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There are three ways to stake e-Money NGM.
emcli tx staking delegate emoneyvaloper1m5ymqqnem9tzdzul0xrpkw3d82kncyzdw772yl 1000000000ungm –from keyname –chain-id emoney-1–fees 200000ungm –node 22.214.171.124:26657
Where “1000000000ungm” is equivalent to 1000 NGM; “keyname” is changed to the name of your key; and “200000ungm” is a transaction fee equal to 0.2 NGM.
Figment validator address: emoneyvaloper1m5ymqqnem9tzdzul0xrpkw3d82kncyzdw772yl
Contact us for more information on network participation.
We expect e-Money staking rewards and transfers to go live on November 4, 2020 sometime after 13:00 UTC.
e-Money’s native token, NGM, is used to stake.
Vesting tokens may be staked. The rewards from staking NGM tokens come from three sources:
New NGM will be minted at a rate of 10% of the total supply each year, which will be distributed entirely to stakers.
Transaction fees can be paid with NGM or in any of the currency-backed tokens and we expect trading activities on the DEX to be the primary source of these.
The markup consists of an annual 1% inflation on each currency-backed token. The markup is applied continuously and distributed pro-rata to staked NGM token holders. In short, the rewards that are distributed to staked NGM tokens are tied directly to the amount of issued currency-backed tokens.
Current stable asset currencies that are supported are: EUR, CHF, DKK, SEK, and NOK, and there are plans to support more currencies in the future.
You can self-custody your e-Money NGM tokens, ideally using a Ledger hardware wallet. Here are instructions for using your Ledger wallet with e-Money.
Figment has partnerships with a number of top-in-class custodians: firstname.lastname@example.org
The e-Money protocol takes control of your NGM tokens while you are staking. If you unbond your tokens, this process will take 21 days before the protocol returns your tokens to you.
From the moment you initiate the unbonding process, it takes 21 days to unstake. During this time you will not earn rewards. When the process is complete, you can transfer/trade your NGM tokens.
Yes, a portion of your staked NGM can be destroyed. There are two ways this can happen:
Yes. If the validator you delegate to is offline for over six (6) minutes during 1 hour, you will not earn rewards for at least an hour or however much longer it takes for your validator to resume operations.
The e-Money network first launched on Mar 25, 2020 with a fixed token supply of 100M NGM.
As of Nov 4, 2020, e-Money will begin issuing new tokens at an annual rate of 10% of the total supply, all of which will be distributed to stakers.
e-Money’s currency-backed stablecoins will be inflated by 1% per year, and these additional stablecoins will be used to buy back and burn NGM tokens. The NGM are bought on e-Money’s DEX and will act as a deflationary counterbalance to the inflation of NGM.
Since e-Money stablecoins are centralized (ie. currency-backed with a legal entity issuing the tokens), e-Money’s protocol uses a simple “authority key” that can change network parameters such as gas prices. The authority key is controlled by e-Money A/S (the legal entity).
The legal entity e-Money A/S can use the authority key on-the-fly to change gas prices (as they can fluctuate with exchange rates or as new denoms added, for example). The authority key can also add new stablecoin issuers on-chain. All other parameters (eg. slashing penalty) are set when the chain is launched (ie. genesis) by the validator set.
Check out our ‘First Look’ article here.
The e-Money team has a set of frequently-asked questions (FAQs) here.
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