POWR staking is now live on the Powerledger Energy Blockchain, where users can begin staking by locking up the token in the Ethereum contract. Several validators have been onboarded to assist with staking POWR tokens.
There is a limit of 5 million POWR tokens for every validator, which is expected to stay in place until more validators are onboarded. Even though having a limit on validators is better for decentralization, the expansion would help the network, and the users enhance their holdings on the platform better.
The staking of the POWR token can be achieved by locking up the ERC-20 token in an Ethereum contract. Once locked up, the native tokens are then staked using a similar program to the one on Solana.
Those who already hold POWR tokens will be able to stake through a staking portal that allows users to connect different wallets on the same page. The wallets that can be connected include Ethereum, Solana, and hardware wallets. The process of staking through the portal is fairly simple.
It requires a few clicks and some basic knowledge of how wallets operate and how to sign transactions. The process will meet a dead-end if holders cannot perform these actions. It is a simplified process and should not create any hassle. Those who face any can always look up to the service department for assistance.
John Bulich, the Co-Founder & Technical Director of Powerledger, called this an exciting milestone for the company, adding that it would continue to scale operations across the globe in the times to come.
John Bulic painted a futuristic picture stating that Powerledger would become the fastest energy industry-specific chain used to validate global energy transactions.
The team has worked hard for the past several months, said Anya Nova, hoping that everyone likes the design with functionality and security features. Anya Nova, the Blockchain Development & Staking Operations Lead at Powerledger, expressed similar excitement as John Bulich.
Staking Rewards are a sure-shot guarantee. They have been fixed at 37,000 POWR tokens per epoch, which equals almost 5,000,000 POWR per year. Epoch is a time on Powerledger Energy Blockchain, which is equivalent to two to three days.
The distribution of the staking reward will be determined based on one’s participation. If a user has staked more POWR tokens, the reward would be distributed to that user in a higher proportion.
The token limit is expected to be in effect only during the initial release. After more validators are onboarded, the road will be smoother than earlier. Having the limit of 5 million per node would not cause any obstruction in the process. More validators are being onboarded as the rollout continues.