Staking MINA just got easier. We are excited to announce that you can now stake your MINA on Hubble! Learn how to stake your MINA using your Ledger hardware wallet and our Hubble Web 3 Explorer by reading below.
Due to Mina’s token release schedule, tokens that were purchased by community sale participants on Coinlist will be unlocked 40 days after genesis. The official date is May 31st, 2021at 5 pm PST.
If you have MINA, and it’s being held with our custodial partner, Finoa, or you’re only using a web wallet at this time, you can find information on how to stake here. We also have a video up on YouTube that walks you through the process!
Installing the Mina Ledger App
Mina recently released an application for the Ledger app. You can find details on their website. You’ve got to be familiar with CLI or comfortable with it in order to install the application. Make sure your ledger is updated to the latest firmware and fully configured.
After installing the app and generating a key pair, open the ledger app. On your ledger, the app will read “this app is not genuine,” because it’s not directly from the ledger. If you followed the instructions, you should be good to go.
Staking MINA with Hubble
Head to https://hubble.figment.io/mina/chains/mainnet. Hubble allows you to:
- Stake MINA via Ledger.
- Quickly view and sort validators by blocks produced, delegations, and total stake.
- Track block production over time.
- Use advanced transaction search to filter by type (Coinbase, Delegation, Snark Fee, Payment, and Fee Transfer), date, memo, and address.
If you scroll down you will see a list of validators. You can locate Figment’s validator using the search bar.
Click on Figment’s validator and the interface will pull up a webpage with relevant information. Find the “Stake Now” button on the right.
Hubble will try to connect your ledger. Connect and unlock your Ledger, and open the Mina app. The browser will pull up a new screen and ask to select your account number, (it’s usually 0).
Hubble will request that you confirm your address on your Ledger.
Confirm generating address on your Ledger and approve generated address. On your Ledger it will show the following steps:
- Get Address
- Generate an Address
- Approve on your Ledger
Then you will be able to delegate.
Hubble will ask that you confirm your transaction on your Ledger.
That’s it! Hubble will confirm your transaction.
After a few minutes it will be viewable on Hubble.
Why Continue to Stake
While community rewards are liquid, Mina has implemented a plan to further incentivize staking. During the first 15 months of mainnet, unlocked accounts will receive double the block rewards that locked accounts received. This is called “Supercharged Rewards.”
For more details, Mina’s team has a blog post on token distribution and supply that outlines the mechanistic behind supercharged rewards.
Frequently Asked Questions
Where can I explore the Mina Network?
What is the name of the asset being staked?
Minas’ native token, MINA, is used to stake and to participate in on-chain governance.
When are staking rewards enabled? When are transfers enabled?
Staking rewards are enabled at the launch of the mainnet. Transfers will be enabled as tokens become unlocked. Tokens purchased during the Community Sale will be locked for 40 days after mainnet launch. The protocol will unlock 20% of Mina Foundation tokens at the launch of mainnet. Afterward, the rest of the tokens will be unlocked continuously over the next 3.5 years, beginning six months after launch.
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 is partnering with Finoa to serve as a third-party custodian, reach out to firstname.lastname@example.org.
The Mina Protocol takes control of your MINA tokens while you are staking. As soon as you unbond your tokens, they are returned 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 caught with downtime or double signing). Ouroboros, by design, incentivizes all stakeholders to act rationally.
Is staking income liquid or automatically staked?
Validators handle payouts, and automatically staking rewards can be automatically staked. 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?