Polygon to Delegate $189M Worth of MATIC to Bitfinex for Staking

Cryptocurrency speech Bitfinex said it volition person $189 cardinal worthy of Polygon's MATIC tokens to sponsor enhanced staking rewards for users.

According to a blog post, Bitfinex volition person 90 cardinal MATIC for the caller staking program. Polygon is simply a "layer 2" scaling instrumentality for the Ethereum blockchain, designed to velocity up and trim the outgo of transactions.

At property time, MATIC was trading astatine astir $2.07, down 1.1% implicit the past 24 hours. The token's terms has slid 13% successful the past 7 days.

Crypto staking is simply a process utilized to verify transactions connected a blockchain and unafraid the network. In Polygon's case, users delegate MATIC to validators who tally nodes and successful speech person rewards akin to involvement payments.

In the caller programme with Bitfinex, users could person up to 41% successful annualized staking rewards by participating successful the caller MATIC programme – but that is lone "available for a constricted time," according to the post.

Bitfinex besides warned that the estimated percent was based connected definite marketplace assumptions and that "this hypothetical is lone an illustration and not a prediction oregon guarantee."

Binance's staking rewards for MATIC are astir 12%, according to the website stakingrewards.com, considerably little than the complaint Bitfinex is offering.