Why Stake with Figment Networks?

Experienced & Trusted

Experienced & Trusted

Original testnet participant and genesis block producer on mainnet. 

Figment is a venture funded, registered Canadian company, based in Toronto. Canada offers stability, rule of law and clear crypto regulation.

Features & Benefits

Features & Benefits

Figment Prime and discounts available for large token holders. Contact us for more information. 

Active participant in the Cosmos ecosystem, including active governance leadership.

Security & Safety

Security & Safety

The world’s most advanced physical IDC + multi-cloud staking infrastructure.

You maintain custody of your BAND at all times. 

Third-party custody solutions are available through our institutional partners. Contact us for more information. 

Compliance

Compliance

Protected via industry-leading Delegation Agreement.

Staking Guide & Instructions

If you have BAND tokens, they will likely need to be converted from Ethereum-based ERC-20 tokens to the native BandChain token in order to stake and delegate. You can swap liquid BAND tokens back to ERC-20 at any time. The Band Protocol team has published this guide for swapping BAND tokens.

If your BAND tokens are on an exchange, you’ll need to transfer them to your Ledger hardware wallet to prepare to stake. Once your tokens are in your control (ie. not on an exchange), you can begin to simple process of delegating stake to the validator(s) of your choice. CosmoScan, BandChain’s native explorer, will enable you see to transaction and validator activity on the BandChain network, and also to delegate.

If you’re prepared to delegate, this is Figment’s validator address:

bandvaloper1zm5p8gg3ugjcdwz9yrxaf6fdptxa4gw04rplr9

If you need detailed instructions, this is our full delegation guide.

Fiat-to-Token Exchange

Please see our comprehensive guide on fiat to crypto on-ramps for all staking tokens.

View Guide

Learn More

BandChain is an open protocol that facilitates the governance of data used in decentralized blockchain systems. While many decentralized applications rely on centralized data providers, BandChain leverages existing internet data as a secure and scalable decentralized oracle. Band Protocol is backed by a large network of stakeholders including Sequoia Capital as well as Binance. 

Users and data providers are economically incentivized to self-moderate to ensure security and reliability of the network through staking rewards using the native BAND token. Outside of staking rewards, the BAND token is used to vote in on-chain governance proposals and fund the community pool, which will fund future development of the network. 

BandChain is built on Tendermint and Cosmos SDK, and is designed for speed, flexibility, and cross-chain compatibility. 

Frequently Asked Questions

What is the name of the asset being staked?

The BandChain’s native asset, the BAND token.

The Ethereum-based ERC-20 BAND token must be swapped to the native asset before these tokens can be staked.

What are the asset(s) that I earn for staking?

BAND tokens are the rewards for staking.

In future, a native stablecoin may be earned by stakers.

What is the rate of rewards for BAND stakers?

As of June 9, 2020, staking rewards were calculated to be 21.60% per year.

The rewards rate will likely always be changing based on:

  1. How many tokens are being staked at the time.
    The higher the staking participation, the more stakers competing for the same pool of rewards. If a large token-holder begins staking, your rewards could suddenly decrease.
  2. The current rate of inflation.
    The inflation rate will slowly change. When more than 67% of the supply is staking, inflation will gradually decrease. When less than 67% of the supply is staking, inflation will gradually increase. Inflation has a 7% bottom and 20% cap. 98% of all inflationary tokens are awarded to stakers.
  3. The usage of the network.
    The more transactions happening on the network, the more fees you will earn for staking. Most stakers currently rely almost entirely upon inflationary rewards, since transaction volumes are low.

Read more about inflation vs rewards rate here.

Can my staked assets be slashed (seized or destroyed)?
  1. Your assets will be slashed by 5% if your validator breaks a protocol rule by “double-signing.” You can only be punished for this once because your validator will be permanently removed from the active set and you will need to redelegate in order to continue staking.
  2. Your assets will be slashed by 0.01% if your validator breaks a protocol rule by being offline for ~25 hours (ie. 28,500 out of 30,000 blocks missed). At this point your validator will be temporarily removed from the active set of validators and you will not earn rewards until your validator reactivates (or until you redelegate).
Who or what controls my staked token?

You maintain custody of your BAND at all times, but your tokens will be locked by the protocol during staking. This means that before you can unbond to transfer your assets (to trade or pay using BAND), you will first need to wait for a 21-day period for the tokens to become liquid.

We recommend using a Ledger hardware wallet to control your BAND tokens. Read more about that here.

How does the token supply change?

As of June 9, 2020, the supply was calculated to be increasing by 14.43% per year.

Supply increase

New tokens are minted at a rate determined by the network’s inflation rate, increasing the BAND token supply. The inflation rate began at 13.5% supply increase per year, and will slowly change. When more than 67% of the supply is staking, inflation will gradually decrease. When less than 67% of the supply is staking, inflation will gradually increase. Inflation has a 7% bottom and 20% cap. 98% of all inflationary tokens are awarded to stakers.

Supply decrease

50% of the BandChain transaction fees are burned permanently. The mechanism is designed to contract the supply of BAND as the utilization of the network grows in order for the BAND token value to be correlated with network utilization.

 

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