Flow
Layer 1 Protocol, Flow Ecosystem
Flow is a fast, decentralized, and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. It has a unique, multi-role architecture that is designed to scale without sharding, allowing for higher speed and throughput while preserving an atomic, consistent, isolated, and durable (ACID) compliant environment.
APY | 8-9% |
Compounding | Manual |
Reward Distribution Period | Distributed every epoch (weekly) |
Unbonding Period | 7-14 Days |
Validator Self-Bond Requirement | 250.000 FLOW - Collection node
500.000 FLOW - Consensus node |
Inflation | 3.75% |
Figment Validator Address | 1408c08272beb24ad4fe4e531a9b937a26ee72c5f56b50ac8f2b889c3c42d316
95d61bcc7202fe7d0558baede4cc17a56aac191a0cfd110fbf824e2ef71bd49c |
Recommended Wallet |
Slashing occurs only for clear signs of malicious activity.
If you’re ready to stake, the easiest way to participate is with your Ledger hardware device. If you are using a third-party custody solution or would like an introduction, contact [email protected] If you have more questions before staking, we have likely answered your questions below.
Figment's Node Operator IDs:
a) Consensus Node 95d61bcc7202fe7d0558baede4cc17a56aac191a0cfd110fbf824e2ef71bd49c
b) Collection Node 1408c08272beb24ad4fe4e531a9b937a26ee72c5f56b50ac8f2b889c3c42d316
You can delegate to either of the two nodes, since initially all delegators will earn the same pro-rata rewards.
All FLOW tokens will initially be locked for one year, so if you have tokens, you should consider staking them. Here’s how:
- 1.Either a) Have your Ledger device ready with the Flow app installed b) Have your Blocto login information ready
- 2.
- 3.Click ‘Stake & Delegate’ in the left margin of the dashboard, then the ‘Start Delegating’ button to begin.
- 4.Initially it doesn't matter which Figment node you choose to delegate your FLOW to. Figment's Node Operator IDs: a) 95d61bcc7202fe7d0558baede4cc17a56aac191a0cfd110fbf824e2ef71bd49c b) 1408c08272beb24ad4fe4e531a9b937a26ee72c5f56b50ac8f2b889c3c42d316
- 5.Review your transaction and have your Ledger active and ready, then submit your transaction.
Informal, off-chain governance, initially. Anyone can submit improvement proposals on the Flow GitHub repo, and they're reviewed by the core dev team. Protocol upgrades will be proposed to node operators who then make independent decisions on adoption.
Flow sets a powerful ecosystem for projects that want to deploy games, collectibles and any sort of interactive application. The network shares the same team of developers as CryptoKitties - Dapper Labs - and although the dApp launched on Ethereum first, the team eventually wants to expand onto Flow as well. One of its most popular projects is the NBA Top Shot collectibles, that quickly captured mainstream attention. Flow has also several partnerships with major brands like Dr. Suess, Samsung, Ubisoft, which results in many interesting projects like the UFC Digital Collectibles.
What is staking?
On a Proof of Stake blockchain, staking is the act of depositing tokens in order to become a validator; that is, to participate in proposing and attesting to transaction blocks. Anyone with a minimum necessary coin balance can validate transactions and earn staking rewards on these blockchains.
What is the name of the asset being staked?
Flow's native token, FLOW will be staked to capture new issuance rewards and fee revenue.
What are the uses cases of FLOW?
FLOW will also be used for the following:
- 1.Payment for computation and validation services (i.e., transaction fees)
- 2.Medium of exchange
- 3.Deposit for data storage
- 4.Collateral for secondary tokens
- 5.Participation in governance (eventually)
Where can I explore the network and create a FLOW wallet?
Windows 10 Wallet Users- In Chrome or Brave, navigate chrome://flags#new-usb-backend - set "Enable new USB backend" to disable- restart your browser and visit https://port.onflow.org
Which type(s) and what rate of rewards can I expect? Can I stake locked/vesting tokens?
Locked FLOW can be staked, and stakers are expected to earn newly-issued FLOW tokens and transaction fees.
We expect stakers to earn around 4.5% in new-issuance FLOW tokens annually, depending on the proportion of the token supply staked. If 50% is staked, then rewards will be 7.5%, and if 83% is staked, rewards will be 4.5%. Since all tokens will initially be locked, there's a strong incentive for nearly all of them to be staked. If 100% are staked, rewards will be 3.75% annually. Detailed token economics information can be found here.
How long does it take to stake and unstake?
From the moment you initiate the unbonding process, it takes 7 to 14 days to unstake, depending on when the request is made. An epoch is ~7 days, so your tokens will remain staked for the remainder of the epoch and then it will take an additional epoch to unlock. During the one-week unlock period (ie. epoch) you will not earn rewards. When the process is complete, you will be able transfer/trade your FLOW tokens.
Can I lose potential staking rewards?
Your potential rewards depend on validator performance. When your validator is down, you will not earn staking income.
Can my staked FLOW be slashed (seized or destroyed)?
Initially no, but we expect that eventually the rules will change such that a portion of your staked FLOW can be destroyed if you have delegated to a malicious or insecure validator. We will update this page when those conditions are enabled.
What is the rate of new issuance (aka "annual inflation") for FLOW? How does the token supply change?
New FLOW tokens will be minted (ie. created) and then distributed to stakers at a rate of 3.75% of the total supply yearly. All transaction fees get deposited to a fee vault in the Service Account (controlled by Dapper Labs), and the fate of these tokens will be determined by the team over the next few months.
What affects future yields?
Individual rewards are variable and depend on many factors. The total rewards for each epoch are fixed for that epoch, but where those rewards come from can change. When the protocol pays rewards, it first pulls from the central pool of all the transaction fees that have been paid by every user in the network since the last rewards payment. Once that pool has been depleted, the protocol mints new tokens that are used as rewards.
Therefore, delegators are expected to earn around 4.5% in new-issuance FLOW tokens annually (plus transaction fees), depending upon the proportion of the token supply is staked.
If 50% is staked, then rewards will be 7.5%, and if 83% is staked, rewards will be 4.5%. Since all tokens will initially be locked, there's a strong incentive for nearly all of them to be staked. If 100% are staked, rewards will be 3.75% annually.
Do I maintain custody of my FLOW tokens? Who or what controls my staked FLOW token?
Figment has partnerships with a number of top-in-class custodians. Please contact [email protected] for more inquiries.
The Flow protocol takes control of your FLOW tokens while you are staking. If you unbond your tokens, this process will take at most 14 days before the protocol returns your tokens to you, depending when you commit to unbonding. While your FLOW tokens are staked, you may participate in on-chain governance once it is enabled (initially governance will be off-chain).
How are decisions about FLOW made and executed?
The Flow Service Account has special permissions to change critical aspects of the network, including minting/burning tokens and changing the core protocol. This account will be controlled by the Flow team, Dapper Labs, at network launch. Here are the key details from the Flow team’s documentation.
How is FLOW governed?
Besides its special permissions, the Service Account is like any other account in Flow. During the early phases of Flow’s development, the account will be controlled by keys held by Dapper Labs. As Flow matures, the service account will transition to being controlled by a smart contract governed by the Flow community.
Last modified 5mo ago