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Figment

Why Stake with Figment?

EXPERIENCED & TRUSTED

EXPERIENCED & TRUSTED

Original testnet participant and genesis block producer on SKALE’s mainnet.

Serving many of SKALE’s early investors.

Figment is a venture funded, registered Canadian company, based in Toronto. Canada offers stability, rule of law and clear crypto regulation.

FEATURES & BENEFITS

FEATURES & BENEFITS

Figment Prime and discounts available for large token holders. Contact us for more information.

Active participant in the SKALE ecosystem.

SECURITY & SAFETY

SECURITY & SAFETY

The world’s most advanced physical IDC + multi-cloud staking infrastructure.

You maintain custody of your SKL at all times.

Third-party custody solutions are available through our institutional partners. Contact us for more information.

COMPLIANCE

COMPLIANCE

Protected via industry-leading Delegation Agreement.

Delegating your staked SKL tokens

If you participated in the Activate SKALE token sale, Activate has a guide for claiming your SKL tokens and delegating them.

Claim and delegate your tokens prior to October 1, 2020 in order to maximize your rewards. If you missed this deadline, you can still delegate, but you will only begin earning rewards at the first of each month eg. November 1, 2020.

To begin you should have approximately 0.5 ETH in the wallet your registered (to pay for transaction fees).

  1. Log into your Activate account.
  2. Click ‘Get my tokens’ and then ‘Retrieve my SKL tokens’.
  3. Navigate to the Stake part of the dashboard, find Figment, and click the blue ‘Stake’ button.
  4. Read carefully before clicking the ‘Stake my first SKALE tokens’ button.
  5. Select the number of tokens to stake and the two-month option.
  6. Read Figment’s Terms of Service agreement and submit the delegation request.

For the SKALE Mainnet Launch on Activate, the only available staking period to begin will be 2 months. The other options are greyed out and will be available following the initial 60 day period.

Fiat-to-Token Exchange

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

View Guide

Learn More

The SKALE Network is an “elastic” blockchain network that is designed to be interoperable with Ethereum. Ethereum compatible elastic sidechains will be the primary use of the SKALE Network. 

Sidechains are operated by a group of “virtualized subnodes” that are selected from a subset of nodes within the network. These sidechains can be run using all or a subset of a node’s computation and storage capacity, which means that a single node can perform work in multiple sidechains. 

The SKL token is the work and usage token on the network. Nodes are required to stake a certain amount of SKL in order to receive work. Holders of the SKL token are able to delegate their tokens to nodes on the network, which will allow them to earn a share of rewards earned by nodes they delegate to. 

You can learn more about SKALE by reading their whitepaper. 

Resources

Frequently Asked Questions

What is the name of the asset being staked?

The SKL token. 

When is SKALE staking enabled? When are transfers enabled?

We expect the SKALE mainnet to launch with staking on October 1st, 2020.

Proof of Use: If you purchased your tokens via the Activate Codefi Networks auction, you will need to stake at least 50% of your tokens for three months before you can transfer (or trade) your SKL tokens. If you acquired SKL in any other way, this Proof of Use will not apply.

Which type(s) and what rate of rewards can I expect?

The target reward rate is 7.8%. The reward rate will halve every 6 years until the max supply of tokens is reached in the network.

Every epoch bounties are distributed equally between nodes in the network (ie. pro-rata for stakers).

As more apps use the SKALE network, stakers will earn more fees in the form of SKL.

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

The SKALE network protocol will control staked SKL tokens automatically, however, functions involving rewards, delegating, and unstaking will be controlled by you.

How long does it take to unstake?

It will take three months for your staking delegation to complete and for your tokens to become liquid (ie. transferrable). If you want to delegate for longer than three months, you may elect to have your stake automatically redelegated at the end of the three month period.

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

There is no inflation. Instead, a fixed amount of SKL tokens have been allocated to reward stakers.

The SKL token supply will be capped at 7 billion tokens, with the initial supply being 4.55 billion SKL.

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

For the first three months, there will be no potential for being slashed when staking SKL.

At either Month 3 or Month 6, slashing will be turned on based upon community input and security requirements for dApps (decentralized applications).

How are decisions about the network made and executed?

Our understanding is that the SKALE foundation, comprised of various stakeholders, will make code release decisions to be considered and adopted by the validator set (aka off-chain governance).

We expect that eventually on-chain voting will be implemented in future.

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