ICON staking is finally here! ICONists can now exercise their forthright views in governance of the ICON protocol by voting for P-Reps of their choice through the official ICONex desktop wallet.
Why Should I Stake?
Apart from being able to earn rewards that range from 6-36% for staking your hard-earned ICX, the ICON Foundation is also "giving away up to 3 million ICX as a reward for early adopters of staking and voting".
Criteria for being able to participate in the 3M ICX giveaway:
- Currently hold ICX during the Pre-Voting period.
- Uses their ICX to participate in the Pre-Voting event from August 26 - September 26th by delegating to P-Reps of their choice.
Additionally, as a holder of a stake-based protocol, you the ICONist, by not participating in the Pre-Voting period or staking altogether, are essentially "leaving money on the table".
Since Proof-of-Stake (PoS) based protocols produce rewards for ones resources dedicated to the network, in this case I-Score which can be exchanged for ICX, by not participating in the Pre-Voting period you're neglecting your right as a holder to have a say in who you want to govern the ICON network moving forward.
So, How Can I Stake and Vote?
The ICON Foundation has done a fantastic job at creating a nearly flawless staking and voting system. Staking and voting could not be any more easier and in this section, we will explain how to do just that.
Step 1- Download the chrome extension ICONex official wallet.
Provided here is a download link to the official ICONex wallet. Make sure your firmware is on the current version, 22.214.171.124 if you have already downloaded the ICONex wallet previously.
Step 2- Access the ICONex wallet and click on the voting section.
Step 3- If using a ledger, select the "My Status" section and following, click "Connect to Ledger".
Step 4- Select the wallet you wish to use for staking.
Step 5- Select the "adjust" button to choose how much you wish to stake.
Step 6- Using the slider tool, adjust how much you want to stake.
Step 7- On your ledger, you will be able to have the option to confirm the transaction. Click confirm.
After you have confirmed the transaction on the ledger device, you will then be prompted to complete the action on ICONex. Press complete and once this action has been performed, you will be redirected to the ICON tracker to confirm your ICX as being "staked".
Step 8- Since your ICX is now staked, you can now vote for the P-Rep(s) of your choice.
Step 9- Select the P-Rep(s) of your choice and click the "+" button.
Step 10- Adjust the voting power for the P-Rep(s) of your choice using the slider and then vote!
It's that easy!
Q. Can I start earning rewards today?
- Yes, you will be able to earn I-Score once a day as it is distributed "every 43,120 blocks" according to Scott Smiley of ICX_Station. I-Score functions as a "IOU" for ICX and can be used to claim ICX at any point in time. For further reading on I-Score, check out the post here.
Q. Can I vote for multiple P-Reps?
- Yes, you are be able to vote for multiple P-Reps via the ICONex desktop wallet. Make sure your wallet is updated to the latest version, 126.96.36.199.
Q. Can I stake and vote for P-Reps on the mobile ICONex wallet (iOS and Android)?
- No, support for the mobile version of ICONex is not out yet. Mobile support is scheduled to be released after decentralization of the ICON network.
Hopefully, this guide for staking and voting will be useful for fellow ICONists. Additionally, we appreciate all the support you have shown us thus far at RHIZOME!