IRISnet
Cosmos SDK
The IRISnet is a public blockchain built using the Cosmos Network SDK. The main objective of the IRISnet, with its project the IRIShub, is to become an infrastructure layer for end-user applications or services, referred to as iServices, with a strong focus on enabling communications across private and consortium chains, public chains, and even legacy systems via the IBC (Inter Blockchain Communication) protocol.
APY | ~7% |
Compounding | Manual |
Reward Distribution Period | Every block (~6 seconds) |
Unbonding Period | 21 Days |
Validator Self-Bond Requirement | 10.000 IRIS |
Inflation | 4% |
Figment Validator Address | iva1r9zz6ntwqhs2n63dww425rlc8ux2f06xdnqalr |
Recommended Wallet |
Double Signing | 1% |
Downtime | 0.5% |
IRISnet (also known as IRIS hub) is a blockchain network built on the Cosmos SDK, which gives it great interoperability within the Cosmos ecosystem through the IBC protocol (Inter-Blockchain Communication Protocol). It is designed to be a foundation for next-gen decentralized applications.
IRISnet is looking to become an infrastructure layer for end-user services and applications. A key part of that is the project IRIShub, the first blockchain on IRISnet. IRIShub is designed as an innovative solution to enable as many business scenarios (NFTs, Coinswaps) as possible. IRIShub can support token transfers across different blockchains and facilitate sharing of computing resources across and data across heterogeneous systems.
The interoperability supported by IRISnet is suitable for applications requiring off-chain and inter-chain information exchange and collaboration. Examples include privacy-preserving healthcare data exchange, inter-chain marketplace, digital assets exchange for supply chain finance, and more.
- Rewards are distributed every block which is about 6 seconds
- New delegation is required for compounding
- Slashing risks: Double Signing comes with a 1% penalty and Downtime with 0.5%
- Unbonding IRIS tokens takes 21 days
- Figment’s IRIS validator address: iva1r9zz6ntwqhs2n63dww425rlc8ux2f06xdnqalr
IRIS tokens can be staked via Keplr, Cosmostation, and Ledger. We'll be using the Keplr wallet for this guide, a non-custodial wallet that requires the user to keep their mnemonic phrase and password secure.
If you have to set up a new Keplr wallet, make a secure backup of your mnemonic phrase. If you were to lose that mnemonic recovery phrase, you would lose the ability to access recovering your funds. Check out our “What is Custody?” video to learn more about custody and best practices.
You are ready to start staking when you have IRIS tokens in your Keplr wallet. Sign in to your Keplr wallet and start at the dashboard.
Next, select the Figment validator from the list of validators and select “Manage” to begin the process.
Select “Delegate” on the pop-up.
Enter the amount of IRIS tokens you wish to stake, select “Delegate” and then “Approve” on the left hand side.
Be sure to leave a small amount of IRIS tokens in your unstaked balance to cover fees that are required to claim rewards, stake tokens, and unstake tokens.
After a short while, the transaction will have gone through and you will be able to see your staked IRIS tokens listed at the top of the list of validators.
IRISnet rewards do need to be restaked manually. In order to do so, you have to claim your tokens. Return to the IRISnet section in the Keplr wallet and select “Claim Reward” at the top right of the screen.
IRISNet belongs to the Cosmos Ecosystem. It has a consortium blockchain product called IRITAchain and a decentralized multi-chain NFT ecosystem called Uptick.
What is IRISnet?
The IRISnet is a public blockchain built using the Cosmos Network SDK. The main objective of the IRISnet, with its project the IRIShub, is to become an infrastructure layer for end-user applications or services, referred to as iServices, with a strong focus on enabling communications across private and consortium chains, public chains, and even legacy systems via the IBC (Inter Blockchain Communication) protocol.
What is protocol staking?
On a Proof of Stake blockchain, protocol 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?
The native token on IRISnet is called IRIS.
What is the IRIS token used for?
The IRIS token is used to vote on governance proposals, to cover transactions and service as well as for staking purposes to secure the PoS network.
Where can I explore the network and create an IRISnet wallet?
Explorer: https://irishub.iobscan.io/#/home or click here to view a complete list of IRISnet explorers. We suggest you the Keplr wallet, other supported wallets can be found here.
How long does it take to stake and unstake?
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 IRIS tokens.
Will I keep receiving rewards after I unbond?
No. Once you unbond you stop receiving rewards.
Which type(s) and what rate of rewards can I expect?
You should expect approx. 7% APY. Here you can learn more about how staking rewards are calculated.
When do rewards get distributed? Is staking income liquid or automatically staked?
Staking rewards in IRISnet get automatically distributed every block (roughly 6 seconds). Figment is never in control of your rewards. There’s no auto compounding feature in IRISnet and therefore staking income remains liquid and must be restaked manually.
How is staking income disbursed?
Collected transaction fees and inflated tokens are distributed to both validators and delegators. IRISnet applies a lazy distribution strategy, which means rewards are not automatically distributed to contributors. Contributors must explicitly send transactions to request the withdrawal of their rewards, otherwise, these are kept in the global pool. For more information please refer to the Staking Reward Calculation Formula.
Can I lose potential staking rewards?
Your potential rewards depend upon validator performance. When your validator is down, you will not be earning staking income.
Can my staked IRIS be slashed (seized or destroyed)?
Yes. IRISnet applies slashing penalties based on the following conditions:
Double-signing: it occurs when your validators voted multiple different opinions about the same block height or have voted for different blocks at the same height. In this case, the protocol will slash all stakes by 1% and remove the validator from the active set. Downtime: it occurs when validators go offline for more than 30% of the last 34,560 blocks (approx. 48 hours, assuming an average block-time of 5 seconds). In this case, the validator will get jailed and removed from the current set for 10 minutes, yet both the validator and delegator would be slashed by 0.03% on all stakes. Censorship: IRISnet also penalizes validators for packing illegal transactions into the block jailing and removing them from the set for two days.
What is the rate of new issuance (aka "annual inflation") for IRIS?
How does the token supply change? The initial total supply of IRIS is 2,000,000,000 at an annual inflation rate of 4% for the first year that can be modified via on-chain governance.
What is the total supply of the IRIS token?
The total supply of IRIS is 1.99 billion.
Do I maintain custody of my IRIS tokens?
Who or what controls my staked tokens? Yes, by delegating to a validator, you delegate voting power, which doesn’t mean validators have custody of your funds. Figment is non-custodial thus we are never in control of your staking income and staked asset. We have partnerships with a number of top-in-class custodians: For inquiries, please contact [email protected]
How are decisions about IRISnet made and executed?
Governance decisions in IRISnet happen on-chain; IRIS token holders can delegate their token to a validator that participates and vote on proposals discussed here. The votes from different validators don't have the same weight; validators’ voting power is proportional to the bonded tokens including both self-bonded tokens and tokens from other delegators.
Last modified 5mo ago