Earning with our 35x token

Not too long ago, we began purchasing the latest addition to our Cryptonary portfolio, one that we believe will take a top spot in the burgeoning DeFi economy.

The technology behind this asset brings fresh ideas and a little innovation, which certainly grabbed our attention.

We will very likely be holding this asset for several years whilst the blockchain is further built upon. For this reason, rather than having our tokens sitting there in a wallet, doing very little, we have taken it upon ourselves to explore all the current options available.

These options allow users to put their tokens to work (delegating), which assists in producing blocks, securing the blockchain, and providing these holders with a reward for doing so.

 

Disclaimer: NOT FINANCIAL NOR INVESTMENT ADVICE.
Only you are responsible for any capital-related decisions you make and only you are accountable for the results.

 

Mina Protocol is a blockchain that utilises the Proof-of-Stake consensus mechanism. MINA holders can stake their tokens and contribute to securing the network, receiving a reward for doing so – MINA tokens. There are multiple ways that users can stake this token, and we will briefly list them below.

For our fundamental report on this asset, click here.

To begin, it is worth mentioning that staking rewards are not immediately paid out. A period of 2 Epochs (approximately 30 days) must pass before the MINA tokens become eligible for rewards. Also, users must have started their staking before slot 290 of the current epoch to become eligible within the current epoch. Otherwise, the eligibility begins with the next epoch. Currently, the estimated staking rewards are 24% APR (variable).

 

 

CoinList exchange – Users who purchased their MINA on CoinList are automatically opted in to receive staking rewards. There is no action required by the user to participate. CoinList automatically delegates their MINA wallet to Figment, a staking service.

 

Of the rewards that users receive (compounding daily, paid out monthly), CoinList charges a 15% commission fee that is taken from the staking rewards. The rewards that are received are automatically re-staked until the user wishes to withdraw them.

Please note: MINA held on CoinList Pro do not earn staking rewards.

 

In the next segment of this report, users can choose the validators they wish to delegate to. In turn, this affects the percentage of rewards paid to the wallet holder. A fee of 1 MINA is charged to activate a wallet’s address.

 

Auro walletAuro wallet is a browser extension wallet.

 

  • Once users have created their wallet and deposited MINA, they can select the ‘Staking’ tab and click ‘Go to Staking’. Users will also realise that on the staking tab it shows information relating to the current Epoch progress.
  • Once ‘Go to Staking’ has been selected, a list of Block Producers* will be displayed. Users are only able to select one Block producer from the list to delegate their stake to.
  • Users are then presented with 3 options for their desired transaction speed – Slow, Default and Fast. As the transactional speed increases, so does the fee, which varies from 0.01 to 0.5 MINA.

 

One omission that we have noticed on Auro wallet is that the % fee the Block Producer charges is not displayed.

 

StakingPower Wallet – a mobile app available on Google Play and App Store.

 

  • Once users have created their wallet and deposited MINA, they will see their address status change from ‘inactive’ to ‘active’. Using StakingPower wallet, users have the option for multiple addresses. Each MINA address then has the ability to delegate the MINA contained within it to a block producer.
  • To stake, there is a ‘Stake’ tab at the bottom of the screen. Again, a user can see a progress bar of the current Epoch, although not in as much detail as Auro wallet. If there are multiple addresses active within this wallet, a user would need to select the address they wish to use.
  • Once selected, another screen will open with the option to ‘select a staking provider’. A list of Validators will appear showing the percentage of the total MINA token supply delegated to them, the percentage fee they charge, and the terms they employ (payout frequency).
  • Once a selection has been made, a ‘Transaction Summary’ will be displayed along with the 3 network fee options for transaction speed.

 

Clorio wallet – A desktop wallet that works on Windows, macOS & Linux.

Clorio wallet can be used in a web browser or downloaded as a desktop app for the operating systems stated above.

 

  • Users can access Clorio using a Ledger or create their own wallet and record their private key. It is worth stating that BIP39 mnemonics is developed and awaiting merging, along with wallet password protection coming soon after.
  • Once users have created their wallet, stored their private key, and deposited MINA, they can select the ‘Staking Hub’. A Validator list is displayed with additional information such as their fees, the amount of MINA staked, each validator’s website and a button to delegate your MINA. If you wonder why Carbonara is showing as top of the list, he is simply the creator of Clorio wallet.
  • Once a validator has been selected, the transactional speed options will again appear. To complete the delegation, users will have to insert their private key (Now you see why we said to copy it earlier). A green box will appear verifying the delegation, and the delegation, once implemented, will be viewed by clicking on the ‘Staking Hub’.

 

  1. An Epoch is a unit of time that is equal to 7140 slots. This works out to be 14 days and 21 hours.
  2. The role of a Block Producer/Validator is to achieve consensus and provide security to the blockchain. They are also responsible for creating new blocks that include recent transactions on the network and blockchain proof that proves the chain’s current state is valid.

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