Band Protocol - Figment - Building Web 3

Optimizing Staking With Figment

Figment offers peace of mind to its customers and provides the most complete staking experience in the industry

Rock-Solid Infrastructure

Figment leverages the founding team’s 30+ years of real world experience operating critical internet infrastructure, resulting in unparalleled performance across our staking and application platforms.

Stake with confidence and knowledge

Get insights from Figment’s complete staking offering with 24/7 institutional support from our dedicated global team and regularly produced industry leading research and insights.

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Fully automated rewards reporting

Available via the Figment App or via API that hooks directly into client platforms, offering portfolio tracking across multiple networks and rewards optimization.

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Staking Guide & Instructions

Stake your BAND tokens in a few clicks by following these steps:

Connect your Ledger hardware wallet, enter the pin code, and open the Cosmos app. If you’re not prepared for this step, check out our guide for using your Ledger here. Then click ‘connect’ in the top right corner of CosmoScan.
Once connected, you’ll see your BAND address at the top right side of the screen. If your tokens are ERC-20, you’ll need to swap your tokens before you can stake them. Once you have tokens, you can select your validator(s) and delegate.
Select the Figment validator from the validator list or head there directly if you want to delegate to Figment. Once on your validator’s page, click ‘Delegate.’
Choose the number of BAND tokens to stake and delegate. Remember that it will take 21 days to unbond once you are staking. Click next, and then confirm your transaction on your Ledger hardware wallet.

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Figment's Validator Addresses

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Band Protocol FAQ

What is the name of the asset being staked?

The BandChain’s native asset, the BAND token.

The Ethereum-based ERC-20 BAND token must be swapped to the native asset before these tokens can be staked.

What are the asset(s) that I earn for staking?

BAND tokens are the rewards for staking.

In future, a native stablecoin may be earned by stakers.

What is the rate of rewards for BAND stakers?

As of March 30th, 2021, staking rewards were calculated to be 12.60% per year.

The rewards rate will likely always be changing based on:

How many tokens are being staked at the time.
The higher the staking participation, the more stakers competing for the same pool of rewards. If a large token-holder begins staking, your rewards could suddenly decrease.
The current rate of inflation.
The inflation rate will slowly change. When more than 67% of the supply is staking, inflation will gradually decrease. When less than 67% of the supply is staking, inflation will gradually increase. Inflation has a 7% bottom and 20% cap. 98% of all inflationary tokens are awarded to stakers.
The usage of the network.
The more transactions happening on the network, the more fees you will earn for staking. Most stakers currently rely almost entirely upon inflationary rewards, since transaction volumes are low.

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Can my staked assets be slashed (siezed or destroyed)?

Your assets will be slashed by 5% if your validator breaks a protocol rule by “double-signing.” You can only be punished for this once because your validator will be permanently removed from the active set and you will need to redelegate in order to continue staking.
Your assets will be slashed by 0.01% if your validator breaks a protocol rule by being offline for ~25 hours (ie. 28,500 out of 30,000 blocks missed). At this point your validator will be temporarily removed from the active set of validators and you will not earn rewards until your validator reactivates (or until you redelegate).

Who or what controls my staked tokens?

You maintain custody of your BAND at all times, but your tokens will be locked by the protocol during staking. This means that before you can unbond to transfer your assets (to trade or pay using BAND), you will first need to wait for a 21-day period for the tokens to become liquid.

We recommend using a Ledger hardware wallet to control your BAND tokens. Read more about that here.

How does the token supply change?

As of June 9, 2020, the supply was calculated to be increasing by 14.43% per year.

Supply increase

New tokens are minted at a rate determined by the network’s inflation rate, increasing the BAND token supply. The inflation rate began at 13.5% supply increase per year, and will slowly change. When more than 67% of the supply is staking, inflation will gradually decrease. When less than 67% of the supply is staking, inflation will gradually increase. Inflation has a 7% bottom and 20% cap. 98% of all inflationary tokens are awarded to stakers.

Supply decrease

50% of the BandChain transaction fees are burned permanently. The mechanism is designed to contract the supply of BAND as the utilization of the network grows in order for the BAND token value to be correlated with network utilization.

Additional Resources

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