We’re back with yet another StakeDrop campaign, and this time it’s the Layer 2 leader Matic Network under the spotlight!
Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators.
A total of 200,000 of Persistence’s XPRT tokens (worth $50,000 at the most recent valuation), will be allocated for distribution to MATIC stakers during the campaign. Every MATIC staker will be eligible to earn up to 5,000 XPRT tokens, simply by staking on Matic Network with any validator and sending a Magic Transaction to confirm participation!
Key Details:
- Total rewards: 200,000 XPRT ($50,000 based on the latest valuation)
- Campaign duration: 45 days
- Rewards allocation start date and time: 20th January 2021 (checkpoint 9707)
- Rewards allocation end date: 6th March 2021
- Magic Transaction start date: 18th January 2021
- Average checkpoints per day: 30 (based on the last 500 checkpoints)
- Network Rewards Pool: 160,000 XPRT
- AUDIT.one Rewards Pool: 40,000 XPRT
Read below for a full run-down👇
First Things First: What is Persistence and XPRT Token?
Persistence is an interoperable protocol built to facilitate the creation of next-gen financial products powered by blockchain. The Persistence tech stack provides the infrastructure to effectively bridge the realms of DeFi and traditional finance in a variety of areas, whilst also enabling the creation of innovative crypto-facing solutions to expand the DeFi space.
Using the features of DeFi and utilizing NFTs to tokenize real-world assets can solve the current problems of traditional finance, thus opening the floodgates to allow a torrent of new capital into the crypto ecosystem.
XPRT will carry a variety of use cases within the Persistence ecosystem, including participating in staking to contribute to network security, and community governance of the Persistence mainchain.
As a ‘work’ token, XPRT will also accrue value in direct correlation to increased financial activity within Persistence’s ecosystem dApps.
Remind Me, What is StakeDrop?
StakeDrop is a token distribution mechanism designed to facilitate the wide distribution of XPRT to token holders of prominent PoS blockchains. Participants will receive XPRT tokens simply by staking on their favourite network/s.
StakeDrop has been meticulously designed to be much more than a conventional airdrop; it’s an inclusive event which benefits all parties involved.
If you haven’t yet read our in-depth explanation of StakeDrop, you can do so here: link
There will be a total of seven StakeDrop campaigns. Our fourth campaign is taking place on Matic.
Why Choose Matic Network as a StakeDrop Network Partner?
As the unmatched leader of Layer 2 solutions in terms of adoption and a fellow Indian blockchain innovator, we’re proud to be supporting Matic Network via StakeDrop!
Persistence is a strong advocate of the Indian blockchain ecosystem. We work closely with developer groups and institutions in India to drive mass adoption of blockchains, as does Matic Network. Our vision is aligned closely with Matic, which is already home to 60+ dApps looking to scale their applications to levels suitable for mass adoption.
Matic is also one of the industry’s major PoS networks, with a significant community of stakers who are well versed with the staking process. One of our aims with StakeDrop is to distribute XPRT to current stakers who are likely to stake their XPRT on Persistence, thereby contributing to the security of our own mainnet upon launch. Hence, Matic Network is a perfect partner network for StakeDrop.
How will StakeDrop Benefit Matic Network?
StakeDrop engages MATIC holders and incentivizes them to contribute to the security of the Matic Network blockchain.
- The ability for MATIC holders to earn XPRT tokens at near-zero principal risk incentivizes token holders to stake their MATIC on Matic Network, thus strengthening the security of the network (the higher the staking ratio, the higher the security).
- Campaigns such as these reward long-term token holders and stakers of MATIC tokens by giving them exposure to new projects like Persistence without any complications. This is an additional incentive, along with staking rewards, for being a staker on and supporter of Matic.
As a MATIC Holder, Why Should I Participate in StakeDrop?
Receive a distribution of XPRT in an almost risk-free manner whilst retaining your MATIC holdings. What could be better?
- With StakeDrop, MATIC holders can stake their MATIC to receive XPRT tokens (on top of their usual Matic staking rewards) while retaining their original MATIC holdings. Winning!
