The Foundation for Interwallet Operability is excited to announce the launch of FIO Staking in Tribe Wallet.
FIO Staking is a recently launched option for FIO token holders to participate in the network’s on-chain governance and earn yield. The integration of FIO Staking in Tribe Wallet marks the next step toward further expansion of the FIO Protocol, as well as creating an additional interface in Trible Wallet for users to earn yield on their assets.
By adding support for FIO Staking, Tribe Wallet offers a new way to interact with the protocol and contribute to further adoption of crypto.
FIO Staking Details
The FIO Staking mainnet went live on January 18.
$FIO holders can choose to stake any amount of tokens they hold in their account.
When a $FIO token is staked, it immediately begins to accrue rewards and stays locked until revoked. Tokens can’t be spent while being staked, and will remain locked for 7 days after they have been unstaked.
FIO Staking rewards come from the network’s Staking Rewards Pool, a protected rewards fund which accumulates 25% of all fees paid on the FIO chain. If the total daily amount of the network’s fees redirected to the pool is less than 25,000 FIO, new tokens are minted and sent to Staking Rewards Pool.FIO tokens can also be easily unstaked at any time, but just know that there is a 7 day unstaking period where tokens will remain locked for 7 days after choosing to unstake. Being able to stake where FIO tokens remain in your wallet and just remain locked while staking is a great feature as some other cryptocurrency staking protocols require you to deposit your tokens into a 3rd party wallet where you no longer have control of your assets.
How to Stake in Tribe Wallet
Staking within the Tribe Wallet is very easy to do and can be completed in a few simple steps: create a FIO Crypto Handle, move $FIO into your wallet, select “Stake FIO for rewards,” and enter how much $FIO you want to stake.
Check out the demo videos below to see just how easy it is to get started:
About Tribe Wallet:
Tribe Wallet is a non-custodial wallet that supports FIO, ETH, ALGO, XLM, TLOS, and EOS coins. Tribe Wallet allows you to control your private keys and the overall security of your wallet. Tribe Wallet also gives you the option to delegate encrypted segments of your private keys to trustees without sharing your complete private key.
While many of us in the cryptocurrency space want complete control over our private keys and our security, many users are overwhelmed with that complete responsibility of managing their long string private keys. Tribe Wallet allows users to encrypt their private key with a password, encrypt again, and then use a FIO Request to share part of the private key encryption to the guardian provided.
Tribe Wallet, in conjunction with the FIO Protocol,allows users to simplify their security without sacrificing the strength of their security. Download and set up your Tribe Wallet to stake $FIO today — available on both Apple App Store and Google Play Store.
Learn more about Tribe Wallet at https://www.tribewallet.io/.
About FIO:
FIO, the Foundation for Interwallet Operability, is a decentralized consortium of blockchain organizations and community members supporting the ongoing development, integration, and promotion of the FIO Protocol. The protocol is an open-source, decentralized usability layer solution that works across all blockchains, and uses human-readable Crypto Handles to replace the complexity, risk, and inconvenience that comes with blockchain-based transactions using public addresses.
