Staking Phase 3 on Elrond
Easy2Stake, the crypto currency staking platform, has set a high standard of what added value represents for the Elrond ecosystem. Being involved with Elrond since before Elrond kicked off Battle of Nodes, Easy2Stake has been very engaged with the infrastructure ever since, as a staking partner, as well as a trusted infrastructure provider.
For everyone who has lived under a rock in the last period, and hasn’t heard about Elrond:
The Elrond blockchain platform is a high-speed and scalable blockchain network created to make the Internet economy accessible to everyone. The main goal of the project is to create a new and accessible digital economy without any restrictions.
The Validators Dashboard
The Easy2Stake dashboard was the first tool to offer an overview of the Elrond blockchain at its infrastructure level. The dashboard offers an immediate look at the network’s health, as well as the individual performance of its validators.
Custom Elrond monitoring solution using Grafana and Prometheus
The Easy2Stake team has also developed a simplified customized docker-compose solution, collecting data from Elrond nodes and printing them in a Prometheus compatible format.
What’s coming on Elrond with Phase 3
The Defi 2.0 Module. The subject now in question is the The Elrond Delegation Manager Dashboard, an effective and comprehensive set of tools for rapid and full decentralization, that allows anyone to operate Elrond Validator nodes with funds delegated to them by third parties.
The most important part of this tool is the Delegation System Smart Contract, which is part of the protocol. This is a key characteristic that drastically reduces the complexity of setting up new validators and makes the interaction between delegators and staking providers genuinely trustworthy.
The Elrond DeFi 2.0 module is coming live on 26th of March and will feature a new set of financial microservices, capable of processing transactions at an internet-scale, and opening a new adoption space by making these microservices accessible by nations, institutions, banks, businesses, and individuals.
This means a new era of growth for Elrond, specifically increasing the token distribution and decentralization, strengthening the security of the network, and enabling sustainable business models around staking-as-a-service providers. In short, by enabling more eGold to be staked, more people and validators will participate, more tokens will be locked, security will improve, potentially increasing the value of the locked assets.
The Elrond DeFi 2.0 module is a community focused effort, featuring automated swaps, liquidity pools, borrowing, lending, and synthetic assets. Participants will engage in yield generation using fast and inexpensive transfers, powered by the Elrond blockchain, and using a simple and intuitive interface.
The most important changes:
🔹 Staking Providers can offer non-custodial delegation services
🔹 Staking Pools creation tentative March, 26th
🔹 More Validator nodes: increased from 2169 to 3200
🔹 Max node increase activation tentative April, 5th
🔹 Staking will be available also through Maiar
🔹 Waiting List APY change to 6%, starting with 05 April, ending completely 03 May
Unstake your eGLD
If your eGLD are staked, you’ll need to unstake them so that you will have them liquid on the Phase 3 launch. Here’s where Easy2Stake comes in. If you’re looking for a trusted staking provider, Easy2Stake will come as the obvious choice. Having already proven experience validating on the Elrond Network, Easy2Stake provides a highly available and secure infrastructure for staked assets. The company ensures the highest security standards by mixing bare metal and virtual servers from reliable public cloud providers across different regions. A “zero downtime” goal is supported by a professional monitoring system, 24x7 on-call support, a hot standby site, and disaster recovery procedures.
What singles Easy2Stake out
🔹highly qualified engineers;
🔹fast response time on incident report;
🔹backup servers and disaster recovery procedures in place;
🔹operating on enterprise infrastructure;
🔹customized monitoring solution.
Tempted to stake eGLD for the first time?
First and foremost, you have to get eGLD. You can get eGLD directly by credit card, bank transfers, Revolut or ApplePay. The Elrond page will help you find the most efficient onboarding platform available in your region.
Time is of the essence. On the 26th of March ~14:30 UTC, the Easy2Stake Delegation Manager dashboard available on the Elrond platform will be LIVE and you can delegate tokens using the official Elrond Wallet or Ledger, receiving income even from small amounts.
Delegates pay a service fee to validators, like Easy2Stake. The Easy2Stake commission is set at 15%.The minimum amount for delegation is 1 eGLD.
How does this work
Easy2Stake will set up a staking pool with 1250 eGold as collateral, by sending a simple transaction. This action creates a staking pool with 1 node by default and 1250 eGold in it.
A staking pool requires 1250 eGLD deposited by the node operator at the moment of its creation. However, 2500 eGLD is required to stake a single validator node and start earning rewards.
As funds are delegated to their staking pool and the necessary 2500 eGold base stake is accrued, the node included in the pool becomes a validator, starts earning staking rewards and distributes them to the delegators participating in the staking pool.
Additional eGold can be delegated to the pool, up to the maximum amount specified by the staking pool operator. As more funds come in, more nodes can be added, assuming there will be sufficient capacity in the network.
Timeline
The network is undergoing one last heavy testing phase to ensure robust security for the Phase 3 staking component. Provided that no security issues are discovered, we are tentatively aiming for the following timeline:
⏱ Epoch 239 — March 26 ~14:30 UTC
• Delegation Manager becomes active
• Staking Pools can be deployed
⏱ Epoch 249 — April 5 ~14:30 UTC
• Max Validators increases to 3200
• Nodes in the Validators Queue & staking pools become validators
Are you ready for Phase 3 on Elrond? We are! Remember if your eGLDs are staked, unstake them so that you will have them liquid on the Phase 3 launch! For more details, or answers to your questions join us on the Easy2Stake Telegram Community.
Connect with us on the following channels:
Website: https://www.easy2stake.com/
e-mail: contact@easy2stake.com
telegram: https://t.me/easy2stake
twitter: https://twitter.com/Easy2Stake