- (Near) zero principal risks. StakeDrop is one of a few ways people can get exposure to a promising project like Persistence without any principal risk. The only risk delegators undertake is that of the delegators’ validator nodes getting slashed for downtime, or double signing (this is a risk of the staking mechanism in general).
- It’s non-custodial in nature. Delegators retain custody of staked assets at all times.
How Much Could I Earn?
Every MATIC staker will be eligible to earn up to 5,000 XPRT tokens over the 45-day campaign period.
XPRT token rewards for each participant depends on the number of unique delegators participating in the Matic StakeDrop campaign and their individual stakes. The daily dropped XPRT are allocated to MATIC stakers based on the weightage of their stake.
As always we try our best to make the rewards distribution fair and maximally beneficial for all participants. To incentivize early stakers, the distribution mechanism is designed to provide high rewards from the moment the Matic StakeDrop campaign starts.
The number of XPRT tokens dropped per day will remain constant at 200,000 / 45 = 4,444.44 i.e. 4,444.44 XPRT tokens will be distributed linearly every day.
You can read more details in the StakeDrop Mechanism Paper here.
As discussed in the StakeDrop Mechanism Paper, there are two pools of rewards:
- Network Rewards Pool: All StakeDrop participants receive their share of XPRT tokens from this pool.
- AUDIT.one Rewards Pool: StakeDrop participants who have staked their assets with the AUDIT.one validator will receive additional XPRT rewards in addition to the rewards received from the Network Rewards Pool.
Therefore, the total rewards for AUDIT.one delegators = rewards from the Network Rewards Pool + rewards from the AUDIT.one Rewards Pool.
Delegators to all other validators will only receive the base rewards from the Network Rewards Pool, and not the additional bonus from the Audit.one Rewards Pool.
You can find AUDIT.one in the validator list on Matic’s Staking Dashboard. Click the ‘Delegate’ button to delegate your MATIC to us: https://wallet.matic.network/staking/
Mechanism
Matic Network is a Layer 2 solution built on top of the base layer of Ethereum, with differences in how transactions are carried out to improve transaction speed and cost.
- Matic Network uses checkpoints which are made up of several blocks of the Ethereum network.
- The StakeDrop will take into account the checkpoints for rewards distribution. The delegations will be updated on checkpoints and not when the transaction is done. Moreover, the rewards will be distributed at each checkpoint instead of each block.
- For more context, a block is completed in around 6 seconds while a checkpoint is completed in around 40 minutes. However, there’s no difference in the overall number of tokens distributed.
I’m in! How do I Participate?
The steps for participating in the Matic StakeDrop are similar to that of the previous StakeDrops but with some minor differences. The exact steps are as follows:
- Stake your MATIC tokens on the network via Matic’s Staking Dashboard (not via exchanges — exchange stakers will not be eligible to earn XPRT rewards).
- Send a Magic Transaction: In the case of the Matic StakeDrop, the Magic Transaction is a transaction of 0 MATIC tokens to the designated address specified on the website (will be provided on January 18th). Only your address and wallet that is used to stake your MATIC is to be used. Sending from a different address with no staked MATIC tokens will mean you are not eligible for the StakeDrop.
We will provide the address to send your Magic Transaction to via the StakeDrop page of the Persistence website on January 18th.
Once this Magic Transaction has been successfully sent, you’re all set! You will begin receiving an allocation of XPRT during the StakeDrop.
Note: We will release a full Matic-specific tutorial before the StakeDrop campaign begins.
Remember to mark your calendar for January 18th, the start of the Matic Network StakeDrop. Get your MATIC staked in advance so you’re ready!
About Matic Network
Matic Network is a Layer 2 scaling solution backed by Binance and Coinbase that aims to provide a generalized Layer 2 platform, enabling Ethereum developers to scale their DApps for large-scale usage. For the initial phase, Matic has launched its hybrid PoS+Plasma sidechain on top of Ethereum. Matic is one of the fastest-growing DApp platforms in the space.
Matic believes the answer to enabling widespread adoption of blockchain technology lies with second-layer solutions focused on scalability. To this end, Matic Network provides massive scaling capabilities whilst leveraging the security and decentralization of the mainchain.
About Persistence
Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets.
The Persistence chain facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.
Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.
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