👩‍🚀 Findora Staking | Frequently Asked Questions

👩‍🚀 Findora Staking | Frequently Asked Questions

NOTE: This document is created and maintained by the Findora DAO to help the Findora community understand the primitives of proof of stake on the Findora Native Chain (staking on Findora Smart Chain coming soon). Join Findora DAO to help build the Findora ecosystem.

Useful Links:
👩‍🚀 Findora DAO | User Guide to Staking on Findora
👩‍🚀 Findora DAO | Kucoin FAQ
👩‍🚀Findora Staking | Announcing the first “Summer Staking” Competition!
Findora Staking | Towards a More Decentralized Future of #PriFi
Staking Live on Findora Mainnet Beta
Staking is Live on Findora Anvil Testnet
Findora Network Tokenomics

🦕 Will Staking on Findora Bring Back Dinosaurs from Extinction?

Unfortunately, no. Even though staking FRA tokens won’t bring unicorns to life or give us a second season of Firefly, you can help securitize and democratize the Findora network while earning~50% APR with staking.

Why should I stake on Findora?

As the world’s leading privacy-preserving smart contract platform (arguably the first of its kind) and a globally trusted Web3 privacy infrastructure, the Findora network is becoming the financial infrastructure that services everyone with native privacy, full interoperability, transparency, and compliance — the internet of the financial world.

By staking on Findora, you are helping to unbox a new epoch of finance where users control their own data, identity, and financial assets. You support a more decentralized and private future for Finance empowered by zkp technologies. Public blockchains, fully transparent by nature, are less private than Web2 and not ready for mass adoption; Findora is revolutionizing DeFi to PriFi and creating a global financial network where everyone can build financial applications and engage in a decentralized financial system.

How to stake on Findora?

Staking on Findora is simple. Here are the basic steps:

  1. Download the Findora Wallet
  2. Get FRA tokens
  3. In the Findora Wallet, stake any amount of FRA you wish.

If you already have FRA in your Findora wallet, go ahead and open it up on your desktop. On the right-hand side, you will see an option to stake. Simply click that and follow the prompts. We walk you through each step and what all the options mean below.

How to download the Findora Desktop Wallet?

Go to wallet.findora.org, and download the Findora Desktop Wallet:

Follow your computer’s instructions to download the wallet. Go to Findora Wiki for a more detailed user guide.

Note: If you are using a Mac, you may need to adjust your computer’s settings to allow it to download apps that are not from the App Store. Findora is entirely safe, and you can trust this download, though it’s a good idea to restore default settings once you have downloaded the wallet.

Follow the prompts to set up your wallet. You will need to write down a 24-word seed phrase. NEVER store seed phrases for this wallet or any other, online or on your computer. If it is on a digital device, it can be stolen. If you write it down, be sure to store it safely. If lost, you cannot recover this phrase, and if anyone has it, they have complete access to your funds. This is, unfortunately, the reality of using any DeFi wallet at the moment.

How to Get FRA Tokens?

Findora features a multi-chain architecture. Staking is currently supported on the Findora Native Chain:

Findora Smart Chain
FRA smart is the “gas token” on the Findora Smart Chain.
– gas fee
– supporting DAPPs like FairySwap
– DAO governance

Findora Native Chain
FRA native is the native token of the Findora network and is required for access to its core features and functionalities on the Findora Native Chain, including but not limited to:
– #PoS Staking,
– governance (FIP — Findora Improvement Proposal),
– payment for transactions,
– confidential transfers and other privacy-enhancing features,
– access to advanced financial application building tools and other services.

Here is a detailed guide on how to acquire FRA tokens from centralized exchanges. One of the easiest ways to get FRA is on Kucoin or Gate.io, some of the top exchanges in the world. We’ll use Kucoin as the example here.

Once you’ve set up a Kucoin account, you still can’t buy FRA directly with fiat currency or a credit card — you will need to trade for FRA using USDT.

So, step 1 is to buy some USDT on Kucoin or transfer some over to your Kucoin account. Then, go to trading:

Once you do, you can search for FRA in the search bar in the right-hand side of the screen.

