC was staked over time?
2. How many unique depositors are there?
3. How likely are depositors to use multiple platforms vs using a single platform?
4. Are depositors Dollar cost averaging their MATIC into the platforms?
5. What is the avg/median/max/min/distribution of MATIC deposits?

observations

• In terms of the number of users: the number of xmatic token users has been much more than stmatic and csmatic over time
• The number of users in 2021 was below 100 users in most cases, and these numbers have increased significantly in 2022. Users started to mint stmatic token from the beginning of March 2022, and 1 user has been registered every day.
• In terms of the number of transactions: transactions in xmatic are much more diverse because many users have minted this token.
• In terms of the volume of transactions: transactions in xmatic have a much smaller volume than the other two tokens Another point is that in the last 3-4 months, it seems that the volume of the mint of this token (xmatic) has decreased. It can be said that the recent drops have had some effect on Polygon Staking.
• But two other tokens, stmatic and csmatic, have been minted in high volumes On July 23, 2022, nearly 6.8 million stmatic tokens have been minted
• The csmatic token has not been minted on most days, but on the days when it was minted (mostly in April 2022), more than 40,000 csmatic tokens were minted.

Conclusion

1. The xmatic token has more users than the other two tokens, but the volume of transactions is lower than the other two tokens.
2. On July 23, 2022, nearly 6.8 million stmatic tokens have been minted
3. The csmatic token has not been minted on most days, but on the days when it was minted (mostly in April 2022), more than 40,000 csmatic tokens were minted.

section 2

• How likely are depositors to use multiple platforms vs using a single platform?

Conclusion

1. The opposite pie chart shows that users use only one platform, which is more understandable by looking at the charts above.

section 3

• Are depositors Dollar cost averaging their MATIC into the platforms?

Observations and Conclusion

1. Average ,Median , Maximum $matic mint
   • stmatic > csmatic > xmatic || stmatic > csmatic > xmatic || stmatic > csmatic > xmatic
2. Minimum $matic mint
   • stmatic < csmatic < xmatic

section 5

• What is the distribution of MATIC deposits?

Observations and Conclusion

DCA strategy I considered only for xmatic according to the number of users in stmatic and csmatic

1. Observations show that 87.8% of users do not use the DCA strategy, but from the remaining 12.2%, 4.82% mint xmatic tokens weekly and 3.74% daily.

section 4

• What is the avg/median/max/min of MATIC deposits?
• Plus total number of transactions and users and total volume

Observations

• The minting of the xmatic token has a wider range than the other two tokens and it can be said that the users of this token have minted 67.44% to 1 xmatic
• users of this token have minted 17.15% between 1 xmatic and 10 xmatic.
• And only 15.41% have minted above 10 xmatic

Observations

• So far, the rest of the charts can be predicted with the previous analysis Users, their stmatic mint token volume is more than 100 stmatic
• Unlike xmatic, they are more interested in high volumes

Observations

• Even the limited number of users in csmatic has reduced the categories and the distribution of mint in csmatic tokens are all real numbers and there are no decimals.

Summery

1. The xmatic token has more users than the other two tokens, but the volume of transactions is lower than the other two tokens.
2. On July 23, 2022, nearly 6.8 million stmatic tokens have been minted
3. The csmatic token has not been minted on most days, but on the days when it was minted (mostly in April 2022), more than 40,000 csmatic tokens were minted.
4. users use only one platform (token)
5. 87.8% of users do not use the DCA strategy, but from the remaining 12.2%, 4.82% mint xmatic tokens weekly and 3.74% daily.
6. Average ,Median , Maximum $matic mint
   • stmatic > csmatic > xmatic || stmatic > csmatic > xmatic || stmatic > csmatic > xmatic
7. Minimum $matic mint
   • stmatic < csmatic < xmatic
8. The minting of the xmatic token has a wider range than the other two tokens

Appendix

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The solution of this question and the queries are completely used from the filipside database

The construction of the dashboard was also used from the site

app.flipsidecrypto.com/velocity, which belongs to flipside

Contact data

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-> the writer : sajjadsmoke -> discord : Sajjadiii#5567

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Thanks for reading !