Staking is coming to Matic Network!

We have been working hard on enabling the Proof-of-Stake layer on Matic Network, and today we are launching our public incentivized staking testnet event Counter Stake.

Yippee! 🙂

We had previously released the details of our Staking economics and updates here – https://blog.matic.network/matic-network-staking-economics/ and here – https://blog.matic.network/matic-network-staking-update-and-becoming-a-validator.

You can register for Counter stake here – https://matic.network/counter-stake

Stage 0 will officially start now. You can start with setting up the Validator nodes on the testnet here – https://docs.matic.network/staking/participate-in-counter-stake

This guide lists the step-by-step process to install dependencies and set up your node. You should be able to sync your node with the current environment that has been set up. Staking for the public will be accessible only during the Stage 1 of the testnet event and only then you can become an active validator. Meanwhile, it’ll be great if you keep your node ready and observe the network and the way it functions. The guide also lists the steps to deploy your own single validator Matic testnet.

If you face any trouble during installation or syncing, do share your queries in this forum here – https://forum.matic.network/c/counter-stake, also for others to review as well. We’ll try to resolve things as soon as we can.

Plan of Action

The following is how we plan to conduct Counter Stake:

Stage 0 – Setup

We want all validators to run the Validator and Block Producer nodes, keep them synced with the given testnet, understand the network, try deploying your own testnet and experiment with the code.

Date: Start now!

You can already try setting up your node. We will inform you when we update our public testnet and you can then download the new genesis file. Get the current one from here: https://github.com/maticnetwork/public-testnets/CS-1000

Stage 1 – Stake on the Beach

We’ll release the staking contract details for everyone here. The aim is that we gradually release incremental features of the Validator nodes. We begin with staking – accepting participants to be in the active validator set. This will be followed by unlocking rewards, penalties and replacement strategies progressively. All rules, conditions and evaluation details will be provided before the stage commences.



We will let you know to post the evaluation and testing of the internal testnet network which we will be running in parallel with Stage 0 – in terms of what problems occur, if any, and accounting for bug resolution time and refactoring. We thank you for your patience so far and want you to know that the only reason we do not want to hurry is to minimize issues while running the event.

Stage 2 – The Grand Staking League

Hopefully, by this time, we would have made our network stronger, resolved all queries faced so far and will be ready to begin with the final contest. All validators start at the same level in terms of testnet tokens allotted for staking. The one with the most stake in the end wins!

The date is to be decided.

Prizes

More than 3 million mainnet MATIC tokens will be shared with the winners and participants of Stages 1 and 2. Criteria and other details for the Counter Stake prizes will be shared along with the rules and conditions before we commence each stage. Special bug bounties as per individual contribution will be given as well – so do show off your hacking skills!

You are most welcome to help us build components for the ecosystem. Separate bounties via the Developer Support Program will also be made available for such third-party components.

Next Steps

In a few days, we’ll be conducting AMAs and live node setup sessions for our validator community. Stay tuned for updates in our Discord Channel – https://discord.gg/XvpHAxZ – to get all the latest announcements related to Counter Stake.

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