Staking: The next steps

Nov 6, 2019

The launch of the staking program on 10 October was hugely successful. As head of research Jonathan Ward reflected here, more than $2m worth of FET tokens were staked during the first auction. As we approach the end of the lock-up period for the first auction, and prepare for the launch of the second, we provide answers to some of the key questions ahead.

When will the lock-up period from the previous auction come to an end?
The lock-up period will end at approximately 23:30 GMT on Sunday 10 November. The exact time depends on the Ethereum block production rate, but you can view the latest estimate at our staking website.

How do I withdraw my tokens?
You need to have access to the Metamask and the hardware wallet (or Metamask account) that you used to participate in the auction. You can then visit our staking website and follow the instructions for withdrawing tokens. This will allow you to withdraw your initial stake along with the rewards from staking. After withdrawing tokens you will then be able to participate in the next auction.

When will the next auction take place?
The next auction’s bidding phase will be held on Wednesday 13 November and will be for a period of approximately three hours between 1pm GMT and 4pm GMT. This covers 6–9am on the West coast of the U.S. and 9pm to 12am in China.

What changes have been made since the previous auction and why?
We have decided to shorten the duration of the bidding phase in response to feedback from the community. The new version allows people across the globe to keep track of the auction from start to finish and to participate at their chosen time.

We have also modified the smart contract so that Binance and the Foundation can participate in the auction directly similarly to any other stakeholder. This brings us closer to the real-world mainnet scenario. These tokens will be locked in designated addresses during the lock-up period. This has meant re-deploying a new auction contract, which will be in operation for the next auction. We have also improved the user interface to provide clearer information on how to bid in the auction and/or delegate stake.

If you have other questions about staking, we encourage you to take a look at our live staking FAQ document. If that hasn’t helped, let us know by posting your question on our Telegram channel.