Announcing HYDRA Mobile Staking!
We are happy to announce that another major milestone has just been achieved: HYDRA Mobile Staking!
With this new feature we are making Hydra staking much more accessible and user friendly.
You can now stake your $HYDRA with the ease of a few clicks and without having to deploy & maintain your own node!
What is Mobile Staking?
Mobile staking is a new and simplified method to stake your HYDRA directly from your mobile device, or any other device that supports the Hydra wallet extension within the browser.
It combines ease of use with high security, as your funds never leave your wallet. Your keys, your coins!
The new feature takes advantage of the recently launched delegated staking mechanism. Users are now able to delegate their wallets to a superstaker of their choice. Superstakers are service providers who run their nodes 24/7 and help process transactions on the network.
They stake the HYDRA delegated to them on behalf of the delegators, in exchange for a small fee. Below is a step-by-step guide on how to delegate your wallet:
- Log in to your wallet
- Click on the “Stake” button
- Select “Hydra”
- Choose your superstaker
If you don’t have the Hydra mobile wallet installed yet, please make sure to download it through the links below.
🔶 Google Play Store:
🔶 Apple App Store:
Note: When you delegate your wallet, all HYDRA inside the wallet get delegated by default. You can always take out or add more HYDRA into your wallet without having to make new delegations each time. Your coins are never locked.
Delegation through the Desktop Browser
You can also access the delegation interface directly through the browser version of the Hydra DEX. Simply follow the below link and select Hydra among the listed assets:
You will need to have the Hydra extension wallet installed in order to interact with the interface:
Selecting your Superstaker
Selecting your superstaker is an important decision. There are plenty of options to choose from and all have their own benefits. First, it’s important to understand the information shown on the interface.
The Fees column shows the on-chain fee setting that the superstaker defined. You can think of it as a commission in exchange for the staking and maintenance service. Most superstakers will come with a 2–10% fee rate.
You will notice however that there are some entries in the list with a 100% fee setting. These are staking pools, which collect all of the block rewards from various delegators and make proportional payouts (based on the individual weights) on a certain payout schedule. This way the individual bad luck / good luck deviations are smoothened out, which is especially beneficial for small stakers who are most exposed to the factor of chance.
The neighbouring column displays the Min. UTXO size. UTXOs with sizes smaller than the minimum will not be able to participate in the staking process.
Example: Block rewards are currently in the 6 HYDRA range. Therefore, superstakers who offer a minimum size of 5 HYDRA per UTXO essentially are auto-compounding (all new rewards automatically become eligible for staking).
For superstakers that have a 100 HYDRA requirement, you will need to consolidate your accumulating reward-UTXOs from time to time. To make this process simpler, we will implement a dedicated button on the interface where you can auto-optimize UTXOs with a single click. This feature is currently in development.
It is also important to look into the health and performance of a superstaker before making a choice. For that purpose we have prepared a dedicated overview sheet with various metrics you can look into, along with the contact information for each superstaker!
Feel free to reach out to our team if you have questions about the sheet or want to list your superstaking service on it. The Hydra DEX superstaker list will be synchronized regularly with the overview sheet.
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HYDRA is a proof-of-stake blockchain optimized for real-world businesses. It tackles some of the most profound and challenging issues with existing blockchain economies and introduces a truly shared economy with fair treatment to all network participants.
