The IRISnet is a public blockchain built using the Cosmos Network SDK. The main objective of the IRISnet, with its project the IRIShub, is to become an infrastructure layer for end-user applications or services, referred to as iServices, with a strong focus on enabling communications across private and consortium chains, public chains, and even legacy systems via the IBC (Inter Blockchain Communication) protocol.

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Market Cap
$122,993,515
Price
$0.1143
Rewards
Distributed every block
Slashing
0.5% for downtime and 1% for double signing
Inflation
~4%
Unbonding
21 day unbonding period
Compounding
New delegation required

Optimizing Staking With Figment

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

Experienced & Trusted

Genesis block producer and maker of the popular Hubble staking explorer.

Serving the world’s largest IRIS holders + IRISnet foundation.

Figment is a venture funded, registered Canadian company based in Toronto. Canada offers stability, rule of law and clear crypto regulation.


Features & Benefits

Our Commission rate is 15%.

Active participant in IRISnet community, including governance leadership.

Third-party custody solutions are available through our institutional partners.

Security & Safety

The world’s most advanced physical IDC + multi-cloud staking infrastructure.

You maintain custody and control of your IRIS tokens at all times.

Protected via industry-leading Delegation Agreement.

Looking to stake over 2,000,000 IRIS?

Get in touch with our team to discuss Prime customers advantages and unlock the full Figment experience

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Staking Guide & Instructions

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

The easiest way to stake IRIS is via Keplr.

  1. Head to https://wallet.keplr.app/#/irishub/stake.
  2. Find Figment in the IRISnet validator set and click the “manage” button.
  3. Click “delegate”.
  4. Enter the amount you want to delegate. Remember to keep some IRIS available to pay for transaction fees.
  5. Click “delegate” and then click “approve” to approve the transaction.

Figment's Validator Addresses

iva1r9zz6ntwqhs2n63dww425rlc8ux2f06xdnqalr

Need more detailed instructions?

See full guide

IRISnet FAQ

What are my staking risks?

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In IRIS, both the validator’s self-bond and the token holder's bond are at risk of slashing.

There are three ways in which a validator can get slashed:

  • If a validator is offline and does not sign for about 27.78 hours. The total bond will be slashed by 0.5% and the validator will be removed from the set for 2 days.
  • If a validator double-signs. The total bond will be slashed by 1% and the validator will be removed from the set for 5 days
  • If a validator intentionally includes an illegal transaction in the block. The total bond will be slashed by 2%

Those conditions are hard-coded and do not vary with network usage.

Figment provides a 100% reward guarantee for missed rewards.  You are still subject to potential slashing.

What is the asset that the node receives as a reward?

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The IRIS token.

What is the calculation for each type of reward?

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The initial total supply of IRIS is 2,000,000,000 and the annual inflation rate for the first year is 4% (can be modified via on-chain governance), representing 80,000,000 IRIS minted in the first year. As on-chain activity is marginal right now, we assume that the totality of rewards are generated via inflation.

Example:

There are currently about 556,000,000 IRIS staked across the network representing a staking participation of 27.8%. Let’s assume that a validator has 5% of all voting power, the node has 27,800,000 IRIS and decides to charge a 10% commission fee.

Validator’s return:

  • Tokens minted by the node: (27,800,000 / 556,000,000) * 80,000,000 = 4,000,000 IRIS
  • Commission fee: 0.1 * 4,000,000 = 400,000 IRIS
  • Income for delegators: 4,000,000 - 400,000 = 3,600,000 IRIS
  • Delegators’ return in first year: 3,600,000 / 27,800,000 = 12.95%

How are rewards disbursed?

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You need to withdraw their rewards from the protocol and then decide to delegate if you wish to compound rewards.

Figment is never in control of the rewards.

What is IRISnet staking process?

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In BPoS, token holders can delegate, or bond, their tokens to a validator that is part of the validating set. Earned rewards depend on current network inflation, network fees and the validator’s commission rate.

Rewards managed in-protocol and can be withdrawn at any time by delegators. There is currently no compounding feature, so delegators have to delegate rewards as often as possible to maximize earnings.

When did IRISnet launch?

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March 2019

Do I maintain custody and control of my IRIS when staking?

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You maintain custody of your IRIS at all times.

Your IRIS tokens stay in your wallet and you can change your delegation at any time.

All IRIS token transfers, including rewards, are processed within the IRISnet protocol.  Figment never has custody of your tokens or rewards.

There is a 21-day unbonding period to transfer your tokens after staking.  During the unbonding period, your IRIS are illiquid and may still be subject to slashing.

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