You’ll find the USDT/FRA trading pool. Click on that to trade USDT for FRA:

Once you click on Trade, you’ll be taken to the USDT/FRA trading pair where you can trade for FRA:

Buying FRA from Gate.io follows a similar process.

So now, congratulations, you’ve got FRA! Now all you have to do is transfer it to your Findora wallet. Here’s the basic process to do that:

  1. Send your new FRA to an EVM compatible wallet, like MetaMask
  2. Add your Findora mainnet to your MetaMask Wallet
  3. Use Prism Transfer to move the FRA from your EVM-compatible wallet to the native chain (i.e. Findora Native Wallet)

PLEASE NOTE: You cannot use Prism tranfer to deposit FRA tokens directly to centralized exchanges from your Findora native wallet.

If that makes sense, great, but if not, we’ve got you covered! Here’s a step-by-step walk-through for each of those processes:

1) Sending FRA to MetaMask: To send FRA to your MetaMask wallet, be sure to switch to the Findora Mainnet in MetaMask. If you haven’t added the Findora Mainnet, here’s the information you will need to input after selecting “Add Network”:

·ּ 𝗡𝗲𝘁𝘄𝗼𝗿𝗸 𝗡𝗮𝗺𝗲: Findora

·ּ 𝗖𝗵𝗮𝗶𝗻 𝗜𝗗 2152

·ּ 𝗥𝗣𝗖 𝗨𝗥𝗟: prod-mainnet.prod.findora.org:8545

·ּ 𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗦𝘆𝗺𝗯𝗼𝗹: FRA

·ּ 𝗕𝗹𝗼𝗰𝗸 𝗘𝘅𝗽𝗹𝗼𝗿𝗲𝗿: evm.findorascan.io

2) Add MetaMask to your Findora Wallet: After there are FRA in your MetaMask, go to your Findora Wallet. Click on “Prism” in the sidebar. Make sure that, at the top, the path is “EVM-Compatible Wallet → Native Wallet” and then click “Select Wallet.”

Once you do, you’ll have the option to “Add Wallet.” Once you do, you should see this:

After exporting your private key from Findora, copy and paste it into the dialog box. Then click confirm. You will then have added your MetaMask wallet to Findora.

3) Transfer from your EVM Wallet to the Findora Native Wallet: Input your Findora Native Wallet address by clicking on “Address” in the far right of that dialog box. Once you input the amount as well, you can submit your transaction to transfer FRA from your EVM-Compatible wallet to your Findora Native Wallet, from which you can stake FRA.

Be sure to send your FRA to an EVM-compatible wallet, like MetaMask. You can learn more about Prism Transfer here: https://findora.gitbook.io/master/guides/wallet/prism

I have FRA and a Findora Wallet. How do I stake?

Open your FRA Desktop wallet. On the right-hand side, you will see a menu. Click on the “Staking” option.

Once you do, you’ll see a screen like this with your current amount of FRA and the current APR being offered:

Click on the stake option. Once you do, you’ll see a fly-out menu like this:

On this screen, you’ll see an option to select the validator you want to delegate your stake to. Once you click on that, you’ll see a scroll list of validators you can select.

Choosing a validator is an important decision, and we’ll walk you through what to consider in the question called “What to Consider when choosing a Validator” below.

After selecting a validator, you will need to confirm your decision:

This screen gives you a little more context on the decision you are making. When you delegate FRA to a validator, you entrust your funds to them. You will share in the rewards they receive in proportion to the amount you stake, but you’ll also share in the punishments they get if their node suffers from excessive downtimes or tries to attack the network with fake transactions.

If you no longer trust your validator or simply want to invest with a different validator, you can always unstake your FRA. However, the unstaking period does last 21 days. After that time period, you can send your FRA to a different validator, send it to another wallet, or trade it on an exchange.

Once you select “OK” you are done! Congratulations! You’ve staked FRA on the Findora Mainnet.

Where does the yield come from?

To encourage FRA owners to participate in staking, the network has allocated 420m FRA (out of the 21 billion FRA maximum supply created) to pay out as block rewards. These 420m FRA will be used to reward all stakers with FRA rewards for participating in staking/consensus.

What different ways can I stake?

