The long awaited Delegated Proof of Stake mechanism has arrived to the Ronin Network.
Stake your RON with your favorite validator to help secure the network while simultaneously earning some great rewards.
So What is Delegated Proof of Stake (DPoS)?
DPoS is a variation of the standard Proof of Stake system that allows everyday users of the network to “vote” and elect delegates to validate blocks/ transactions on the network. When blocks are successfully validated, delegates receive rewards in the form of RON tokens, which they can in turn share with the awesome folks who choose to stake with them.
Praised for its speed and scalability, this system relies heavily on reputation, as delegates will need to build a good reputation of reliability for users to continuously choose to stake with them.
Now that you’re all caught up on the basics of the DPoS system, here are a few tips and tricks to help you get involved.
How to View Your Staking Dashboard
You can view your RON staking activities by visiting the staking site and clicking the “My Staking” tab. This will take you to your staking dashboard, where you’ll be able to see how much RON you’ve staked and with whom, as well as view and claim all rewards you’ve accumulated.
How to Stake/Delegate RON
Users can delegate/stake RON with any validator(s) of choice at any time. See instructions below to get started.
Step 1: Connect your Ronin Wallet.
Step 2: Click the “All validators” tab to see the list of all the validators you could delegate to.
Step 3: Click the … ellipsis menu next to the validator you want to delegate to, then choose "Delegate".
Step 4: Enter the total amount of RON you would like to delegate/stake and click “Delegate” again.
Step 5: Confirm the transaction in your Ronin wallet.
Success! You are now staking RON on the Ronin Network.
How to Withdraw Staked RON
You can easily withdraw your staked RON directly from the staking dashboard. Here’s how to do so.
**Note that staked RON can be withdrawn no sooner than 3 days after the last stake.
Step 1: Under the "My validators" section, locate the validator in which you’d like to stop staking with and click the corresponding 3-dot menu. You'll be presented with a menu, choose "Withdraw stake".
Step 2: Enter the amount you wish to unstake and click “Withdraw and undelegate”.
Step 3: Approve the transaction in your Ronin wallet.
Your RON will be returned to your wallet shortly.
How to Claim Rewards
Your accumulated staking rewards can be viewed from the staking dashboard. To claim these rewards, simply click “Claim”/"Claim all" and approve the transaction using your Ronin wallet.
Rewards will be distributed each day at 00:00 UTC and it will be available to claim once per day.
To stake more RON with an existing validator, simply locate the validator under “My validators” and click the corresponding 3-dot menu. Click “Delegate” and enter the amount of RON you wish to stake.
From the same menu, users can move their staked RON to a different validator by clicking “Move stake” and selecting 1 validator from the drop-down menu. Once the desired validator has been selected, enter a specific amount of RON and click “Move stake”. The previous validator will be replaced with the new validator. You can verify that the change was successful by checking the “My Validators” tab.
Become a Validator
Dreaming of becoming a validator? Check out our Whitepaper for more information on how to make your dreams a reality!