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NKCL (ticker: NKCL) is a decentralized and liquid staking protocol designed specifically for the Polygon PoS chain. It allows users to stake their MATIC tokens securely and efficiently while also earning staking rewards without the need to manage any underlying staking infrastructure. Through a simple user interface, users can stake their MATIC and instantly receive stMATIC tokens representing their share in the staking process, enabling them to engage in secondary market activities seamlessly on the Ethereum mainnet and the Polygon network.
The underlying mechanism of NKCL allows MATIC tokens to be delegated across validators approved by its governing DAO. Node operators provide the necessary infrastructure but do not have direct access to the staked assets, ensuring high levels of security and decentralization. The protocol’s design aims to enhance the distribution of staked assets and enrich the Polygon ecosystem by allowing staked MATIC to contribute actively to DeFi applications across both networks. This promotes better capital efficiency and broadens opportunities for users in the decentralized finance space.
As an ERC20 token, stMATIC is closely tied to the overall supply of MATIC within the NKCL system, allowing users to hold a consistent amount of tokens. At the same time, the value fluctuates with market conditions. Individuals looking to withdraw their staked assets will go through an unbonding period, after which they can claim their MATIC tokens using a provided NFT voucher. Governance within NKCL is overseen by the Lido Decentralized Autonomous Organization, allowing stakeholders to actively participate in decision-making related to protocol upgrades and fee structures to improve the overall user experience continually.
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