November 2, 2023

Flare Network Staking Transition: A Comprehensive Guide

The Flare Network is navigating a three-phased transition to a staking model, aiming to decentralize and bolster network security. This shift welcomes infrastructure providers and presents both them and the community a chance to earn passive income through staking and validation rewards, thereby enriching network security and data provision.

Note: We have recently released native support for staking in Bifrost Wallet

Phase 1: Initiating Staking Transition

Phase 1 was released in July 2023.

  • Objective: Maintain network position of professional validators, inviting existing data providers to become infrastructure providers.
  • Staking: Open to all, with Flare Foundation providing majority of the stake initially.
  • Self Bond and Delegated Stake: Two types of stakes introduced with a minimum self bond requirement of 10 million FLR for infrastructure providers.

Read more on Phase 1 on the official website.

Phase 2: Expanding Staking Participation

Phase 2 was released in October 2023.

  • Objective: Merge validation with decentralized data provision, opening validator staking to all.
  • Infrastructure Providers: Current FTSO data providers and new entities can become infrastructure providers.
  • Self-Bond: Minimum self-bond of 1 million FLR on P-Chain required for infrastructure providers.
  • Delegation: Community can stake FLR to any validator, with 50,000 FLR as the minimum stake. This is the central part for most Bifrost Wallet users.

Read more on Phase 2 on the official website.

Phase 3: On-Chain Staking Management

Phase 3 is still being planned and has not yet been released as of November 2023.

  • Objective: Facilitate secure communication between P- and C-chains, moving staking rewards management on-chain.
  • Rights Equivalence: P-chain staked funds will have similar rights as C-chain wrapped FLR.
  • Earning Opportunities: Earn FTSO rewards, FlareDrops, and participate in governance.

Public Staking: Engaging the Community

  • Transferring Funds: Transfer FLR from C-Chain to P-Chain for staking.
  • Delegating Stake: Choose validators to stake to and earn validation rewards.
  • Staking Requirements: Stake at least 50k FLR for a minimum of 14 days. Amount and duration can be higher based on preferences.
  • Additional Information: Fee variations exist among infrastructure providers. Avoid providers whose lockup-periods expire within 14 days. Validator stakes capped at 5% of total staked amount.

Read more on Public Staking on the official website.

FlareStake Tool: Simplifying Staking Process

  • Staking dAPP: Flare Foundation's tool for staking FLR. Currently, only Ledger Wallet users can access it. Go to the Staking dAPP.
  • Binding Addresses: Bind addresses before transferring funds to P-Chain for correct reward distribution on C-Chain.
  • Staking Funds: Stake funds post transfer.
  • Reward Claiming: Claim rewards every 4 reward epochs from FlareStake tool. Read the official Reward Claim Guide.
  • Staking Docs: Complete guide on staking has been released by Flare Networks. Link to Staking documentation.

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