What is Matic?

MATIC is the native cryptocurrency of the Polygon network and is used to help drive development across the network and can be used for staking and paying for transaction fees. Users can earn MATIC tokens by providing computational resources and services to the Polygon network.

MATIC Staking

MATIC holders can stake their assets. There are several ways and platforms to stake $MATIC (like LIDO and etc…) but the main and official one is https://staking.polygon.technology/. There is no minimum stake amount to delegate.

All staking transactions of Polygon happen on Ethereum for security reasons. The time taken to complete a transaction depends on the gas fees that you have allowed and also the network congestion of Ethereum mainnet at that point in time. You can always use the “Speed Up” option to increase the gas fees so that your transaction can be completed soon.

The rewards are distributed whenever a checkpoint is submitted. The checkpoint submission is done by one of the validators approximately every 34 minutes. This time is approximate and may vary based on validator consensus on the Polygon Heimdall layer. This may also vary based on Ethereum Network. Higher congestion in the network may result in delayed checkpoints.

Methodology

Based on the official $MATIC staking docs, since MATIC staking is only available on Ethereum, we should use this chain’s tables to analyze data about $MATIC staking. For this, we should use Polygon (Matic): PoS Staking Contract, and also we need Polygon (Matic): Matic Token contract to extract data from Ethereum table. Also, as the bounty question mentioned, We should set our timespan for after 1 July 2022.

Considering above facts, here are some data about $MATIC Staking and Unstaking:

Based on the left chart, there are total 4200 $MATIC stake transactions done by 2747 unique users since July, while the number of Unstake transactions is 1396 made by 871 unique users. So, most of the users who have staked $MATIC since July, are still holding it and did not unstake it.

According to the right chart, 719,837,496.47 MATIC was staked since July while only 3,071,854.06 MATIC was unstaked. Also we can see USD volume, average, median, minimum and maximum staked and unstaked volume of MATIC on the chart and as we see, Stake actions are leading in all terms.

According to the above charts, we can see daily number of stake transactions is by far more than unstake transactions, most number of $MATIC staking have achieved on 18th July with 91 stake transactions made by 78 unique users.

The overall trend of staking /unstaking actions is lightly decreasing over time especially during 14th and 15th September with the lowest number of stake and stakers.

But in terms of volume, we can see quite leading of Stakes compared to the unstake transactions. there are 2 huge high spikes during 25th and 30th August that most volume of $MATIC was staked on these 2 days. the impact of these high spikes are clearly visible as some steps on the right growth chart.

After September, the volume of stake and unstake transactions has decreased dramatically and this can be because of market situation.

According to the above left chart, the daily average number of stake transactions is 52.4875 made by average 45.5125 users with average volume of 8,997,954.015 MATIC. While the daily average number of Unstake transactions is 17.45 made by average 16.26 users with average volume of 38,398.58 MATIC.

Also based on the right chart, an average $MATIC user has performed 1.52 stake transactions with an average volume of 262139.95 MATIC and also performed 1.60 Unstake transactions with an average volume of 3526.81 MATIC.

So, the average number of unstake transactions made by users is more than Stake transactions.

Based on the above chart, the user address 0xcf6bace29c8ed34d8233ea9b6b8ae059d2eaa445 has delegates the most $MATIC volume for staking (154,914,269.68 MATICS) while the user address 0xb334b6c04d341faace597b6ba1e84fe78bda503b has performed the most number of $MATIC staking transactions SINCE JULY.

And According on the above chart, the user address 0x57b6ad484ccdd902c4419424ba648ba6ed45dc68 has unstaked the most $MATIC volume (863,033.50 MATICS) while the user address 0xb334b6c04d341faace597b6ba1e84fe78bda503b has performed the most number of $MATIC unstake transactions SINCE JULY.

The interesting this is that 0xb334b6c04d341faace597b6ba1e84fe78bda503b have also the highest number of stake transactions. So we can call this address the most active stake/unstaker of $MATIC.

As we see on the above charts, the most number of Stake transactions is done with 100 - 1000 MATIC while the most number of Unstake (or maybe claiming reward) transactions is done with less than 100 MATICs Since July.

Also, we can see most number of $MATIC stakers have totally staked between 1000 - 10000 MATIC since July while the most number of Unstakers since July have Unstaked (claimed) less than 100 MATIC.

Moreover, Most number of Stakers and also Unstakers have performed only One action on $MATIC staking/unstaking platform.

As we see above, We can see a quite positive correlation between $MATIC stake volume and its circulating supply. Whenever Circulating Supply of $MATIC has experienced an growth, (especially with 2 high growth on 25th August and also 30th) we can see high spike of staked $MATIC volume.

Also on the right chart, we can see $MATIC staked volume to $MATIC circulating supply ratio over time and we have the highest amount on the late-August.

The daily average ratio amount since July is 0.1085% and the total ratio is 8.68% which means 8.68% of total $MATIC circulating supply have been staked since July.

For the circulating supply of MATIC, since there was no longer a Flipside_ERC20_Balance table (and the data extracted with new balance tables were not accurate) I decided to manually extract this token estimated circulating supply from MESSARI and add the data since JULY manually to my queries. So, As below, the circulating supply of Matic have started with about 8B and ended with 8.73B since July till today.

Circulating Supply

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