How to use the staking service to earn block rewards

[0xkraken]

Launching today, this staking service is for validators who want to power the Incognito network to earn block rewards, without needing to maintain their own virtual node.

If you’re looking for instructions on how to run your own virtual node, please refer to this tutorial. This topic is about how to use the staking service in the Incognito app.

How to stake

1. Download the Incognito app.

Once you have the application,

2. Open the Provide tab from your home screen and tap ‘Provide more’.

You will see 3 options for staking PRV, with anytime withdrawal, 6-month, or 12-month terms. Choose the term and APY that works for you then enter the amount you would like to stake (There is no maximum and minimum is 1 PRV.)

3. To view the details of your fixed-term stake, tap on the View details button.

You’ll see the amount staked, rewards accrued, time remaining, and APY selected.

4. To withdraw your stake and rewards, tap the Withdraw button.

When your term ends, both rewards and stake will be moved to your ‘anytime’ PRV balances, and be available to withdraw.

Already providing PRV?

The anytime withdrawal option remains. If you’d like to change terms, simply tap on the “Migrate” button.

The staking service goes live today. We will be making improvements to the interface in the coming days, so please share your thoughts and suggestions.

Thank you!

[J053]

Is the old way of providing still working?

[0xkraken]

Hi @J053, the provide is still maintained. You could provide PRV or other tokens as normal.

[Pagliaccivondoom]

Am I the only one who stopped getting prv for their other coins though? The prv I have locked up and my tether accumulate interest but pretty much all my other coins stopped generating interest after the update

[Jared]

Try going into settings > Clear Balance Cached > close the app > reopen the app.

[Vidar_Hageman]

Nah man this me too

[Mike_Wagner]

The assets listed in the Provide tab have regressed to an unsorted view again. Possible to have the non-zero coins automagically sorted to the top again?

@Mike_Wagner

With the addition of new coins, the list of available coins in Provide is becoming longer and longer. It would be helpful to prioritize/sort the coins a user is providing above the coins she is not providing in this listing.

Once a user add coins in Provide, those coin(s) should automatically sort to the top of the Provide listing in the app. This will make for less scrolling up/down to review all assets with value in Provide.

[0xkraken]

Thanks, @Mike_Wagner. Your feedback is very helpful. We’ll sort the coins that have non-zero provided balance to the top of the list. Besides, we always put non-locked PRV and locked-term PRV on the top. It’s easy for users to find the native token (PRV) to provide liquidity or use the staking service.
We’ll update the sorted list as soon as possible.

[Mike_Despo]

Once you’ve staked PRV into the 6 or 12 month option, is there still a way to withdraw it early, just in case? I’m assuming if that option even exists, you would obviously lose any rewards gained on it. But could we get clarification on that?

[0xkraken]

Hi @Mike_Despo, we don’t have an option that allows withdrawing locked funds early. So once you’ve staked PRV in a term, you can only withdraw all rewards and staked funds when the term ends.

[Mike_Wagner]

You could ladder your deposits.

• Deposit half now on the 6 mo term.
• Deposit 1/3 of the other half now on the 12 mo term.
• In two months deposit the next 1/3 to a 12 mo term.
• In four months deposit the last 1/3 to a 12 mo term.
• In six months receive the 1st 1/2 principal (+ reward) and deposit 1/3 to a 12 mo term.
• In eight months deposit the next 1/3 to a 12 mo term.
• In ten months deposit the last 1/3 to a 12 mo term.
• In twelve months receive the first 1/6 of your overall stake (+ rewards). Cash out, restake for another twelve months, etc.

You will always be 2 months from receiving 1/6 of your stake, while also accumulating the highest yield.

You could, of course, go with quarterly deposits or monthly deposits – the 2 month deposit example was simply the easiest to illustrate.

[Mike_Despo]

Good idea!

[0xkraken]

Hi guys, there are some improvements for the staking service on the app version 4.7.2. We have organized the provide list more reasonably to make the user experience better.

One more important update, the rewards of locked-term PRV provisions are calculated by Annual Percentage Rate (APR), instead of APY as other non-locked tokens, and the total rewards will be displayed on the app shortly once users stake a locked fund.

Please update the app to the latest version to experience the improvements. Thank you!