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xDai is the ideal cryptocurrency for everyday payments and transactions. Fees are extremely low, payments are instantaneous, and the value remains stable at ~ $1 US Dollar per xDai. User-friendly tools make xDai easily adoptable for a broad audience
STAKE is a new ERC20-type (implemented as an ERC677) token designed to secure the on-chain payment layer and provide a mechanism for validators to receive multiple POS incentives. It is an ERC20-based staking token with a market driven value.
The initial supply of 8.5375M STAKE tokens will be released over time. Additional tokens are minted as rewards at the conclusion of each staking epoch.
Users (stakers) provide STAKE as collateral when participating in the consensus process. In exchange for providing STAKE (and supporting a node), users receive multiple rewards. The primary reward is in the form of additional STAKE tokens.
STAKE is minted as a reward based on the amount of STAKE placed in the protocol. The final emission rate is TBD through a risk assessment and community review. Target range: ~15% APR. A STAKE transfer fee is also assessed when a user removes their STAKE from the xDai chain (using an AMB bridge extension). This fee is distributed as a reward to participating stakers.
STAKE token address on Ethereum 0x0Ae055097C6d159879521C384F1D2123D1f195e6
STAKE token address on xDai (STAKE from Ethereum) 0xb7D311E2Eb55F2f68a9440da38e7989210b9A05e
There are several ways to get STAKE either on Ethereum or directly on xDai.
Individuals who own STAKE tokens on xDai (bridged from STAKE on Ethereum) can place them into the protocol through a user friendly interface on BlockScout. Functionality includes an AMB Bridge extension with the OmniBridge UI which allows users to move STAKE tokens between the Ethereum mainnet and the xDai chain.
In addition, exchanges may offer the opportunity to provide delegator staking on Ethereum directly from the exchange. Typically, this means STAKE holders select the option to stake the token, and the exchange processes the request (determining which validator to stake on, aggregating rewards and other tasks for a small percentage fee). Staking functionality is initiated by the participating exchange.
Validator candidates must meet certain requirements before placing STAKE (the ability to run a functional node and minimum STAKE amounts). Delegators can place additional STAKE on candidates and receive rewards when the candidates they have placed STAKE on are chosen as validators.
When STAKE is locked in the protocol, rewards for sealing blocks are generated in STAKE and xDai. In addition, fees for removing STAKE from the xDai chain are assessed and distributed among active stakers.
STAKE is a volatile token used as a staking token to protect the xDai chain. It enables delegated staking and community participation in xDai consensus. It is also used for STAKE weighted proposal initiation and voting.
You do not need STAKE to use the xDai chain for regular transactions. You only need STAKE if you want to be a validator or delegator on the xDai chain.
More on the Dual Token Model
xDai is the first developed use-case for STAKE. However, it may be adopted by other chains in the future and used as a staking token for their consensus as well. POSDAO consensus is an algorithm we’ve developed that may be adopted by other chains, and those chains would have the opportunity to also incorporate a ready-made solution with STAKE to protect their chain.
When public POSDAO staking on xDai begins, you will need to move your STAKE to xDai in order to use it there.
The app is located in the xDai instance of BlockScout, available at https://blockscout.com/xdai/mainnet. Go to the Apps dropdown and select either Validators, Active Pools, or Inactive Pools to access.
Once you are in the DApp, connect your web3wallet (like MetaMask) to participate. The Staking Operations section details various actions you can take to Stake, claim rewards etc.
A validator runs a node that verifies transactions and finalizes blocks on the xDai chain. Each validator must provide the minimum STAKE collateral (20K STAKE) into their pool and setup a functional node to participate. They start as candidates, and have the chance to become validators each week when a new validator set is chosen.
The max number of validators in a validator set is 19. This is called a validator set and is chosen each week from the group of validator candidates.
The maximum number of candidates is 3000.
If there are more than 19 suitable candidates, the top 19 are chosen based on the total amount of stake in their pool + a random number.
A delegator is a STAKE holder who places STAKE in a validator candidates pool. If that candidate becomes a validator, the delegator also receives rewards. By placing STAKE, delegators vote on the candidates they think will make the best validators. 200 minimum delegation per validator candidate.
Each staking epoch is ~1 week (120992 blocks).
Rewards are distributed at the end of a staking epoch to active validators and delegators. Participants must claim their STAKE using the claim function to get rewards back to their wallet.
You will order a withdrawal for the entire delegation amount. At the end of the epoch, you will be removed as a delegator for that validator. See the question below for more details on the process.
See the rewards in a dual token environment post for more information. As a validator, you will always receive at least 30% of your pool's rewards, and more if delegators contribute less than 70% to the pool. Rewards are based on how much STAKE is staked in the protocol as well as chain-based activity (stable rewards come from bridge fees and transactions). Staking rewards accumulate based on the locked amount, number of delegators, and validator performance.
To begin, enable your web3wallet (such as MetaMask or NiftyWallet) with an address that contains both ETH (for gas fees) and STAKE (for staking). You can also use Wallet Connect with an enabled mobile wallet.
If you've sent STAKE to your wallet address but it is not showing up, add STAKE as a custom token. Then connect your wallet to the application.
It`s recommended to use the UI for EasyStaking - method below is available for contract interaction and other integrations.
You can transact with the EasyStaking proxy contract directly by sending STAKE to
0xecbCd6D7264e3c9eAc24C7130Ed3cd2B38F5A7AD . Once your transaction is approved, you can connect your wallet to the Easy Staking UI to view staking details.
Note: Only send STAKE tokens to this address