Flow is blockchain that aims to be the foundation for a new generation of games, apps, and the digital assets that power them.
The Dapper Labs team (ie. Flow team) is best known for the partnerships they have made with a number of well-known brands, like the NBA.
The Flow design has three key principles:
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.
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Available via the Figment App or via API that hooks directly into client platforms, offering portfolio tracking across multiple networks and rewards optimization.
Stake your FLOW tokens in a few clicks by following these steps:
We expect staking rewards to begin on Dec 16, 2020 (with payouts one week later, Dec 23).
While transfers should currently be enabled, the only circulating tokens in the first year are expected to be those distributed as rewards to stakers, so we don't expect to see FLOW tokens being transferred until Dec 23, 2020.
Flow's native token, FLOW will be staked to capture new issuance rewards and fee revenue. FLOW will also be used in these ways:
Locked FLOW can be staked, and stakers are expected to earn newly-issued FLOW tokens and transaction fees.
We expect stakers to earn around 4.5% in new-issuance FLOW tokens annually, depending upon the proportion of the token supply is staked.
If 50% is staked, then rewards will be 7.5%, and if 83% is staked, rewards will be 4.5%. Since all tokens will initially be locked, there's a strong incentive for nearly all of them to be staked. If 100% are staked, rewards will be 3.75% annually.
You can self-custody your FLOW tokens, ideally using a Ledger hardware wallet. These are the instructions for using your Ledger wallet with Flow. Shorter version is here.
Figment has partnerships with a number of top-in-class custodians: firstname.lastname@example.org
The Flow protocol takes control of your FLOW tokens while you are staking. If you unbond your tokens, this process will take at most 14 days before the protocol returns your tokens to you, depending when you commit to unbonding.
While your FLOW are staked, you may participate in on-chain governance once it is enabled (initially governance will be off-chain).
In short: between 7 and 14 days.
From the moment you initiate the unbonding process, it takes between 7 and 14 days to unstake, depending upon when the request is made. An epoch is ~7 days, so your tokens will remain staked for the remainder of the epoch and then will take one additional epoch to unlock.
During the one-week unlock period (ie. epoch) you will not earn rewards. When the process is complete, you will be able transfer/trade your FLOW tokens.
In short: no, not initially (but we expect slashing to be enabled eventually)
Initially no, but we expect that eventually the rules will change such that a portion of your staked FLOW can be destroyed if you have delegated to a malicious or insecure validator. We will update this page when those conditions are enabled.
Your potential rewards depend upon validator performance. When your validator is down, you will not be earning staking income.
New FLOW tokens will be minted (ie. created) and then distributed to stakers at a rate of 3.75% of the total supply yearly. All transaction fees get deposited to a fee vault in the Service Account (controlled by Dapper Labs), and the fate of these tokens will be determined by the team over the next few months.
The Flow Service Account has special permissions to change critical aspects of the network, including minting/burning tokens and changing the core protocol. This account will be controlled by the Flow team, Dapper Labs, at network launch. Here are the key details from the Flow team’s documentation.
Besides its special permissions, the Service Account is an account like any other in Flow. During the early phases of Flow’s development, the account will be controlled by keys held by Dapper Labs. As Flow matures, the service account will transition to being controlled by a smart contract governed by the Flow community.
Figment is the world’s leading provider of blockchain infrastructure. We provide the most comprehensive staking solution for our over 200+ institutional clients including exchanges, wallets, foundations, custodians, and large token holders to earn rewards on their crypto assets.