Staking 3.0 Application is Now Open

Published in

COTI

11 min readFeb 11, 2021

We are happy to announce the application opening for COTI’s Staking 3.0 program.

In this guide, we will walk you through the COTI’s staking 3.0 program application process. We ask everyone, current stakers and new applicants, to re-apply and to follow the process detailed in this guide.

Timeline:

Staking 3.0 onboarding application starts NOW, February 11th
To enter the March staking cycle, the application submission deadline is February 20th at 23:59 UTC. A failure to submit this application means that you are not interested in participating in Staking 3.0 and will be automatically unstaked
The application will remain open from now on, on a first-come-first-served basis
Staking approvals will be emailed individually from February 21st to February 25th
Once your new staking application is approved, you will have 72 hours to stake (see the full guide below)
Staking 3.0 will kick off on March 1st and reward will be distributed on the first day of the following month

IMPORTANT:

Emails about the Staking program are sent from staking@coti.io or support@coti.io.
Be Cautious, The COTI team will never request that you send funds to any wallet address. The official staking process is done ONLY through your COTI Pay VIPER wallet by clicking the STAKE button once available.

The following are detailed guidelines for each application process. Please follow the guidelines that apply to your specific situation from the ones listed below:

I am currently staking and I’d like to upgrade to a higher amount
I am currently staking and I’d like to stake a lower amount
I am currently staking 500,000 COTI and I want to keep this staking amount
I already applied to Staking 2.0 but I was not yet approved
I am currently staking in Staking 2.0 and I would like to unstake (I don’t want to take a part in Staking 3.0)
I am new. I never applied to Staking 2.0 and I’d like to apply to Staking 3.0

*The Staking 3.0 application will be available through the Android app in the next few days

I am currently staking and I’d like to upgrade to a higher amount

Every current staker needs to re-apply to Staking 3.0. His/Her seat will be saved in the new staking program.

Go directly to the application form: https://cps.coti.io/staking or click the APPLY button in your COTI Pay VIPER wallet

2. Login to your CPS account

3. Fill the form and make sure to insert:
- The COTI wallet address which you wish to receive your staking rewards to
- Choose the amount you would like to stake (please indicate the ideal staking amount as we will use this request for future upgrades). If you wish to stake a lower amount than your current stake, please see the instructions of the 2nd scenario listed and detailed below.
- Choose the node you’d like to apply for or leave the default option “I accept any of the available options”
- Click SUBMIT

4. Your application is now under review and you will receive an email confirming the registration of your application request.

5. You have until February 20th at 23:59 UTC to submit your new application in order to stake in the March cycle. If you fail to do so, you will be automatically unstaked on March 1st. You will be able to re-join the staking program only by contacting the support at staking@coti.io

6. After February 25th, you will be approved for your upgrade. An email will be sent to you with the confirmation of your staking approval stating the amount that was approved for you.

7. You will have 72 hours to stake the remaining amount from the moment you’ve been approved. You will have the possibility to click STAKE in your COTI Pay VIPER wallet and the amount remaining for the upgrade will be staked (example: if you previously staked 150,000 COTI and you are now approved for 250,000 COTI, by clicking STAKE, the remaining 100,000 COTI missing to complete the upgrade will be automatically deducted from your balance and added to your stake).

We remind you that staking starts on the first day of the month and ends on its last day. That means that you will not see the upgraded staking amount until March 1st.

I am currently staking and I’d like to stake a lower amount

Every current staker needs to re-apply to Staking 3.0. His/Her seat will be saved for the new staking amount.

Go directly to the application form: https://cps.coti.io/staking or click the APPLY button in your COTI Pay VIPER wallet

2. Login to your CPS account

3. Fill the form and make sure to insert:
- The COTI wallet address which you wish to receive your staking rewards to
- Choose the amount you would like to stake (please indicate the ideal staking amount as we will use this request for future upgrades)
- Choose the node you’d like to apply for or leave the default option “I accept any of the available options”
- Click SUBMIT

4. Your application is now under review and you will receive an email confirming the registration of your application request.

5. You have until February 20th, 23:59 UTC to submit your new application. If you fail to do so, you will be automatically unstaked on March 1st. You will be able to re-join the staking program only by contacting the support at staking@coti.io

6. Your new staking request will not be approved before March 1st. You will be automatically unstaked. Do not worry of being unstaked at this stage, this is done on purpose in order to allow you to recover your staking amount before being able to stake a lower one afterwards.

7. After March 1st, you will be approved for your new staking amount. An email will be sent to you with the confirmation of your staking approval stating the amount that was approved for you.

8. You will have 72 hours to stake from the moment you’ve been approved. You will have the possibility to click STAKE in your COTI Pay VIPER wallet.

We are aware that this action makes it impossible for your staking to start automatically on March 1st. We will therefore regard your staking as having been made on March 1st, so that you are not disadvantaged by these special circumstances and are still able to receive the staking reward on April 1st on a full staking cycle.

I am currently staking 500,000 COTI and I want to keep this staking amount

Every current staker needs to re-apply to Staking 3.0. Even if you keep the same staking amount, you are nonetheless required to start using the new staking program.

