Hello, this is the LINE Blockchain team at LTP.
We would like to provide a guide on how to use the LINK (LN) staking service, which started on April 10.
- What is the LINK (LN) staking service?
The LINK (LN) staking service is an example of network contribution rewards, and is a key part of the Token Economy 2.0. LINK (LN) Holders contribute directly to the network by staking LINK (LN) and receive rewards by themselves. The reward rate varies depending on the total amount of staked LINK (LN) by all the participants and other factors.
- What is “staking”?
Staking is a way for holders to contribute to the network by delegating their digital assets to be utilized for blockchain verification. Undelegating (retrieving) assets that have been delegated is called unstaking.
LINK(LN) Staking Service Usage Guide
(1) Staking
- The LINK(LN) staking service is currently only available through the Chrome extension version of DOSI Vault.
1.Access LINE Blockchain Scan.
(1) Access from LINE Blockchain Scan
(2) Access from DOSI Vault
You can access LINE Blockchain Scan by clicking LN Staking section in DOSI Vault.
2.Select the “Connect DOSI Vault” option to connect your DOSI Vault to LINE Blockchain Scan
- If you haven’t downloaded DOSI Vault yet:
DOSI Vault official website
3.Once DOSI Vault has successfully connected, select the Staking (Beta) menu on the left and choose the desired validator.
4.Select the Delegate button to choose a Validator and enter the amount to stake.
* At launch, all validators have the same reward rate. Therefore, you will receive the same staking reward regardless of which validator you choose.
5.Select “Send”
* Note that a Gas Fee* will be charged for the staking progress.
* What is a Gas Fee? It is a fee for network usage and is incurred when sending transactions. Users can set the gas fee directly through LINE Blockchain Scan (url). However, if the set Gas Fee is not sufficient, the transaction will fail, so we recommend using the default Gas Fee.
※Gas Fee generated by using DOSI Vault will be partially distributed as a reward for users of the LINK (LN) staking service.
6.After selecting “Send”, a popup window will appear. Please check the information in the popup and choose the approve button to complete staking.
(2) Unstaking
1.Go to the Wallet Address page on LINE Blockchain Scan.
2.In the Delegation section, you may see the list of validators you are staking your LINK (LN). Select “Undelegate” for the validator you wish to unstake from.
* Note that a Gas Fee will be charged for the unstaking process.
※Gas Fee generated by using DOSI Vault will be partially distributed as a reward for users of the LINK (LN) staking service.
3.In the “Undelegate Token” popup, enter the required information and select “Send.”
4.After selecting “Send”, a DOSI Vault popup screen will appear. Check the information and choose “Approve” to complete the unstaking process.
5.The unstaking process takes 24 hours to complete, and you can check the progress in the “Undelegating Tokens” section of your Account screen.
(3) Claiming Reward
- Users must manually claim their rewards, as their on-chain signature is required during the reward withdrawal process.
- To receive rewards, all rewards for all items must be claimed together and cannot be given separately by a validator.
- Note that if the reward amount is significantly low or zero, you can still request to claim the reward, but a gas fee will be incurred. Please be careful not to incur excessive gas fees with unnecessary requests.
1.Go to the Wallet Address page on LINE Blockchain Scan.
2.Select the “Withdraw Rewards” option on the right top corner of the Delegation section.
* Note that a Gas Fee* will be charged for the withdrawing rewards progress.
※Gas Fee generated by using DOSI Vault will be partially distributed as a reward for users of the LINK (LN) staking service.
3.On the “Withdraw Rewards” popup screen, confirm your wallet address for receiving rewards and select “Send”.
4.After choosing “Send”, a DOSI Vault popup screen will appear. Check the information and select “Approve” to complete the reward claim.
LINK(LN) Staking Service FAQ
Is there a limit on the amount of LINK that can be staked?
- There is no limit to the amount of staking.
When will staking rewards be distributed?
- Please note that the actual reward will be distributed after the implementation of Token Economy 2.0 and currently only staking is available. Further information regarding the implementation of Token Economy 2.0 will be provided in April.
What contribution reward pool is used for staking rewards?
- When Token Economy 2.0 begins, LINK is automatically issued as blocks are created. 50% of the automatically generated LINK is paid out for network contribution rewards, and staking rewards are paid out from the network contribution rewards pool.
Are the rewards automatically received?
- When users stake, rewards accrue continuously, but rewards cannot be automatically claimed. Users must manually claim their rewards, as their on-chain signature is required during the reward withdrawal process.
Is it possible to automatically redelegate the rewards?
- Unfortunately, providing an automatic redelegate function is difficult. To redelegate the rewards, the user needs to transfer the rewarded LINK(LN) to the staking pool, which requires the user’s on-chain signature. Therefore, although it may be inconvenient, we recommend claiming the rewards and manually redelegating them.
How can I check the current staking reward rate for the service I am using?
- The staking service’s reward rate is updated in real-time based on the total amount of staked assets in the network. You can check the Annual Reward Rate(ARR) on the Staking page of LINE Blockchain Scan. However, please note that the ARR may be displayed as “In progress” depending on the total amount deposited or during the early stages of the service launch.
Staking is not working properly.
- Staking is only available through the DOSI Vault Chrome Extension. If staking is not functioning properly, please update to the latest version (v1.4.0 or above) of the DOSI Vault Chrome Extension and try again.
When will it be possible to use the staking service through other services such as exchanges?
- Other services such as exchanges and wallets may also offer staking services, and the timing and method of those offering staking services may vary by service.
Can unstaking be done at any time?
- Users can unstake at anytime they want.
How long does unstaking take?
- Unstaking will be completed 24hours after the request is made.
DOSI Vault FAQ
The LINE Blockchain Team strives to create value for LN by expanding LN’s usage. Once again, thank you for supporting our journey toward an open network to shape a better and sounder token economy. We will continue to do our best to provide services that can be used easily and safely not only by blockchain service specialists but also by general users.
LINE Blockchain Team at LTP
