IOTA Staking for Assembly – Round 3

IOTA Foundation ·
Disclaimer: This blog post has been marked as deprecated, therefore some of the content might be out of date.

Everything You Need to Know About the Latest  Round of Staking IOTA for ASMB

TL;DR:
IOTA staking for the Assembly network (ASMB tokens) enters its third round, starting with a three-day pre-staking period at 15:00 CEST on Tuesday, July 26, 2022. This will be followed on July 29 by a 90-day staking period, during which participating IOTA token holders will receive staking rewards. To take part, users must use the new version of Firefly, which will be released on Tuesday, July 26.

IOTA staking for ASMB, the token of the Assembly network, enters its third round at 15:00 CEST on Tuesday, July 26, 2022, with a three-day pre-staking period followed by a 90-day staking period.

This follows two previous staking periods, during which a total of 8,193,026,432 Assembly tokens were distributed to participants. In total, 20% of the entire Assembly token supply is allotted to IOTA stakers, set to be distributed over the course of 24 months.

To participate in the third staking round, the 1.6.4 release (or newer) of the Firefly wallet needs to be used: download it from firefly.iota.org. With the new Firefly release, not only will every user be able to participate in this latest staking event but they will also see the total number of tokens distributed to them in the previous two staking periods, as well as track their current token rewards.

Timeline

Users can start pre-staking their IOTA tokens during the three-day pre-staking period, which starts at 15:00 pm CEST on July 26. Users must use Firefly 1.6.4.

Once these three days are over, users will begin to receive staking rewards in their wallets during the 90-day staking period, starting at 15:00 on July 29. Rewarded ASMB tokens will become transferable with the launch of the Assembly network.

For each MIOTA staked, IOTA stakers will receive 0.000001 ASMB every 10 seconds (or one microASMB) for up to 90 days. Each staked wallet must reach a minimum amount of 1.0 ASMB (1,000,000 microASMB) during this period for the airdrop to be received. Rewards from previous distributions do not count towards this minimum.

Firefly wallet staking: step by step

To begin staking, make sure that you have downloaded and installed version 1.6.4 of the Firefly wallet from firefly.iota.org, then complete the following steps.

First, log in to your profile by entering your PIN and continue to navigate to the staking tab. If you can’t see your balance from previous staking periods please use the Balance Finder in Settings.

Here you will either be able to “pre-stake” or “stake your tokens” (depending on which period you are accessing your wallet in): the three-day pre-staking period or the 90-day staking period (see Timeline above for dates).

Each wallet that belongs to a user profile must be staked separately. When you mark IOTA tokens for staking, a transaction is sent to you with attached metadata to indicate that you wish to stake with the marked funds. Any funds staked in a given wallet will be sent to an address on the same wallet, requiring tokens in every wallet to be individually marked for staking.

To stake a wallet, simply hit the stake button. Please note that the application does not have to be open to receive the airdrops once you have initiated staking.

Once you hit “confirm”, Firefly will issue the special staking transaction. When this transaction has been confirmed, the user interface will update to show that you are now ready for staking!

Once the three-day pre-staking phase has finished, you will start receiving your ASMB rewards in your wallet. You can see the total rewards per wallet by navigating to the staking tab in each wallet.

You can also begin staking at any point after reward distribution officially starts on July 29. Your rewards will simply be less, as you won’t have participated for the full token distribution period.

Also important

  • You can send your staked tokens from a staked wallet at any time. But if you do, you will need to manually re-stake any remaining tokens. Firefly will warn you if you try to send tokens that have already been staked.
  • Because of dust protection, you must earn a minimum number of token rewards per address in order to receive the tokens when the Assembly network launches. The minimum reward for Assembly is 1 ASMB for each staking period. Firefly will inform you if you haven’t yet reached the minimum reward value.
  • If you receive additional funds on a staked wallet you will need to manually stake those tokens. Firefly will warn you if you receive tokens on a wallet that is already being used for staking.

Happy staking!