You can participate in Findora either as a validator or a delegator. Validator means you can run a node and participate in consensus. A delegator “delegates” their FRA to a Validator who stakes it for you. It’s a much easier way to stake and help secure the network with a much lower barrier to entry.

What is a Validator?

A validator verifies and orders transactions in a block and helps propose new blocks on the blockchain. Sometimes called miners, validators participate in the consensus process and secure the blockchain. On Findora, they also participate in future governance and earn rewards for proposing and signing blocks.

What is a Delegator?

A delegator, in Web2, is typically someone who becomes a boss. But in Web3, there’s a very different meaning.

Delegators play a key role in a PoS (proof of stake) system. By providing a validator with more funds to stake, they are giving that validator a bigger holding in the network. And since they are rewarded and punished along with the validator based on the validator’s performance, they are a self-selecting, democratic way to reward reliable validators and make sure the best validators service the network.

It’s an easy, effortless way to start supporting a network and make a return for yourself.

Be sure to keep in mind that because your stake is used and safeguarded by a validator, you share in their rewards and share in their losses. If a validator is penalized, you are penalized, and if rewarded, you are also rewarded. Choosing a good validator is key for every delegator. You don’t want to delegate tasks to someone who can’t deliver.

Who Needs Validators Anyway? I can do it myself.

It’s much harder to run a validator node than it is to merely delegate funds. To be a validator, you must self-delegate a minimum of 10,000 FRA, and run a local machine or cloud server with 8GB RAM, 8 core CPU, and a 100GB hard disk, though more is recommended.

What to Consider in a Good Validator?

When you choose a validator to delegate your funds to, it’s a case of DYOR, as are most things in crypto. Findorascan is a great tool to look up the relevant information you need to know to make a good decision.

This is not financial advice! These are just a few things many people consider when selecting a validator on any network, not just Findora:

Server Uptime — uptime refers to the amount of time a validator is running. If it says only 60%, then the node has only been live 60% of the time. If 100%, then 100%. This is important to consider because nodes that aren’t running can’t earn rewards for you or themselves. Worse, validators with a low uptime may be penalized — and you might share in their penalties.

Commission Rate — This is the commission rate that the validator charges delegators for using their node. A 5% commission rate means that the validator charges a 5% commission rate for delegators using their node.

Self-Delegated — these are the funds a validator is staking for themselves. If they aren’t staking very much, they don’t have much skin in the game and may not be as reliable.

Delegated — This is the total amount staked on that validator node, including from other delegators.

There are other factors you may want to consider as well.

How to Choose a Validator?

Look, commitment is hard for a lot of people, but choosing a validator doesn’t have to be.

Findora has provided a wonderful tool within Findorascan that allows you to compare validators and choose one that’s right for you. And there’s no need to worry that the profile picture won’t match the validator you meet in real life. Vett validators here: https://findorascan.io/nodes

Some factors to consider when selecting a validator are the commission rate (how much a validator charges delegators to use their node) and the validator uptime. If a validator has a low uptime, not only will you make less, but you could also be penalized with them.

What do the labels in the Findora Node Profiles mean?

Server Uptime — uptime refers to the amount of time a validator is running. If it says only 60% then the node has only been live 60% of the time. If 100%, then 100%. This is important to consider because nodes that aren’t running can’t earn rewards for you or themselves. Worse, validators with a low uptime may be penalized

Commission Rate — This is the commission rate that the validator charges delegators for using their node. A 5% commission rate means that validators charge a 5% commission rate for delegators using their node.

Self-Delegated — these are the funds a validator is staking for themselves. If they aren’t staking very much, that might indicate they don’t have much skin in the game and may not be as reliable.

Delegated — This is the total amount staked on that validator node including from other delegators.

Proposed Blocks — These are the number of blocks that the validator has helped mine. The more proposed blocks, the more rewards a validator can receive.

Latest Expected Return — This is the return rate for the currently proposed block for this validator. Because the validators is selected randomly for proposing blocks, the real-time return rate varies but the overall return rate is strictly:

Y = 1 / x * [Rate Modifier Constant]

Y = Annualized Block Rewards Rate

x = % Circulating Supply Staked (i.e. FRA staked / unlocked FRA)

Rate Modifier Constant = 0.0536