Fetch.ai
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Fetch.ai

How to Redelegate for Decentralization

Dear Fetch.ai community,

Recently we have brought attention to decentralization as a key problem that we as a community need to tackle in order to provide more security to the network and move forward with the roadmap laid out for Q4 of 2021. As part of this, we have requested that everyone currently staking on the Fetch.ai Mainnet check to see if they are only staking with a single validator or if they are staking within the top 10 validators. You can tell if your validator is in the top 10 validators by going to the Validator Voting Power Distribution List. If this is the case, then we would greatly appreciate it if you followed this guide on the importance of redelegating part of your stake outside the top 10 validators and how to do it.

Disclaimer — please note the following:

Steps for those redelegating on Cosmostation App:

Steps for those redelegating on Keystation/Cosmostation Web Wallet:

Steps for those redelegating with the Fetch.ai Browser Extension Wallet:

Why redelegating is important right now:

At the time of writing this blog post, the top 5 validators on the Fetch.ai network control more than 56% of the total $FET staked, and within the top 10 validators there is roughly 72% of the total $FET staked. This is a big problem because for the Fetch.ai network to be as secure as possible, we shouldn’t have more than 33% of delegated $FET staked within the top 10 validators. Essentially, when it comes to crypto, the term “the more, the merrier’’ does not apply to staking with a validator.

It should be made clear that lists of validators on block explorers are not the highest to lowest for reputation or benefits, it’s simply outlining who has the most $FET staked to them, that’s it. When it comes to reputation or how the validator has performed, it’s up to you as a delegator to find that out. Delegating is meant to be an active role between you and a Validator (although commonly perceived incorrectly as “passive income”).

When you select a validator to delegate with, that is essentially your vote to the network saying they are trustworthy, and you are given staking rewards for that. So please ensure that you do your due diligence in ensuring you know as much about a validator as possible.

What should you look for in a validator?

People always ask what they should be looking for in a validator. So here is a short list of things you, as a delegator, can look for online or ask validators themselves.

Some of these questions can be answered through one of the Fetch.ai block explorers, such as our Native Block Explorer or Mintscan. But other things on this list will require you to reach out to validators for answers, which is a good opportunity to see if they are active frequently or not. It should also be noted that not every single one of these questions needs to be answered “yes” but if they are, then it’s extremely helpful.

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