Elrond Staking Phase 2 - The Validators Queue Launches On December 1st

Lucian Mincu
·
Nov 16, 2020
·
2 min read
  • Validators Queue opens on December 1st at around 14:12:24 UTC
  • Total weekly rewards increase from 4,000 to 5,000 eGold
  • Web wallet “Validate” section available for testing

The progressive activation of staking functionality is a key part of the overall Elrond bootstrapping process. Staking will be enabled in 4 Phases:

  • Phase 1 (ongoing) - Delegation Waiting List
  • Phase 2 - Validators Queue
  • Phase 3 - Open Staking
  • Phase 4 - Advanced Staking features

The Staking Phases have been covered in more detail in our previous post, please read it here:

https://elrond.com/blog/more-elrond-staking-is-coming/

Phase 2: Validators Queue & Unstaking

The much-awaited Validators Queue is scheduled to go live on Tuesday, December 1st, after the transition into Epoch 124, which will happen at around 14:12:24 UTC. This will enable anyone who wants to deploy a new Validator node to reserve a spot on the waiting list. The Queue will work on a first-come, first-served basis, meaning the first node in the queue will be the one to replace the first Validator who unstakes and withdraws his stake.

As part of the upcoming mainnet upgrade, the “Unstake” feature will also be activated for Validators. This gives node operators the option to withdraw from active validation and claim their stake after the 10 days unbonding period. When doing so, their Validator nodes immediately become inactive and are replaced by nodes in the Validators Queue.

Staking in the Validators Queue, as well as Unstaking, will be possible directly from the new “Validate” section of the web wallet. To get a better idea how the feature works, you can already test this feature on the public testnet:

https://testnet-wallet.elrond.com

Rewards for the Validators Queue

5,000 eGold (up from 4,000 eGold currently) will be distributed to the Delegator Waiting List + Validator Queue each Monday, proportional to the amount staked and time spent in the queue in the previous week. Validators must stake 2,500 eGold to join the Queue.

The new features are pending the successful upgrade of the mainnet, which is on track to happen in the last week of November.

Get ready to join the Validators Queue by deploying a node on the testnet: https://docs.elrond.com/validators/testnet-node


For more information, please visit us:


Written by
Lucian Mincu
CIO, Elrond Network