Figment

Why Stake with Figment?

EXPERIENCED & TRUSTED

EXPERIENCED & TRUSTED

  • Figment is a venture-funded, registered Canadian company based in Toronto. Canada offers stability, rule of law, and clear crypto regulation.
  • Servicing the world’s largest MINA holders.
  • 30+ years of experience successfully scaling internet infrastructure companies.
FEATURES & BENEFITS

FEATURES & BENEFITS

  • Our Commission rate is 10%.
  • Figment Prime & discounts available for large MINA holders. Contact us for more information.
  • Active participant in the Mina ecosystem.
SECURITY & SAFETY

SECURITY & SAFETY

  • The world’s most advanced physical IDC + multi-cloud staking infrastructure. 
  • You maintain the custody of your MINA at all times.
  • Third-party custody solutions are available through our institutional partners. Contact us for more information.
COMPLIANCE

COMPLIANCE

Staking Guide & Instructions

We recommend using a hardware wallet. We have instructions on setting up Ledger and SafePal wallets.

For details about delegating with our institutional partner, check out our full delegation and staking guide.

Delegating via CLI

First, if you haven’t already, you’ll need to generate a keypair and connect to the network.

Second, make sure you’ve unlocked your account and enter the following in the terminal:

mina account unlock -public-key $MINA_PUBLIC_KEY

Then run this command to delegate your stake:

mina client delegate-stake \     -receiver <DELEGATE-PUBLIC-KEY> \     -sender $MINA_PUBLIC_KEY \     -fee 0.1
  • The receiver is the public key of the validators to receive your stake delegation. 
  • The sender is the public key of the account from which you want to delegate
  • The fee is the transaction fee required to record your transaction.
  •  
  • Figment’s Public Key:
  • B62qjCuPisQjLW7YkB22BR9KieSmUZTyApftqxsAuB3U21r3vj1YnaG
 

Fiat-to-Token Exchange

Please see our comprehensive guide on fiat to crypto on-ramps for all staking tokens.

View Guide

Learn More

Mina bills itself as the “world’s lightest blockchain”. Current cryptocurrencies like Bitcoin and Ethereum store massive amounts of data on their blockchains, and will only continue to increase in size. Mina however, claims that their blockchain will always stay the same size (about 20 kilobytes), no matter the usage. This will allow the blockchain to be downloadable by anyone who has basic storage and internet access. 

Because of its size, we could potentially see Mina’s tech everywhere. It could, theoretically, run on any native browser or phone without having to download any extension or trust additional 3rd parties. This would dramatically reduce the resources necessary to verify a chain’s history, which would increase the number of transactions a protocol can process.

Mina plans on doing this by combining recursive composition with zero knowledge-succinct non-interactive argument of knowledge proofs, or zk-SNARKs. zk-SNARKs let Mina create a proof of computation, and then share it with anyone. This will create an unforgeable certificate that transactions are performed correctly, without proving the entire computation.

The team behind Mina is lead by CEO Evan Shapiro and CTO Izaak Meckler. They recently raised over $15 million and they have over 20 employees and counting. 

Individual tokens on the network will be called Mina. The initial supply of Mina will be 1 billion. There will be 3 types of roles within the Mina network, Verifiers, Block Producers and Snarkers.

Verifiers can improve the validity of the network by downloading a zk-SNARK, which will certify consensus information. Block Producers are similar to miners or stakers in other networks. They are incentivized by block rewards, and network fees, which are paid by users. Snarkers produce zk-SNARKS that verify transactions.

More information on the relationship between Verifiers, Block Producers, and Snarkers can be found in Mina’s recently released Economic and Monetary Policy Whitepaper.

Frequently Asked Questions

Where can I explore the network and create a Mina wallet?

There is not a web-based wallet from which to delegate tokens. 

You can view Mina’s validators and explore the network using this community-built interface.

What is the name of the asset being staked?

The Mina token. 

When are staking rewards enabled? When are transfers enabled?

Staking rewards are enabled at the launch of the mainnet.

How long does it take to stake & unstake MINA?

Token holders who stake or delegate without a bonding or lock-up period.

Do I maintain custody of my MINA tokens? Who or what controls my staked MINA token?

You can self-custody your Mina tokens, ideally using a Ledger hardware wallet.

Figment has partnerships with a number of top-in-class custodians: support@figment.io

The Mina protocol takes control of your MINA tokens while you are staking. If you unbond your tokens, this process will take X days before the protocol returns your tokens to you.

Can my staked MINA be slashed (seized or destroyed)?

No. Mina’s protocol is founded on the Ouroboros algorithm. Slashing is based on regulating the irrational behavior of validators by threatening them economically (aka. threatening their stake if they are caught with downtime or double signing). Ouroboros, by design, incentivizes all stakeholders to act rationally.

Is staking income liquid or automatically staked?

Rewards can be automatically staked, and payouts are handled by the validators. Validators can choose not to send rewards, or send them when it suits them.

Can I lose potential staking rewards?

While there isn’t any slashing, delegators will not gain rewards if their validator goes offline.

What is the rate of new issuance (aka "annual inflation") for MINA? How does the token supply change?

Mina’s inflation will begin at 12%. Over the next five years, the inflation rate will fall to 7% – unless specified or changed through governance.

How are decisions about Mina made and executed?

Details about governance have not been released yet by the team.

Where can I learn more about Mina?

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