ICON (ICX) Project: How to Earn Staking Rewards Using ICONex Mobile Wallet
Last updated: May 26, 2020
ICX Staking Rewards
ICX token holders are able to earn Staking Rewards ~everyday (in actuality, after every 43,120 blocks are produced on the ICON network, which currently takes a tad longer than 24 hours) by first staking, and then following up by voting for individual Public Representatives (P-REPs).
What is a P-REP?
For longer-term HODLers (i.e., non-traders), the fact that you can earn a “passive income” via owning ICX tokens might be music to your ears!
How much passive income can you earn?
Luckily for ICONists, there are useful tools such as ICX Stakr that are available to assist you.
For example, you can simply input the number of ICX tokens you hold into the Reward Calculator and press the “Calculate” button.
Let’s say an ICONist owns 10,000 ICX tokens; their Staking Rewards might look something like the following:
To get a sense of what the inflation-adjusted “real yield” of ICX is, please visit Staked.
Now, let’s go over the step-by-step process on how ICONists can earn Staking Rewards.
1) First, open up your ICONex wallet and make sure there are ICX tokens residing there.
As highlighted below on the main menu, if you own ICX tokens, the “Total Asset Value” display will show a non-zero number (in this example, our ICONex wallet contains 10 ICX tokens, which were valued at $3.07 USD at the time of writing).
2) Next, press the “thumbs up” button, located on the bottom-right corner of the main menu.
3) A menu should pop up, where you can select the “Stake” option.
4) Enter the password to your wallet and press the “Confirm” button when done.
A new window should pop up, showing what percentage of ICX tokens that you own which are “Unstaked” (out of 100%), and also how many number of ICX tokens are “Unstaked (ICX)”.
In this example, since it’s our first time staking, the percentage of unstaked ICX tokens is 100%, and the number of unstaked ICX tokens matches our total wallet balance of 10.
5) Next, use the analog slider to adjust the number of ICX tokens you want to stake.
It’s really up to you how many ICX tokens you want to stake; the more you stake, the more you will earn.
You can stake up to a maximum until you leave behind~1 ICX token left unstaked (this is your reserve balance needed to pay and transaction fees). In this example, with 10 ICX tokens in our wallet, we are able to stake a maximum of 90% (again, leaving behind 1 ICX token for reserve).
6) Once you are finished adjusting your stake, press the “Submit” button to continue.
7) Next, press the “Confirm” button to initiate the stake transaction.
Once staking is completed, you should get a notification message telling you “Stake Operation completed.”
8) Press the “Confirm” button to complete the staking process.
You should now be directed to the home page of ICONex. The “Total Asset Value” of your wallet should update, along with the number of ICX tokens available in your wallet.
In our example, you’ll notice that the total ICX balance was reduced to only 0.9988, which is only worth $0.30 USD.
Don’t worry, your tokens are still there!
For example, if we click the ICX rectangle:
It will take us to the details of our wallet balance. We can see that our “ICX Balance” is 9.99887 and our “Staked ICX (Voting Power)” is 9.
Why is our total balance less than 10 ICX?
Remember, there are very small transaction fees that needed to be paid when we completed our staking.
The important takeaway is to see that our 9 staked ICX tokens are still there!
Only now, those 9 ICX tokens are unavailable for trading (like a time deposit “locked up” at a bank), so that is why our ICX wallet balances have refreshed to only show the liquid values.
But don’t worry, you can unstake at anytime to retrieve full access to your ICX tokens (which we will cover in a separate article).
To earn Staking Rewards, the next step that an ICONist must take is to vote.
Please note: Staking your ICX tokens alone will NOT earn you any Staking Rewards!
In order to earn Staking Rewards, you must stake + vote.
You have to do both!
And it’s necessary to stake first before you’re allowed to vote.
1) Once you’ve finished staking your ICX tokens, to start the voting process, press the “thumbs up” button located on the bottom-right corner of the main menu.
2) A menu should pop up, where you can select the “Vote” option.
3) Enter the password to your wallet and press the “Confirm” button when done.
A new menu should pop up showing us “My Votes”. Since this is our first time voting, you’ll notice that “Vote” will display 0/10 (a maximum of 10 distinct teams can be voted for, per wallet) and “Voted” will be 0.0%. Also, our “Available (ICX)” will match the number of ICX tokens we elected to stake, from previous.
4) To begin looking for P-REP teams to vote for, press the “P-REPs” tab located on the top-right corner of the screen.
*UPDATED*: You will see a list of P-REP teams start to populate your screen. Currently, the ICONex mobile wallet lists P-REP teams in random order.
