The Foundation for Interwallet Operability (FIO) is excited to announce that FIO Staking is now live on Mainnet. FIO Staking is an important evolution of the FIO Protocol, built to reward $FIO holders for participating in on-chain governance and encourage the FIO community to contribute directly to the security and growth of the FIO Chain.
TL;DR
- FIO Staking is live on Mainnet
- Staking Activation is set for February 22, 2022
- $FIO holders can stake their tokens via Edge Wallet, Anchor Wallet, or Tribe Wallet
- $FIO tokens staked at any point before Activation will earn the same early-access, proportional reward potential
- After Activation, the earlier tokens are staked the greater their proportional rewards will be
- Additional FIO Staking integrations are actively in progress
➡️ How to Stake in Edge Wallet
➡️ How to Stake in Anchor Wallet
➡️ How to Stake in Tribe Wallet
FIO Staking Overview
Token holders who vote or proxy their $FIO tokens can now choose to stake any amount of $FIO tokens held in their account. Staked $FIO tokens never leave a user’s account, but do become locked and therefore cannot be spent while staked. When a $FIO token is staked, it immediately begins to accrue rewards on the FIO Chain.
Rewards are allocated from the Staking Rewards Pool. The Staking Rewards Pool is built by redirecting 25% of every fee paid by users of the FIO Chain to this protected rewards fund, with an initial guarantee of 25,000 $FIO allocated to this fund daily. If the total daily amount redirected to the pool from FIO Chain fees is less than 25,000 $FIO, new tokens are minted from the Staking Rewards Reserve and redirected to the Staking Rewards Pool until a maximum of 25M such tokens are minted.
Users can stake and unstake their tokens at any time — however, rewards are only available for redemption after Staking Activation on February 22, 2022. If a user unstakes their tokens prior to Staking Activation, they will not receive any accrued rewards. If a user unstakes their tokens after Staking Activation, they will receive their accrued rewards and their tokens will be unlocked 7 days after unstaking.
Full technical details in FIP-21 here
Benefits of Staking Early
Staking Activation will be achieved on February 22, 2022. The earlier you stake, the greater rewards you’ll accrue. Here’s how:
Staking Before Activation is Achieved (before February 22, 2022)
Each $FIO token staked prior to Activation achievement will begin accruing rewards at a set early-access rate. This early-access rate is granted to anyone who stakes any amount of $FIO prior to Staking Activation on February 22, 2022 — no matter whether they stake via Edge Wallet or Anchor Wallet, and no matter whether they stake as early as today or as late as February 21.
Staking After Activation is Achieved (after February 22, 2022)
After Activation is achieved, and as more tokens are allocated to the Staking Rewards Pool moving forward, rewards accrued per $FIO token staked will begin to decrease over time. This means that, after Activation is achieved, those who still stake earlier will accrue greater proportional rewards than those who stake later.
Recap
Those who stake $FIO at any point prior to Activation — no matter whether they stake now via Edge Wallet or Anchor Wallet — will receive the same access to reward accrual at a set early-access rate. Those who stake $FIO after Activation is achieved will accrue rewards proportional to how early (post-Activation) they stake, with earlier post-Activation stakers accruing greater proportional rewards than later stakers.
How to Stake Your $FIO in Edge Wallet
Staking $FIO in Edge is just a few taps away on any mobile device:
- On the Wallets screen in Edge, tap the + symbol
- Choose FIO as your wallet type
- Specify the fiat currency denomination of your wallet
- Name your wallet and confirm details to create wallet
- Click into your FIO wallet and select ‘Stake’
- Enter the amount of $FIO you’d like to stake
How to Stake Your $FIO in Anchor Wallet
Check out our demo video below to learn how to stake your $FIO via Anchor Wallet today, and be sure to subscribe to FIO Staking updates here to stay informed on Staking Activation countdown, launch of FIO Staking in Edge Wallet, and progress against FIO Staking integration across additional platforms!
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.
