Original testnet participant and genesis block producer on mainnet.
Figment is a venture funded, registered Canadian company, based in Toronto. Canada offers stability, rule of law and clear crypto regulation.
Protected via industry-leading Delegation Agreement.
If you have BAND tokens, they will likely need to be converted from Ethereum-based ERC-20 tokens to the native BandChain token in order to stake and delegate. You can swap liquid BAND tokens back to ERC-20 at any time. The Band Protocol team has published this guide for swapping BAND tokens.
If your BAND tokens are on an exchange, you’ll need to transfer them to your Ledger hardware wallet to prepare to stake. Once your tokens are in your control (ie. not on an exchange), you can begin to simple process of delegating stake to the validator(s) of your choice. CosmoScan, BandChain’s native explorer, will enable you see to transaction and validator activity on the BandChain network, and also to delegate.
If you’re prepared to delegate, this is Figment’s validator address:
If you need detailed instructions, this is our full delegation guide.
Please see our comprehensive guide on fiat to crypto on-ramps for all staking tokens.View Guide
BandChain is an open protocol that facilitates the governance of data used in decentralized blockchain systems. While many decentralized applications rely on centralized data providers, BandChain leverages existing internet data as a secure and scalable decentralized oracle. Band Protocol is backed by a large network of stakeholders including Sequoia Capital as well as Binance.
Users and data providers are economically incentivized to self-moderate to ensure the security and reliability of the network through staking rewards using the native BAND token. Outside of staking rewards, the BAND token is used to vote in on-chain governance proposals and fund the community pool, which will fund future development of the network.
BandChain is built on Tendermint and Cosmos SDK, and is designed for speed, flexibility, and cross-chain compatibility. With Cosmos’s Stargate upgrade, Band Protocol has integrated Cosmos’s inter-blockchain communication (IBC). IBC opens up pathways for chains to communicate with each other across chains. Alongside their own lite client protocol, BandChain allows other IBC-compatible blockchains to request data from their chain. To request data from BandChain, the other chain must also have the IBC module on their platform.
Figment is pleased to announce that we will be supporting Band Protocol’s mission to improve the standard for data oracles.
BandChain is an upcoming blockchain-agnostic decentralized oracle that claims to offer speed, scalability, cross-chain compatibility, and data flexibility.
Band is a protocol that facilitates the governance of data used in decentralized blockchain systems. Figment hosted an AMA with...
Staking and delegating BAND tokens could require a few different steps to achieve. Here is our BandChain delegation guide.
The BandChain’s native asset, the BAND token.
The Ethereum-based ERC-20 BAND token must be swapped to the native asset before these tokens can be staked.
BAND tokens are the rewards for staking.
In future, a native stablecoin may be earned by stakers.
As of June 9, 2020, staking rewards were calculated to be 21.60% per year.
The rewards rate will likely always be changing based on:
You maintain custody of your BAND at all times, but your tokens will be locked by the protocol during staking. This means that before you can unbond to transfer your assets (to trade or pay using BAND), you will first need to wait for a 21-day period for the tokens to become liquid.
We recommend using a Ledger hardware wallet to control your BAND tokens. Read more about that here.
As of June 9, 2020, the supply was calculated to be increasing by 14.43% per year.
New tokens are minted at a rate determined by the network’s inflation rate, increasing the BAND token supply. The inflation rate began at 13.5% supply increase per year, and will slowly change. When more than 67% of the supply is staking, inflation will gradually decrease. When less than 67% of the supply is staking, inflation will gradually increase. Inflation has a 7% bottom and 20% cap. 98% of all inflationary tokens are awarded to stakers.
50% of the BandChain transaction fees are burned permanently. The mechanism is designed to contract the supply of BAND as the utilization of the network grows in order for the BAND token value to be correlated with network utilization.