Please note: Although voters are free to vote for ANY P-REP that they want (there are no penalties incurred to voters for ANY of their selections!), in general, it’s ALWAYS good practice to try and vote for the hardest-working + most productive teams on the ICON network.
“Hard-working” and “most productive” are of course subjective, so please do your own research + due diligence first, before making your choices. You can start looking into what P-REPs are working on by utilizing resources such as the ICON P-REPs website.
There’s absolutely no reason to rush, so please take your time to make an informed decision!
Voting for the right teams ensure that the right P-REPs get the funding needed to both secure + grow the ICON ecosystem.
However, voting for the wrong teams will only reward non-productive people who contribute little to nothing in growing the ICON ecosystem; the only real outcome here is unnecessary inflation created that harms all ICONists.
Your votes matter, so please vote wisely!
5) If you scroll down, you will see more and more P-REP teams being displayed. Once you find a team that you wish to vote for (e.g., Icon Pilipinas), press the “+” button found immediately to the left of the listed team.
6) Keep scrolling down the list, searching for P-REP teams to vote for. Press the “+” button for each team you like.
7) Once you are done making your P-REP selections (remember, you can vote for a maximum of 10 teams per wallet, but you can always elect to vote for less, like say even just 1 team, if you’d like), click the “My Votes” tab.
In our example, you’ll notice the “Vote” has changed from 0/10 to 1/10 to reflect our selection. However, “Voted” still shows 0.0%.
If you look at the “My Votes” section, you will also see that it shows 0.000 (0.0%).
8) Similar to staking, we can now use the analog slider to allocate votes to each P-REP team.
9) As you drag the slider, you’ll notice that the “Voted” percentage will start to update, reflecting your actions. You can keep dragging the slider until you allocate all your staked ICX tokens until “Available (ICX)” displays 0.0000.
In our example, we were able to 8.999 ICX tokens, which gives us 100% under “My Votes”.
Please note: To earn the MAXIMUM number of Staking Rewards possible, you should vote 100% of your staked tokens.
10) Once you are ready to cast your votes, press the “Vote” button.
11) At this point of the voting process, you still have one last chance to cancel your transaction. However, if you are confident in your selections, press the “Confirm” button to finalize your votes.
Congratulations, you are now ready to earn Staking Rewards!
As mentioned earlier, Staking Rewards are distributed and can be claimed by ICONists ~everyday (after every 43,120 blocks are produced on the ICON network).
Please note: The first time around (immediately after voting), it will take ~48 hours (~2 days) before your Staking Rewards will show up in your wallet.
To receive daily notifications when I-Score has been distributed, please consider the following options:
- I-Score Distribution Telegram Bot
Subscribe to receive notifications when I-Score is distributed. Made by @blockmove
- Rhizome MetrICX 2.0 App for smartphone
1) To check your Staking Rewards, from the home page, press the “thumbs up” button.
2) A menu should pop up, where you can select the “I-Score” option.
3) Enter the password to your wallet and press the “Confirm” button when done.
A new screen should pop up which shows our “Current I-Score (ISC)” and “Receivable amount (ICX)”.
I-Score is the reward an ICONist earns for staking + voting; I-Score can be claimed and “redeemed” for newly minted ICX tokens.
1,000 I-Score = 1 ICX token
However, keep in mind, immediately following staking + voting, our score for both “Current I-Score (ISC)” and “Receivable amount (ICX)” will initially display 0.
Please note: Again, as a reminder, after our first time staking + voting, it will take ~48 hours (~2 days) for both “Current I-Score (ISC)” and “Receivable amount (ICX)” to show non-zero.
Moving forward after that, I-Score should be rewarded ~everyday (after every 43,120 blocks are produced on the ICON network).
When I-Score is available in your wallet, both “Current I-Score (ISC)” and “Receivable amount (ICX)” will show a non-zero number.
Please note: It only really makes sense to claim I-Score if your “Receivable amount (ICX)” amount is much greater than the “Expected Maximum transaction fee (ICX)”.
Otherwise, you may want to wait a few days/weeks/months to let I-Score keep accumulating, to reduce the total number of transaction fees.
In general the larger your ICX holdings, the less of a burden these individual transaction fees will impose.
4) Once you see I-Score showing up in your wallet, press the “Claim” button to convert I-Score to new ICX tokens.
5) Press the “Confirm” button to execute the transaction and claim your I-Score.
That’s all there is to it to earning Staking Rewards!
Thanks for reading. Salamat po!
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