$MATIC Liquid Staking

    Introduction

    • In this analysis, You will read about Liquid Staking Matic. I went through four popular platforms and examined these parameters:
    • Daily Prices
    • Total and Weekly Stakers
    • Total and Weekly Stakes
    • Total and Weekly Staked Amounts
    • Users Breakdown based on Staked Amounts
    • Users Breakdown based on Number of Stakes

    Analyzed by Hess - Reading Time Almost 8 Min

    Method

    Based on Polygon Blog, I found four popular platforms that offer Liquid staking Matic. Lido, Claystack, Anker and Stader. I visited their platforms and found they offer Staking Matic on the Ethereum chain. However, some of them support the Polygon chain. I extracted the Staking activities of Lido, Claystack and Anker from the Ethereum chain and Stader from the Polygon

    chain. The Important part of solving this bounty was finding these Platform contract addresses. Each of them has a Liquid Staking Matic. stMatic for Lido, MaticX for Stader, aMaticb for Anker and csMatic for Claystack.

    • stMatic: 0x9ee91F9f426fA633d227f7a9b000E28b9dfd8599 on Ethereum.
    • csMatic: 0x38b7Bf4eeCF3EB530b1529c9401FC37d2a71a912 on Ethereum.
    • MaticX: 0xf03a7eb46d01d9ecaa104558c732cf82f6b6b645 on Ethereum.
    • aMaticb: 0x03A97594aA5ecE130E2E956fc0cEd2fea8ED8989 on Polygon.

    I used the Fact event table for both Ethereum and Polygon chains to find the Staking amount and activities. I followed all transactions that were sent to these addresses.

    Note: I ONLY CALCULATE STAKING AMOUNTS NOT STAKING-USTAKING! FOR EXAMPLE, LIDO WEBSITE SHOWS TOTAL STAKED MATIC IS Nearly 50M. I FOUND 98M BUT I

    SUBTRACTED with UNSTAKING AMOUNTS THEN THE RESULT WAS SAME WITH LIDO STATS.

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    Lido Staking Matic ( stMatic) prices :point_up_2::point_up_2::point_up_2::point_up_2:

    :point_left::point_left::point_left::point_left: Matic, Anker Matic (aMaticb) and Stader Matic ( MaticX)

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    A SUMMARY OF THE MOST IMPORTANT FINDINGS:

    • Almost All Liquid Staking token prices were higher than the Matic price. MaticX has the best difference from Matic. I think Liquid Staking helped Matic token to Pump in the last two months.
    • Stader had more stakers and stakes in comparison to others but More Matic staked on Lido. The amount of Staked Matic on Lido had a huge difference from others. I found nearly 98M Matic staked on Lido. If I subtract the Staked Amount from the Unststaked amount, Around 50M Matic remains at stake on Lido.
    • The Staked Amount of Matic increased and had a good slope of growth in the last two months.
    • A large group of users staked one time. Also, This group of users staked between 250-1000 Matic.
    • I COULDN’T find any transactions on Liquid tokens. Not a swap, Transfer and … from On-chain Data.

    What is Liquid Staking?

    • Liquid Staking is a new type of Staking. in the Previous ( Direct) Staking, Users have to lock their tokens into a platform. Some of them immodestly and some of them take some days to unlock or claim their tokens. Actually, users don’t have access to their assets after Staking. But Liquid Staking works differently. When a User stakes on these platforms, The liquid Staking tokens are minted and sent to the user. Almost Liquid Staking tokens price are 1:1 (equal) to the main token. So Users can use their Liquid Staking tokens anywhere anytime they want. For Example, When a User stake Matic on Lido, The Lido Liquid staking token which is called stMatic is minted and sent to the user. Users can swap their stMatic to another token or hold it.
    • There are too many pros to Liquid Staking but the only problem is the Liquid tokens can deppeg from the main token price.

    Liquid Staking Token Prices

    • I found aMaticb, MaticX and Matic prices from On-chain data and stMatic from Coinmarketcap. Also, I couldn’t find the right price for csMatic. From my findings, MaticX has the best price in comparison to other Liquid staking tokens and even the Matic. However, The other Liquid Staking token prices were higher than Matic.

    Stake Activities ( Weekly )

    • It seems until March, The only platform that offered Liquid Staking Matic was Anker. Since March Lido and Claystack announced Matic staking. In the beginning, Claystack had more stakers. Two weeks in a row Claystack had the highest number of stakers in comparison to Lido and Anker.
    • But When Stader launched Liquid Staking Matic, They became the first place in the Number of stakers.
    • The Cumulative chart shows how the Number of stakers on Stader increased.
    • Also, The total number of stakers on Lido increased in the last two months.

    Full Analysis:

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    Share of Stakes

    • For almost 6 weeks, Lido had more than 50% share of the total number of stakes. When Stader became to the market, They took Lido and Claystack's shares and for 4-5 weeks had nearly 80% of the total stakes. From July, The Lido share increased and reached 30-40%.
    • From the last week of May, The total number of stakes on Stader increased significantly.

    Matic Staked Amounts

    • In the Amount category, Lido doesn’t have any rival. The highest amount of Matic staked on Lido. It is true that they have fewer users in Comparison to Stader But more Matic Staked on Lido.
    • According to the Lido Website, Currently, nearly 50M Matic remains staked on Lido.
    • The second place is Stader with 22M staked Matic. However, The Stader data is from the Polygon chain but others are on the Ethereum chain.

    > The highest weekly average amount of staked Matic belongs to Lido.

    Liquid Staking Overview

    Users Breakdown

    Amount:

    • A Large group of Lido, Stader and Anker users staked between 250-1000 Matic. But on Claystack, A large group of users staked between 50-250 Matic.
    • It seems Lido has the highest number of users that staked more than 50K Matic.

    Transactions:

    • In this category, All platforms have the same result. The highest number of users on All four platforms has staked only one time.

    Conclusion

    • It seems Matic whales chose Lido to use their Liquid Staking feature. Because a large amount of Matic staked on Lido by 1400 unique wallets.
    • Stader has more users in comparison to others but Staking amount is in second place.
    • The Growth of Liquid Staking Matic was phenomenal. The staked amounts increased significantly, especially in the last two months.
    • Matic can play a key role in Liquid Staking in future.

    THANK YOU FOR READING!

    ALL CODES AND CONTENTS WERE WRITTEN BY HESS

    :writing_hand: Twitter: @hessaminanloo

    :stop_sign: Discord: hess#0890

    :calendar: Analyze Date: 2022/SEP/22