Re-delegate to IGGalaxy to continue earning MATIC rewards!
From Sunday 28 February, you’ll no longer be able to stake your MATIC tokens to the Matic Foundation’s nodes. For those currently delegating to Matic Foundation nodes, you must re-delegate your staked MATIC to public validators to be eligible for staking rewards.
If you have MATIC tokens, then read on to find out more about our rewards plan, ensuring you pay close attention to how we differ from other validators on the network, and specifically, how we intend to use our unique value proposition to create significantly more value for Matic Foundation’s thriving ecosystem.
Anyone can participate in MATIC staking to earn more MATIC tokens. To stake MATIC, you will need a web3.0 wallet with some MATIC tokens on Ethereum, as well as some ETH to cover the cost of network fees.
What is a validator?
A blockchain validator is primarily responsible for verifying transactions on any given network. Validators are incentivised to act in the best interest of the network, both from an efficiency and security perspective.
Responsibilities of a validator
Anyone can become a validator on Matic Network by running a full-node which, in turn, allows them to earn MATIC from rewards and transaction fees on the network.
The core responsibilities of validators on Matic Network, much like elected Super Representatives on TRON Foundation, include upholding the network’s security, whilst also verifying state transitions on the blockchain — namely, transactions and smart contract interactions. They are a vital component of Matic Network’s infrastructure, enabling optimal user experience through efficiency of transactions.
Aside from this, validators are also responsible for creating and voting on governance proposals, which aim to optimise certain aspects of how the network functions.
We believe that a validator’s responsibility extend far beyond what we have outlined above, however.
As a validator, it is essential that you can also create significant value for the network through other means, too: community engagement, growth and representation.
IGGalaxy, the Validator
Matic Foundation is taking true steps towards decentralisation, and has now entered a pivotal phase, where a larger portion responsibility for the network rests on the community.
Over the course of our public beta development, IGGalaxy has demonstrated its ability to attract wide audiences and offer a seamless channel of adoption for those with little-to-no experience of crypto-assets.
As a reminder, when staking your MATIC, we encourage you to pay close attention to what IGGalaxy has been able to offer the network in such a short space of time, and the fundamental role IGGalaxy can play in the network’s future growth!
IGGalaxy is a new and exciting social competitive gaming and esports platform with over 130k registered users, hosting over 900 tournaments 10+ esport titles. Whilst still in early beta, IGGalaxy promises to bring together key components and stakeholders of the esports ecosystem in new and exciting ways that also combat prevailing issues within the esports and wider competitive gaming space.
Our social competitive gaming platform is developed with gamers at the core, and provides a dynamic competitive infrastructure dedicated to teams and players of all skills that ensures all participants are rewarded fairly. IGGalaxy is the first esports platform with an in-built multi-chain digital wallet that allows gamers — many for the first time — to store, manage and earn crypto-assets for doing what they love!
Going further, IGGalaxy provides a unique approach to increasing awareness and adoption for the nascent technology. IGGalaxy continues to demonstrate excellent product-market fit, providing a fantastic opportunity to communicate with a very large addressable market in the billions.
Having demonstrated the appetite for what IGGalaxy’s beta provides, the next phase of our platform development plan will focus on user engagement and retention, as well as token utility.
Why should you delegate your MATIC to IGGalaxy?
When delegators stake their MATIC, they are typically looking to lock them away for a fixed period of time. In the period up until the tokens are ‘unstaked’, delegators will have two expectations:
- To earn tokens for the risk associated with staking, and as a reward for supporting the network.
- For the value of their staked tokens to appreciate.
This incentive mechanism plays a critical part in ensuring competitiveness and security of the network, whilst creating positive token flow for the token economy of the staked crypto-asset.
Therefore, considering these two expectations, by delegating to IGGalaxy you are:
- Supporting our value proposition and strategies that encourage value appreciation for both IGG and the Matic Network. Having self-staked ourselves and holders of MATIC, our interests on this are aligned. Matic Network’s success is ultimately IGGalaxy’s success.
- Delegators are supporting IGGalaxy which is developing on the Matic Network in a way that hugely benefits the ecosystem in more ways than one.
- IGGalaxy will serve as a portal, bringing new users into the the network’s ecosystem — something that is critical for a blockchain network to be relevant.
- Earning rewards for supporting IGGalaxy. This will include MATIC and, eventually, IGG and ORB tokens.
MATIC rewards can be compounded by re-delegating the earned tokens to IGGalaxy as the amount of MATIC you earn will be proportionate to the amount of MATIC you stake to our validator node.
IGGalaxy community rewards plan
We have outlined a three-phase community reward plan, outlining what percentage of rewards will be distributed to those that stake their MATIC to IGGalaxy; we are currently in Phase 2.
From Monday, we will progress to Phase 3, where we will be distributing 90% of rewards to those that delegate their staked MATIC to IGGalaxy’s validator node.
Please note that we intend to explore and deploy various other supplementary incentive mechanisms to delegators. This includes implementation of IGG and ORB tokens, distributed on Matic Network, as part of the rewards to our delegators.
How do I delegate MATIC to IGGalaxy?
Delegating MATIC tokens requires an Ethereum wallet on MetaMask. This wallet must have MATIC and some ETH tokens to cover the cost of gas fees.
If you need to set up your MetaMask browse extension wallet, you can read our guide to using MetaMask.
Once you have completed the steps above, you will need to go to https://wallet.matic.network/staking/.
Connect your MetaMask wallet to the site by clicking ‘Login’, selecting MetaMask and then signing in to complete the connection.
Once connected, you can find ‘IGGalaxy’ validator using the search bar at the top of the page.
Click ‘Delegate’ and enter the amount of MATIC you want to stake to delegate to our IGGalaxy validator node or you can follow this direct link.
To keep up to date with developments, please follow us on our various social media channels: