ERC20 Nominator Smart Contract Goes Live
There are unlimited Nominator slots with a maximum individual stake of 5,000,000 NOIA tokens.
On September 14, we launched the Syntropy Amber Chain — a working network that enabled the release of our node software, the onboarding of validators, and ERC20 Validator smart contract integration. Community participation was swift as 99.5% of validator capacity is already locked, representing nearly 100 million tokens, roughly 21% of the circulating supply.
Today, we are moving forward with another milestone in staking by kicking off the Nominator staking program. It offers a targeted annual yield of 15%, which can be larger or smaller depending on the total amount of tokens staked. You can stake and start earning rewards now.
Click here to start staking now.
Nominator smart contract
The Nominator staking program is permissionless, and there’s only a single requirement to enter this program: having at least 100 NOIA tokens. Yield is meant to be lower than the Validators staking program since Nominators have no requirements to run Syntropy node software. An off-chain component updates rewards within the contract every 12 hours.
In the Nominator smart contract, as compared to the Validator smart contract, stakeholders do not compete for slots because the number of staking slots is not limited. However, there’s an alternative limiting measure in place.
Stakeholders who want to redeem their staked tokens must wait an additional seven days, called the bonding period. After seven days, tokens are unlocked and ready to be transferred from the Nominator smart contract to their wallet. During this seven day period, bonded tokens no longer earn the interest. Rewards can be claimed immediately without a bonding period.
Smart contracts audit
Independent auditors audited all smart contracts: there were no critical issues, while other issues identified were introduced into the smart contracts by design. Nominator smart contract calculates rewards off-chain to support scalability, allowing many wallets to act as stakeholders simultaneously. If reward calculations were attempted on-chain, they would hit the gas limit with fewer stakeholders than planned. Additionally, Syntropy uses the state-of-the-art multisig solution for the Custodian smart contract, which can easily unauthorize compromised Nominator contracts.
Click here to see the audit report.
Nominator staking rules
- The number of wallets that can stake as a Nominator is unlimited.
- The wallet(s) you provide must maintain at least the minimum balance (100 NOIA tokens), otherwise you will lose your Nominator status.
- The maximum stake size per Nominator slot is 5,000,000 NOIA tokens.
- The off-chain component deployed together with the Nominator smart contract will calculate rewards and submit them to the smart contract. Total rewards will be updated regularly on the Staking Dashboard, submitted to the chain every 12 hours.
- You can claim tokens only through the Staking Dashboard.
❗️ DO NOT SEND YOUR TOKENS DIRECTLY TO THE NOIA TOKEN OR NOIA NOMINATOR CONTRACT ADDRESSES.
Doing so will lead to losing your assets irreversibly. A two-step procedure must be done to deposit the tokens: approval on NOIA token contract and deposit on Nominator contract. Use the Syntropy Staking dashboard to perform any staking actions.
⚠️ BE WARY OF SCAMMERS.
The chances are high that there will be new scam schemes related to staking. Only rely upon the information which you can find in the official Syntropy social media channels. Our admins will not send you private messages related to staking and nodes. You are responsible for the safety of your assets
What is the Amber Chain?
Amber Chain is a proof-of-authority (POA) version of the Syntropy chain, working as an active development environment facilitating the Syntropy Blockchain launch.
What’s the difference between a Validator and a Nominator?
As a Validator, you need to have the extensive technical knowledge to run a validator node based on the Substrate framework. You will be required to perform computational validation on the network and produce blocks based on that information. Validators are rewarded at a higher interest rate because of their efforts with a minimum of 25% APY.
As a Nominator, you will need to delegate your stake to the network. This role does not require you to run any nodes and requires no active monitoring or technical knowledge. Nominators are rewarded with a lower interest rate compared to Validators.
What is the flow regarding staking, KYC, and claiming rewards?
- Stake tokens to Nominator contract using the Staking Dashboard. It is a two-step procedure consisting of approval and deposit. Don’t transfer your NOIA tokens directly to the Nominator smart contract.
- Rewards are calculated and displayed as total rewards every 30 minutes.
- Additional rewards become claimable every 12 hours.
- When you want to claim rewards above 10,000 USD, you must pass the KYC procedure.
What are the Nominator stake size limits?
The minimum stake is 100 NOIA tokens; the maximum stake is 5,000,000 NOIA tokens.
How long is the stake bonding period for a Nominator?
What wallet can I use with Metamask?
You don’t have to create a Metamask wallet. If you are using a hardware wallet, such as Ledger or Trezor, connect your hardware wallet to Metamask, using “connect hardware wallet” from the menu. See more info on how to do it in our documentation. If you still have difficulties, seek community help in our Discord or Telegram groups.
Is there a withdrawal limit for rewards?
No, there’s no limit. However, after your total accumulated rewards on Nominator reach 10 000 USD in value, you will be asked to pass the KYC procedure until you can claim them.
When will I be asked to pass KYC? How does KYC work?
When your rewards are less than 10,000 USD in value, you can claim them freely. After your total accumulated rewards as a Nominator reach 10,000 USD in value, you will be asked to pass the KYC procedure to claim them. During KYC, you will be redirected to a third-party website, where you will be asked to take a photo of your ID document as well as a selfie.
Are my tokens at risk due to slashing?
During Amber Chain, no slashing will occur for both Validators and Nominators.
If I stake as a Nominator, do I need to choose a validator to nominate to?
During Amber Chain, Nominators will not nominate Validators.
Can anyone with a more significant stake than me push me out of staking?
There are no slots for Nominators. Therefore no one can push you out.
Disclaimer, Terms, and Conditions
Some countries will be excluded from receiving token rewards from Syntropy. Depending on your stake size, we might ask you to submit specific documentation to comply with KYC/AML regulations. Please familiarize yourself with Syntropy Staking Terms and Conditions by visiting https://www.syntropynet.com/disclaimer/staking.
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