$FET Staking v2.0 is live

Oct 15, 2020

We are pleased to announce the launch of our new staking interface, that enables seamless and flexible staking by FET holders at any time at:

Key features

  • You can stake your FET at any time you choose. You can stake any amount of FET you wish;
  • Once staked, the contract will deliver a reward continuously for as long as tokens remain staked as you are contributing to network security and providing network utility;
  • You can withdraw any amount of staked FET tokens after a three-week lock-up period.
  • You are free to stake additional amounts at any time;
  • Staked FET entitles you to rewards from participating in incentivised test-nets;
  • As they are rolled out, staking participants can run validators to receive further rewards

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Rewards scheme

FET holders will be able to participate in rewards in the short term in two ways.

  1. FET holders will receive a fixed reward for staking FET in the staking smart contracts and supporting Fetch.ai network development and consensus. This is targeted at 10% for the time being, though this rate will vary over time
  2. FET holders will also be able to participate in the planned future MTLX, ATMX and other FET network tokens if/ when they become available

Node operation

As we roll out our Incentivised Testnet in the run-up to Mainnet v2.0, staking FET tokens will be required in order to generate t-FET to participate in the Incentivised Testnet. More info will be released on this shortly as we gear up for the launch of the Agent-based phase of the Incentivised Testnet program.

How it works

Staking in our v2.0 interface is slightly different from what you will be familiar with, from our previous experience.

In one sense, staking is much simpler, in that the monthly auction process has been replaced with a fluid, “roll on, roll off” process, where you can decide when to commit tokens, and when you would like to unbind them.

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The paradigm is that the interface displays three main pools of tokens.

  1. Overview — Tokens in your browser wallet ( left hand column). We currently support MetaMask for Staking FET tokens.
  2. Unstaked tokens (middle column). These are tokens that are committed to the staking contract, but have not yet been ‘bound’ to the contract in order to receive rewards. These tokens can be removed at any time
  3. Staked tokens (right hand column). These tokens have been bound to the staking contract, are earning rewards, and can be removed at any time, but with 21 days “cool down”. After this 21 days is completed, the tokens move back to the Unstaked tokens column and can be withdrawn from the contract.

Rewards are earned for the whole period that tokens are “staked” at a fixed rate of 10% APY.

FAQ

This will be a dynamic list of the most requested questions around staking.

Where are the FET that I staked in the v1.0 contract?

If you had any tokens remaining in the v1 staking contract, these tokens have been safeguarded during the FET token swap that took place on 14th October, and they have been reverted to the originating wallet that they were committed from. If you have not received your staked tokens back, please contact us on Telegram to discuss further.

Why are my tokens not earning rewards?

Ensure that the tokens you have added to the staking contract are “staked” (and therefore eligible for rewards, but committed for 21 days) rather than “unstaked” (able to be withdrawn at any time, but not eligible for rewards).

Has the staking contract been audited?

Yes Certik has audited the FET v2.0 staking contract, and the audit report can be viewed here.

Will MTLX rewards be available in the FET staking contract?

Mettalex has also committed to three more MTLX distributions, of 500k, 350k and 150k MTLX, and we plan to make at least some of these via the main Fetch.ai staking contract. So FET token holders will receive FET rewards, as well as progressive MTLX distributions when they take place.

How do I operate a validator node on the Fetch.ai network?

Interested parties who wish to become validators should take part in the Incentivised Test-net to prepare for staking to launch on the main network by contacting [email protected], to be invited to the private planning group.