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Flare 101: What is staking?

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Flare staking is a process in which an FLR holder locks their assets with a network validator to help secure the Flare blockchain in exchange for token rewards. 

Unlike traditional Proof-of-Stake (PoS) networks, Flare staking is unique because Flare network validators are responsible for both network validation and decentralized data provision through Flare’s enshrined oracles. What this means is Flare staking not only secures the network, but also supports the delivery of decentralized, trustless data feeds, reinforcing Flare’s role as the blockchain for data.

How does staking work on Flare?

Staking involves locking crypto assets in a Proof-of-Stake blockchain protocol to support network operations like validating transactions and securing the network. In return, staking participants receive token rewards proportional to their staked amount and the validator’s performance.

Flare network validators are responsible for decentralized data provision. Therefore, it’s important to distinguish between the following:

  • Self-bonding: Validator owners can stake FLR to their own node.
  • Delegation: FLR holders who do not run a node can delegate their stake to a validator. 

When an FLR holder stakes to a Flare validator, they can choose how much FLR to delegate and for how long their stake will be locked. The minimum stake that can be delegated is 50k FLR and the shortest staking period permitted is 14 days.

Note: Staking to a validator is different from FTSO delegation. Validator delegation secures the network and supports Flare’s consensus, while FTSO delegation contributes to decentralized data provision by increasing the voting power of Flare Time Series Oracle (FTSO) data providers.

How does staking help the network?

When a user stakes FLR, they actively contribute to supporting the Flare blockchain:

  • Network security: In locking FLR with a validator, stakers help secure Flare’s PoS consensus mechanism, making it more difficult for malicious actors to compromise the network.
  • Support Flare’s data protocols: As Flare validators play a dual role that includes supporting Flare’s enshrined oracles, validators provide trustless, decentralized data feeds to the network. By staking FLR, participants indirectly support the availability of real-time, accurate data used by dApps and smart contracts on Flare.

How to stake FLR

  1. Head to portal.flare.network to begin.
  2. Select the Staking tab.
  3. Click Connect to Wallet in the top right corner of the web page.
  4. When prompted by the browser to connect to a HID device, select Connect.
  5. Next to Available funds, press Deposit. 
  6. When prompted, enter the amount of FLR to deposit for staking, then confirm.
  7. Approve the transaction when prompted to deposit your funds into the staking account.
  8. Once the transaction is confirmed, enter the number of FLR from your staking account that you wish to stake. (Note: the minimum stake is 50,000 FLR)
  9. Select the Validator node option to choose which validator to delegate your stake.
  10. Choose the Stake until time. (Note: minimum staking time is 14 days)
  11. Confirm the transaction when prompted.