Staking is now OPEN on IoTeX Delegates website
Have you checked out the IoTeX Delegates website yet? There are already 40+ Delegate candidates listed and more coming soon! If you need one more reason to check it out, staking is now open for everyone on the website.
Got some IOTX tokens sitting on an exchange or in a hardware wallet? Before voting for Delegates begins on March 11, you can put your IOTX tokens to work! Starting today, you can stake your tokens and earn 20–30% annualized returns — the sooner you stake, the more rewards you will earn!
What is staking?
IoTeX uses Roll-DPoS, where Delegates “prove their stake” by committing resources (i.e., time, HW, tokens) to the IoTeX network. Voters also stake tokens to endorse one or more Delegates and receive a share of the Delegate’s rewards. As a voter, staking makes the IoTeX network more secure and efficient, and also earns you rewards on your IOTX tokens!
Today, we are releasing a standalone staking tool to help you prepare for voting on March 11. That means you should collect your IOTX tokens from various exchanges/wallets and start staking today!
For more details, please see our Voter’s Handbook.
Why should I stake now?
As a digital democracy, IoTeX is more effective and secure with more staked tokens. As such, we are giving out early bird rewards for staking starting today! For every day you stake IOTX tokens between today and Mainnet launch, the IoTeX Foundation will provide:
- 20% annualized returns on staked IOTX with <28 days stake duration
- 30% annualized returns on staked IOTX with ≥28 days stake duration (i.e., staked until Mainnet). Limited spots available!
Remember that after Mainnet begins, voters are eligible to receive 20%+ annualized rewards from Delegates for voting. Until then, IoTeX Foundation will provide the rewards as a thank you to the community. The sooner you stake, the more rewards you will earn, so stake today!
How do I stake?
The staking process will be performed on Ethereum and streamlined thanks to our easy-to-use MetaMask webtool! Here are step-by-step instructions:
- Install MetaMask — this will be the bridge between your ETH wallet and the IoTeX staking/voting smart contract.
- In MetaMask, create a new ETH wallet or import an existing ETH wallet using your private key, Ledger, or Trezor.
- Add IOTX to MetaMask using the “custom token” option. The IOTX token contract address is: 0x6fb3e0a217407efff7ca062d46c26e5d60a14d69
4. Visit the IoTeX Delegates website and click “Stake Now!”. You will be prompted to install MetaMask — please install before continuing.
5. To stake, choose an amount of IOTX, stake duration, and auto-stake on/off. We recommend dividing the total amount of tokens you wish to stake into multiple buckets, as each bucket can be directed to vote for one Delegate.
- For each bucket, input the # of IOTX you wish to stake and a staking duration. 1 IOTX = 1 Vote and bonus votes for setting a stake duration.
- Your bonus votes will reduce every day and eventually converge to zero when the stake duration expires (you will still have 1 IOTX = 1 Vote).
- You may also choose to “auto-stake”, meaning your bonus votes will be retained indefinitely until you turn off auto-stake.
6. You will be prompted to confirm the staking transaction. You will see the # of IOTX tokens, your wallet address, and start/end dates for staking duration.
7. To complete the transaction, you will need to confirm the smart contract in MetaMask. Be sure to use our recommended gas limits to save on gas fees!
There will be two pop-up windows that you must confirm:
- #1: Approve the staking smart contract to transfer tokens from your wallet to the smart contract (left screenshot)
- #2: Verify the actual transaction — please ignore the “ALERT: Transaction Error” dialog and press “Confirm” (right screenshot).
8. Congratulations! You have successfully created a staking bucket. You can visit the “My Votes” page to see all of your buckets or create a new bucket.
It’s time to collect all of your tokens and start staking with our new MetaMask webtool! If you are interested in staking without MetaMask, we will provide instructions soon; however, we highly recommend everyone to use our webtool as designed.
Voting for Delegates will begin on March 11 — just one week away! Please use this next week to gather your tokens from various exchanges and wallets so you can be ready for the big day. Stay tuned to our Telegram to stay in the loop during this exciting next month for IoTeX!
Founded as an open-source project in 2017, IoTeX is building the world’s leading privacy-centric blockchain platform for the Internet of Things (IoT). Their mission is to build a decentralized trust fabric for a new era of collaboration and data exchange among devices, applications and people. Backed by a global team of research scientists and top engineers, IoTeX combines blockchain, trusted hardware and edge computing to realize the full potential of IoT.
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