Staking and node operation: the path forward

From October 2020, we will be changing our staking mechanism to prepare for the future. The new format is more suitable for the long term, and structured around the model that will incentivise node operation on main-net.

Staking Process

It is easier to use than ever before and considerably more flexible.

  • 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 / pay a return 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.
  • You can run validators to receive further rewards.

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

  1. FET holders will receive a fixed return for staking FET in the staking smart contracts
  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

FET network rewards

The new staking will come with a complete web front-end and will also support hardware wallets. In order to stake directly, you will need your FET tokens to be in a non-exchange wallet that is able to interact with smart contracts directly.

Next Steps

We will be launching a preview of the new staking interface in the coming days, and we expect Staking 2.0 to launch promptly when the MTLX distribution lockup ends after October 1st.

Validators

We will be working with staking partners and exchanges to prepare them for this change from October 2020 and to work with them with their participation, particularly when it comes to running validators to secure the Fetch.ai network in the future.

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

Read more