Matic Network has had an interesting and exciting development since the Matic Binance Launchpad session in April 2019. Matic’s claims of scaling the Ethereum blockchain are finally reaching fruition with full staking commencing on the 29th of June 2020 or earlier. The excitement around Matic has stemmed for several reasons but the most dominant of those is the scalability issue which has hindered blockchain adoption up until now. Matic claims the highest or one of the highest TPS rates in the industry and certainly the highest on the Ethereum Blockchain which is the most used blockchain with over 90% of Dapps building on it. According to Chandresh Aharwar (VP of Marketing Strategy) “one of our first testnet DApps achieved a rate of 10,000 TPS. Currently, some of the biggest names in gaming and DeFi are building on top of Matic. A single Matic sidechain is theoretically capable of processing 65,000 TPS, and we have the capability to add multiple sidechains without much effort — drastically surpassing the 150 million transactions per day attained by Visa.” This makes Matic Network suitable for enterprise adoption and has resulted in numerous new projects building directly on Matic to ensure the layer 2 scalability and other benefits required for large scale adoption. The 50 plus new projects will mostly be launching with the final Mainnet launch on the 29th of June 2020.
Chandresh Aharwar VP of Marketing Strategy at Matic Network
Ethereum Blockchain Readiness for enterprise Level Adoption
In considering the Ethereum Blockchain’s readiness for mainstream adoption; it is currently not ready and Eth 2.0 is still three to five years away. However, with the Matic Network solving the scalability problem the Ethereum Blockchain (EB) is now fully optimised for enterprise-level adoption. In addition, the EB is the most secure, tested and trusted blockchain which makes it the first choice for many large organizations seeking a functional platform on which to build the future of their company.
Top 100 CoinMarketCap Ethereum Request for Comments (ERC20) Projects
Numerous top 100 CoinMarketCap (CMC) projects have already built on the Layer 1 EB. Although these projects have great potential to succeed outside the realms of their current largely purely speculative status, this would only be possible if the aforementioned projects were to scale sufficiently to satisfy institutional clients. In other words, many successful top 100 projects built on the EB are purely speculative without the ability to properly scale. On the Ethereum Blockchain, high-level scaling is only possible currently with Matic Network integration and usage. The process is uncomplicated and full support will be provided by the Matic Team. The chart below shows 94 out of the CMC top 100 token projects that are built on the Ethereum Network. The list includes some stable coins such as Tether, USD Coin, TrueUSD, and Dai. To clarify the point 94 of the top 100 tokens are built on the Ethereum Blockchain. This should give the reader some perspective of the Matic Network potential, as a vehicle to scale these projects. As a matter of interest 92 out of the 101 -200 tokens are also built on the Ethereum Blockchain.
The blue tokens above have already integrated with Matic
Staking Economics
Staking is an exciting time for Crypto projects and enthusiasts as it affords the opportunity to earn tokens passively. Test staking is currently underway with full staking beginning on the 29th of June (less than two weeks away). The process of staking will be simple and will involve a dashboard where individuals choose a Validator (owner of a node) to delegate tokens to. Top tier industry validators including Chainflow which offers staking services to cosmos, Livepeer and Solana. Exchanges will also support staking. Staking information can be found at the following link – Staking (more information to follow shortly). Staking economics can be viewed in the chart below. Below is a sample snapshot of the expected annual rewards for the first 5 years considering staked supply ranging from 5% to 40% at 5% interval:
The total rewards over 5 years for staking will be 1 066 250 000 Tokens (Approximately 12% of the total Tokens).
Conclusion
Matic Network is on the threshold of realizing the long-envisioned goal of scaling the Ethereum Blockchain and making it possible for hundreds and possibly thousands of Dapps to evolve from Layer 1 to Layer 2 applications in order to meet the requirements associated with institutional level mass adoption. Most of the Dapps on the blockchain are built on Ethereum but most of them still need to transition from layer 1 to layer 2 with regard to scalability. This is easily accomplished and the Matic team will support the process.
FOR OTHER ARTICLES BY THE SAME AUTHOR GO TO BLOCKCHAIN INNOVATION
Contact a Matic Team Member to Integrate Your Project for Layer 2 Scaling
For those interested in building / integrating with the Ethereum / Matic network you can contact a member of the team at https://matic.network/about/ where individual team members contact information can be found, or at [email protected]
Links
Chainflow
https://blog.matic.network/welcoming-chainflow-as-an-official-staking-partner-matic-network/
CoinMarketCap Top 100 Tokens
https://coinmarketcap.com/tokens/
MATIC Binance Launchpad
https://launchpad.binance.com/en/lottery/50e5b04707b44d4aa4478739477d8a57
Matic Staking 29 June 2020
https://coinmarketcal.com/en/event/mainnet-final-staking-35401
Matic Chandresh Aharwar
https://www.asiablockchainreview.com/tackling-the-challenging-scalability-issue-with-matic-network/
Matic Staking Information
https://blog.matic.network/matic-staking-education-initiative-is-now-live-staking-on-testnet-begins/
Matic Staking Economics
https://blog.matic.network/matic-network-staking-economics/
