NEAR Protocol’s restricted mainnet is scheduled to launch this Summer, with their permissionless mainnet set to follow via a community vote. Figment Networks will be supporting NEAR Protocol and NEAR token holders during its restricted and permissionless mainnet. Contact us for more information. 

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NEAR Protocol is a layer-one sharded blockchain that plans to be highly scalable and developer friendly. The NEAR team defines the protocol as a blockchain based community cloud that combines compute and storage in a trustless way. The technical design is focused on creating a quality user experience that is familiar, which the NEAR team hopes will lead to increased end user adoption of applications built on NEAR. 

Ultimately, NEAR sees itself as a developer platform for the open web and abides by these principles:

  • Governed by community
  • Hackable and composable
  • Open and permissionless
  • User-first and sovereign
  • Open markets

The NEAR token is the native token on NEAR. It will be used to provide network security through staking as well as to pay for transaction fees. 

 

Frequently Asked Questions

What is the name of the token being staked?

The NEAR token. 

What is the expected reward rate for staking NEAR?

The targeted reward rate is 5% annually. 

How can I stake my NEAR tokens?

NEAR Protocol allows stakers who do not wish to run a validator to delegate their tokens to a validator via smart contract. Contact us for more information on how to delegate to Figment Networks. 

Is there a bonding/unbonding period?

It will take 12 to 24 hours to begin receiving rewards once you have delegated your tokens to a validator. 

There is a 24 to 36 hour unbonding period if you decide to stop delegating your NEAR tokens. 

Can validators be slashed?

Validators who perform an equivocation (double signing a block at the same height) or an invalid state transition (producing an invalid chunk of a block) will result in 100% of their stake being slashed. This includes all delegated tokens. 

Therefore, it is highly important to know who your validator is when staking NEAR. 

You can learn more about our infrastructure here.  

Are validators slashed for downtime?

Validators will not be slashed for downtime, but they will be removed from the active set if they are offline for more than 90% of a 12 hour period. 

Validators with at least 90% uptime within a 12 hour period will receive reward for that period and will receive rewards in full for at least 99% uptime. 

How does a validator qualify to be in the active set?

Validators will send a NEAR stake transaction to the network, which will place them in an auction. Seats will be given to validators based on the size of the stake transaction in proportion to total amount being staked on the network.