Our mission is to create a vibrant, decentralized network and currency that is powered by participants. To enable this, Mina, the world’s lightest blockchain, enables participants to quickly sync and verify the network. Read more about Mina’s tech.
The online casino industry is worth billions of dollars and is only expected to grow in the coming years. With so much money at stake, it’s no surprise that casinos are always looking for ways to stay ahead of the curve. One way they’re doing this is by embrace blockchain technology. Blockchain is a distributed database that allows for secure, transparent and tamper-proof transactions. This makes it perfect for online casinos, which are often targets of fraud and cheating. By using blockchain, casinos can be sure that all payments are valid and that no one is trying to game the system.
So far, a few early adopters have started using blockchain in their 100 free spins for $1 casinos. But as the technology becomes more mainstream, we can expect to see more and more casinos embracing it. This could be a major turning point for the industry, making it safer and more trustworthy than ever before.
One of the incentives to participate in block production through staking or delegation are the block rewards. In this blog, we will go over an FAQ and some basics of staking and delegating at the end to help you get started.
How can I create my own key?
You can use the official tools here or you have the option to use unofficial wallets included in this community-led list* to generate a new keypair in a few seconds. There is also a step-by-step guide* on how to use the unofficial wallet and to start staking.
- If you purchased tokens through the community sale on Coinlist, your tokens would have been automatically delegated to Figment
- When you move your tokens out of exchanges into a new key that you own, there will be an account creation fee of 1 MINA. It will be deducted from the first transaction that you receive.
- Check out the official docs to learn more on how Mina works.
Looking for a staking pool?
Check out this dashboard* built by the community for staking providers you can choose from. There are hundreds of block producers on Mina to whom you can delegate your tokens.
- After re-delegating, there is a latency period of 2-4 weeks before your new stake delegation comes into effect.
- Block rewards payouts happen off-chain, which the Staking-as-a-Service provider should be sending back to you. Check with each provider/staking pool how this is done.
- Be sure to do your own due diligence before selecting a staking pool. Good things to look for include, but are not limited to
- Node performance (which is shown on the unofficial uptime leaderboard* built by the community)
- Their responsiveness, activity, and reputation in the community
- Their terms (% fee that they’re charging, how often they’re sending the rewards, etc.) and their track record of fulfilling these (can be checked using a block explorer*)
If you have questions about staking pools, there is a #staking-pool channel on Mina’s Discord server.
How many rewards can I earn?
In the first period after mainnet launch, the inflation on Mina is 12% and you can earn up to 24% supercharged bonus rewards (enabled by Mina Protocol)! All accounts that hold unlocked tokens only are eligible for these rewards by staking, irrespectively if the tokens are in your own wallet or on CoinList. A community member built an unofficial delegator rewards calculator*. Supercharged rewards are also explained in a few minutes in this video and in the blog on token economics.
Can I run my own node?
By running a node and staking yourself, you can earn 100% of all block rewards. Running a node on Mina is simple, just follow these instructions. We recommend advanced users to ask questions in the #mainnet-block-producers channel and beginner users to ask questions in the #mentor-nodes channel on Discord.
Block Producers on Mina can also participate in the delegation program and apply for a delegation from the Mina Foundation. For questions regarding this program, please ask in the #delegation-program channel on Discord.
Why does Mina have a rate of inflation? Will my tokens be diluted?
MINA is an inflationary currency. This decision was made in order to incentivize a high level of staking participation in the early years of the protocol, which will increase the level of decentralization and improve network health.
Since staking is open to all tokens on the protocol (without the risk of bonding or slashing), any token holder is able to earn inflationary rewards. Any tokenholder who is staking or delegating will not be diluted, as they will be earning their pro-rata share of block rewards.
Furthermore, Mina’s “Supercharged Rewards” mean that any tokenholder with fully-unlocked tokens (e.g. those purchased on an exchange) receive an even higher rate of block rewards during the first 14 months of the protocol. Tokenholders that earn Supercharged Rewards are effectively ‘beating’ the rate of inflation.
Basics Staking and Delegating on Mina
Staking vs. Delegating
Staking MINA tokens allows nodes on the network to increase their chances of being selected as a block producer in accordance with the consensus mechanism. The chance of winning the block scales in proportion to the amount of MINA staked. For example, if one node stakes 50% of the available MINA in the network, they theoretically have a 50% chance of being selected to produce future blocks. Mina uses Ouroboros Samisika Proof-of-Stake to implement the details of staking. If a node chooses to stake its MINA tokens, it is required to be online and connected to the Mina network.
Because staking MINA tokens requires nodes to be online, some nodes may desire to delegate their mina to another node that runs a staking service. This process is called delegating a stake, and often the service provider or staking pool operator may charge a fee for running this service.
Currently, hundreds of block producers are accepting delegations on Mina. You can find them on this dashboard* that the community built. Currently, the protocol is designed in such a way that staking pool operators receive all block rewards and they need to send you the rewards after deducting any fees. Be sure to do your own due diligence before selecting a staking pool. If you have any questions about the staking pools, you can join our Discord server and ask in the #staking-pools channel.
Up to 24% (Bonus) Block Rewards
If a new block is successfully produced and included in Mina’s canonical chain, the block producer, who is staking, will receive a number of MINA tokens – this is the block reward. During the first year of mainnet, accounts that contain locked tokens will receive block rewards to target annual inflation of 12%**. The inflation rate will decrease over time, eventually reaching 7%, see this blog on Mina’s token distribution and supply for more details.
The participants are at the heart of Mina, and to encourage new participants to join the network and older participants to stay loyal to the ecosystem, Mina is introducing Supercharged Rewards during the first 14 months of mainnet. These are bonus block rewards that will be paid out mechanically by the protocol, whenever a block is produced by a block producer that does not hold any locked tokens. If a participant with an address that does not have any locked tokens is delegating to another block producer, this participant will still be eligible for Supercharged Rewards, irrespective of whether the staking block producer is holding any locked/unlocked tokens.
An annual supercharged yield of up to 24% is targeted, including the yield/inflation from normal block rewards. For more details and information, see this blog on Mina’s token distribution and supply.
Thank you for your interest in Mina, and joining our growing community!
* Please note that these resources are created and driven by community members, and are not affiliated with the Mina Foundation. The Mina Foundation does not endorse the tooling/information/any other resources provided by the community and will not be liable for any damages or loss as a result of using these resources. Please do your own due diligence and use it at your own risk.
**At the mainnet launch of Mina, block rewards will be fixed per account to the target inflation rate. During the first few months, until dynamic rewards are introduced via a protocol update, inflation will be the referenced 12% if all 100% of tokens are staking, but proportionally less if less are staking. For more information, check out the Mina token distribution and supply.
Disclaimer: Any estimate, target or forward-looking statements are not intended as a guarantee of future performance. Mina Foundation makes no representation that data contained herein will remain unchanged in the future.