Go directly to the application form: https://cps.coti.io/staking or click the APPLY button in your COTI Pay VIPER wallet

2. Login to your CPS account

3. Fill the form and make sure to insert:
- The COTI wallet address which you wish to receive your staking rewards to
- Choose the amount you would like to stake (500,000 COTI)
- Choose the node you’d like to apply for or leave the default option “I accept any of the available options”
- Click SUBMIT

4. Your application is now under review and you will receive an email confirming the registration of your application request.

5. You have until February 20th at 23:59 UTC to submit your new application. If you fail to do so, you will be automatically unstaked on March 1st. You will be able to re-join the staking program only by contacting the support at staking@coti.io

6. After February 25th, you will be approved for your new staking. An email will be sent to you with the confirmation of your staking approval stating the amount that was approved for you.

7. You will have 72 hours to click the STAKE button from the moment you’ve been approved.
You will have to click STAKE in your COTI Pay VIPER wallet to allow the system to get you in the new staking program, even though no COTI will actually be deducted from your balance.

I already applied to Staking 2.0 but I was not yet approved

Everyone is requested to re-apply to the new staking program. However, it is important to note that you will keep the same queue position you held in Staking 2.0. We will, however, give you the opportunity to indicate the ideal staking amount you would like to stake, regardless of which amount you will be approved for at first. For example, if you requested to stake 750,000 COTI and you have only been approved for 25,000 COTI, we will know you wish to upgrade to 750,000 COTI and you will not need to submit another upgrade request.

You can apply to Staking 3.0 from your COTI Pay VIPER wallet, or directly from this link: https://cps.coti.io/staking

2. Login to your CPS account

3. Fill the form and make sure to insert:
- The COTI wallet address which you wish to receive your staking rewards to
- Choose the amount you would like to stake (please indicate the ideal staking amount as we will use this request for future upgrades).
- Choose the node you’d like to apply for or leave the default option “I accept any of the available options”
- Click SUBMIT

4. Your application is now under review and you will receive an email confirming the registration of your application request.

5. As you are not currently staking, we do not require you to apply before February 20th. However, if you want to have a chance to get in the program already from March, we recommend you do so. We remind you that you will be approved on a first-come-first-served basis of which the existing queue from the Staking 2.0 registration is imported.

6. If you are approved for the new staking cycle, you will receive an email after February 25th. It will contain the confirmation of your staking approval stating the amount that was approved for you.

7. You will have 72 hours to click the STAKE button from the moment you’ve been approved.
You will have the possibility to click STAKE in your COTI Pay VIPER wallet.

If you are not approved for the March staking cycle, you will be approved for a later cycle. We generally approve new stakers every last week of the month, so stay tuned and check your inbox around this time of the month.

I am currently staking in Staking 2.0 and I would like to unstake

Current stakers who wish to unstake do not need to do anything in particular.

As part of the migration from Staking 2.0 to Staking 3.0, all stakers who are not upgrading or do simply not stake on time will automatically be unstaked. Therefore, if you wish to unstake, you can follow this guide, or simply not do anything until you are unstaked on March 1st.

Staking rewards distribution will be made on March 1st for the unstaked users as well.

I’m new! I never applied to Staking 2.0 and I’d like to apply to Staking 3.0

To apply to the COTI staking program, you must have a COTI wallet. If you do not have a COTI wallet, please follow this full guide on how to open a CPS (COTI Payment System) account and a COTI Pay VIPER wallet.

How to Open and Set Up Your COTI Pay VIPER Wallet

This step-by-step guide will instruct on how to open your COTI Pay wallet

cotinetwork.medium.com

It is only once you have a COTI Pay VIPER wallet and have generated a COTI wallet address that you will be able to apply to Staking 3.0.

Go directly to the application form: https://cps.coti.io/staking or click the APPLY button in your COTI Pay VIPER wallet

2. Login to your CPS account

3. Fill the form and make sure to insert:
- The COTI wallet address which you wish to receive your staking rewards to
- Choose the amount you would like to stake (please indicate the ideal staking amount as we will use this request for future upgrades).
- Choose the node you’d like to apply for or leave the default option “I accept any of the available options”
- Click SUBMIT

4. Your application is now under review and you will receive an email confirming the registration of your application request.

5. As you are not currently staking, we do not require you to apply before February 22nd. However, take into account that our staking program takes users in on a first-come-first-served basis. The soonest you apply, the soonest you’ll get approved.

6. Once you are approved for Staking 3.0, an email will be sent to you with the confirmation of your staking approval stating the amount that was approved for you.

7. You will have 72 hours to click the STAKE button from the moment you’ve been approved.
You will have the possibility to click STAKE in your COTI Pay VIPER wallet.

We generally approve new stakers every last week of the month so stay tuned and check your inbox around this time of the month.

As we gradually add more nodes AND increase the cap of each one of them, we will keep on approving new stakers each month. If you didn’t get into the current cycle, you might get into the next one, so stay tuned!