MATICX is a liquid staking token that users receive when they stake their MATIC on Stader. It represents the value of their staked MATIC plus accrued staking rewards.
MATICX is a low-cap, fully collateralized asset. This asset is exposed to the underlying risks of Stader (MaticX), a protocol rated as Moderately Risky. MATICX is backed by MATIC staked on the Polygon blockchain. MATICX is redeemable for MATIC plus accrued staking rewards following an unbonding period. The asset has an uncapped supply but has inflation control or burn mechanisms in place.
MATICX is highly correlated to the overall market.
Stader is a multichain liquid staking platform for Proof-of-Stake blockchain assets that allows users to stake their asset without needing to lock assets or maintain the required infrastructure. This enables users to continue participating in DeFi activities related to lending and market making.
Users receive MATIX tokens when depositing their MATIC into the Stader staking contract. Stader will calculate the current MATICX-MATIC ratio (at the time of staking) and send the corresponding amount to the user. The MATICX represents the user's share of the total supply of MATIC tokens inside Stader. It is a non-rebase token which means the balance in the user's wallet does not change. Instead, the value of the token is changing as Stader earns staking rewards or incurs any penalties. There are no lock-up or minimum deposit requirements when staking through Stader.
MATIC deposited into the Stader staking contract is subsequently delegated across Polygon validators that are part of Stader on the Polygon network. Users who wish to unstake must wait an unbonding period of 2-3 days. In the meantime, users can always exchange their MATICX for MATIC through exchanges that offer liquidity like Quickswap's MATICX-MATIC pool.