- Commencement of IOTA staking rewards regarding Assembly Network as well as Shimmer Tokens has been declared by IOTA Foundation.
- A 7-day span has been provided for pre-staking to token holders and the rewards for staking will be received by the token holders on 28th Dec for 90 days from the day forth.
- Users will be able to do staking through the Firefly wallet of IOTA, and no third party wallet will be supported.
IOTA Staking Commenced
The IOTA Foundation has finally announced the official commencement of staking of IOTA Tokens. Holders of IOTA Tokens are now able to stake their tokens and receive the Shimmer and Assembly Network tokens in return as rewards. A 7-day pre-staking duration got started too on 21st December where the users will be able to buy or move the tokens in the Firefly Wallet of IOTA. With the launch of Firefly wallet version 1.3.0, staking became available on this wallet.
IOTA token holders can shift their tokens from exchanges and wallets to the Firefly wallet where the holders will be able to tag their tokens for staking them. After a 7-day span the tokens will start to generate the rewards, where every IOTA token will produce 1 SMR and 0.000004 ASMB tokens every 10 seconds. The complete process will take 90 days, and in order to receive the rewards, the SMR and ASMB airdrops must reach 1,000,000 SMR and 1.0 ASMB respectively.
IOTA foundation highlighted while sharing a statement with a news website that, “there are no lockups or penalties and token rewards are readily available within the Firefly wallet.” It was also disclosed by the IOTA foundation that the stakers are free to choose whether they want the rewards for staked tokens in Shimmer tokens or Assembly tokens or in a combination of both.
Stake IOTA Get SMR
SMR is Shimmer Network’s indegenous token and will become its economic understructure, adding to its safety and assisting interactions as well as transactions inside the developing ecosystem. Upcoming DAO, Decentralized Apps, Decentralized Finances, NFTs will be enabled by the token.
1 SMR will be produced by 1 IOTA token every 10 seconds, continuing for a span of 90 day, and the rewards will be received by the stakers as soon as the drop reaches a total of 1,0,000,000 SMR.
Staking will continue for a total of 90 days, where it will be formed into liquid staking which will make it easier for the users to unstake or shift their tokens at any time they want, no restrictions will be there regarding staking or unstaking the tokens.
Stake IOTA Get ASMB
ASMB is the indegenous token of Assembly Network. Network’s safety will be ensured and Assembly’s regulating processes will be underpinned by the token immediately after the launch of the network.
The total supply of ASMB tokens is 100 Billion, which will be dispersed by the network over the span of 5 years, and the 20% of the tokens will be dispersed to the IOTA token holders, making them the biggest stakeholders in the ecosystem of Assembly.
0.000004 ASMB will be produced by 1 IOTA token every 10 seconds, continuing for a span of 90 day, and the rewards will be received by the stakers as soon as the drop reaches a total of 1.0 ASMB.
Around 8% of the tokens will be dispersed during the 90-day span of staking which will depend on the rate of participation of the holders. Rest of the tokens will be dispersed after upgrades in smart contracts and tokenization on IOTA mainnet, which will end after 2 year staking period.
Firefly Directives for Staking
Finally, the IOTA Token holders can only stake their tokens through Firefly Wallet featured by IOTA only, and third party wallets will not be supported for staking IOTA tokens. Users need to download the latest Firefly wallet and follow the given instructions for staking their tokens.
- Step 1: Users need to log in to their profiles and navigate to the latest staking option. Pre-staking or staking will be allowed for the users here. Time span for pre-staking is from December 22 2021 – December 28 2021, and the rewards will be gained by the users after the pre-staking time span.
- Step 2:Every user’s wallet should be staked individually, and an attached metadata will be sent to the users as soon as they tag the IOTA tokens for staking, which shows that the users are willing to stake the tagged Tokens.
- Step 3: In order to stake the Tokens, users need to select stake, and choose the type of airdrop the user wishes to take part in. As soon as the staking is initiated, the wallet doesn’t require to be opened in order to receive rewards.
- Step 4: A distinct staking transaction will be issued by Firefly as soon as the user clicks confirm. The UI will be updated after confirmation, representing that the user is now prepared for staking.
Some More Essential Information
Staked Tokens can be sent from the staked wallet at the user’s wish. But the user needs to stake the leftover tokens again manually. A warning will be issued by Firefly upon sending the staked tokens. Because of dust protection, the users need to earn at least 10,000,000 SMR or 1.0 ASMB in order to receive the drop upon the launch of the network. Information will be given by the Firefly Wallet if the users are short of minimum tokens. Users need to stake the additional funds received on the staked wallet manually. A warning will be issued by firefly regarding the tokens that are being staked already.